How to Start a Business in Ireland as a Foreigner?

Are you thinking about starting your own business or a company in Ireland, but worried that being a non-EEA resident might be a roadblock? Well, fear not! It is 100% possible to start a business or company in Ireland even if you are a non-EEA resident.

In this blog post, we’ll walk you through the details of how you can kickstart your entrepreneurial journey in Ireland, even if you’re not an Irish citizen. We’ll explain the process and guide you through the important norms and procedures to get your business up and running on the Emerald Isle. So, whether you’re a non-EEA resident with a brilliant business idea or simply curious about the possibilities, read on to discover how to make your Irish business dreams come true.

Let’s see how foreigners can start a business in Ireland!

The process of starting a business in Ireland will vary based on the type of business you intend to start on Ireland soil. Also, there are other factors that can affect your company formation in Ireland, including whether you plan to move abroad or whether you currently own a business that you want to expand to Ireland. If you are a non-EU/EEA and non-Swiss national and you want to open a business or invest in Ireland, the best way for you is to apply for permission under the Immigration Investor Program and Start Up Entrepreneur Program.

To start a company in Ireland, certain key requirements must be met. These include having at least one director who is a resident of a European Economic Area (EEA) country, appointing a separate company secretary, having an Irish address, and ensuring the availability of share capital. However, in cases where none of the directors meet the EEA residency requirement, the company is obligated to obtain a Section 137 bond, a vital step in compliance with Irish business regulations. This bond serves as a financial guarantee and demonstrates the company’s commitment to fulfilling its legal obligations within the Irish business landscape.

Once you’ve understood the legal obligations, it’s crucial to grasp the distinctions between a Sole Trader and a Limited Company in Ireland. This understanding will enable you to select the most appropriate business structure for your envisioned venture. Equally important is choosing an apt name for your company and completing the business name registration process in Ireland to establish a legitimate and recognizable presence for your business in the country. Additionally, crafting a well-structured business plan is also important. This plan will not only allow you to anticipate and mitigate potential risks but also devise effective strategies for competing with established players in the market.

Furthermore, exploring business startup grants, funding opportunities, and support systems in Ireland can provide the financial assistance needed to propel your entrepreneurial aspirations forward.

So, what exactly is this Section 137 bond?

In situations where none of the directors are residents of an EEA country or if there’s just one director who isn’t Irish, obtaining a crucial document known as the Section 137 Non-Resident Directors Bond becomes necessary. This bond holds significant importance for non-EEA resident directors looking to establish a business or company in Ireland, opening up avenues for non-Irish citizens to embark on their entrepreneurial endeavors. The Section 137 bond serves as a protective measure against specific violations of the Companies Acts and Taxes Acts for a two-year duration and is valued at up to €25,000. It’s a pivotal instrument that facilitates the initiation of businesses in the Irish landscape, fostering an inclusive environment for aspiring entrepreneurs.

If that is the case, then how can a non-Irish citizen can purchase this Section 137 bond to start a company in Ireland?

It is possible to purchase the bond through a financial institution. You can also consult with any of the company formation experts in Dublin to simplify the process. TASC Accountants are pioneers in company formation services in Dublin, Ireland with an unmatched experience of 15+ years. Therefore our company formation experts can take care of all the legal obligations for purchasing the bond. As soon as the purchase becomes successful, you can initiate your company formation process in Ireland same as that of other EEA residents.

What happens if a non-resident didn’t purchase this bond and try to start a company in Ireland?

It is very important to obey the company formation rules in Ireland. If you initiate your proceedings without the bond, then you may face legal action and The Registrar of Companies will forcefully close down your entire proceedings with immediate effect.

Another question is, can a non-resident director of a company in Ireland?

Yes, you can. Non-EEA residents can become the Director of a company in Ireland. However, it’s important to understand that there are specific criteria to meet when registering a company in Ireland as a non-resident, including the requirement for directors of Irish companies to fulfill their tax obligations in Ireland. It’s worth noting that these conditions are applicable regardless of whether you are a citizen of the EEA residing outside the EEA region. The key determinants are based on your place of residence rather than your citizenship status. This underscores the significance of adhering to Irish tax regulations and residency requirements for individuals seeking to engage in directorial positions within the country.

So, are you ready to start your business in Ireland?

If Yes, then we can help you with that. If you require further clarification on starting a new business or a company in Ireland as a foreigner or about the cost of forming a company in Ireland for non-residents, contact our company formation experts in Dublin 15 for a detailed consultation. TALK TO OUR ACCOUNTING EXPERTS RIGHT NOW | Call us at (087) 225 7706, 01 441 6919, or email us at Info@tascaccountants.com for any assistance.

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