Major DONT’S You Must Avoid While Forming a Company in Ireland
By Tasc
Published On April 29, 2021
Starting a company in Ireland is relatively straightforward and easy. But still, if you are not aware of the exact rules and regulations, then the chances of committing serious errors are very high.
It is always better to have a complete detailed study of the rules and regulations about forming a company in Ireland or consider taking service from an experienced company formation firm in Ireland.
Anyways, it’s all about minimizing the mistakes to zero. Here we are trying to enlighten you with the most common DON’T’s that you must avoid while forming a company in Ireland.
#1: Choosing a company name that is already exists
Most people have the urge to fix a company name that they like the most. They sometimes forget to check whether the company name is available for you to register. This is a serious mistake. As per laws, you are not allowed to register an existing name for your new company. What happens is, your application gets rejected in the first place itself.
So make sure you check the availability of the name chosen before finalizing it.
#2: Not preparing proper documentation
When you go for the registration process, you must understand that certain words, phrases, and expressions are considered sensitive in the process. So if you are about to use any of those, then you must have the respective supporting documents attached with your company formation application.
#3: Forgetting to check whether the same domain name is available
This is applicable when your company has to be accompanied by a website to show your online presence. This is as important as choosing a company name. You have to make sure that a matching domain name is available with respect to the company name chosen. For marketing purposes, this is imperative.
#4: Choosing an ineligible company director
Yeah, of course, it is your company and you have every right to choose the director. But you have to make sure it is done abiding by the laws of Ireland government. There are pre-written rules and regulations that you must follow while choosing your company Director. You have to make sure you strictly follow the rules for a purposeful company formation process.
#5: Issuing too many shares
This is very basics. You should never issue too many shares. You have to make sure you issue the appropriate number of shares to each party, only based on their investment, profit entitlement, and/or level of control. Be watchful while issuing shares because this will definitely have a direct impact on the percentage of profits they’re entitled to receive.
#6: Setting up the wrong type of company
The legal structure of your company is very like the foundation of your entire business. It is a complex procedure to rewire your structure after completing the company formation process. The most admired types of companies are limited by shares and limited by guarantee. Make sure you have done your own research before finalizing your company type.
#7: Providing initials instead of full names?
The address used as your registered office must also be a physical postal address as it will be verified by the concerned authorities. You have to provide a detailed complete address of your registered office so that the registration process can happen smoothly.
#8: Taking care of your business accounting by yourself?
Now you have a complete idea about the mistakes that you could commit during the company formation process in Ireland. You have to understand that these mistakes can be easily avoided if you could choose the service of an experienced company formation expert.
Why choose TASC Accountants to form your company in Ireland?
When you start registering your business on your own, you may feel confused during the process. TASC Accountants has been in this industry for the past 10+ years and when you set up your company with us, we will allot you a dedicated team of experts through the incorporation process. This team will focus on giving a real stress-free assistance throughout the process and help you to overcome all the hassles and complete your incorporation process successfully within a minimum time frame.
Contact our experts and experience the best company formation services in Ireland.
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