Becoming successful in what you do is every humans’ dream. Starting a business or a company in Ireland is no different. You have to do your proper groundwork before you start a business or a company in Ireland. There are a lot of things that you need to consider. The Companies Act 2014 came to effect on 01-June-2015 replacing the previous one. You can register your company in Ireland under this Companies Act as an LTD (private company limited by shares) or a DAC (Designated Activity Company).
While registering your company, you also have to do Revenue registration including VAT registration, Employer registration, and Corporate tax registration etc. depends on the nature of your business. Here are some of the handpicked queries that you need to make yourself clear before or after you set up your business on Ireland soil. Let’s check that out.
#1: Do I need to avail myself the services of an accountant to set up a limited company in Ireland?
Officially you don’t. But you will never know the importance and benefits of having an accountant for your business until you have one. Experienced accountants in Ireland can help you overcome your financial burden with the most optimal solutions under the Irish law.
#2: How much does it cost to register a company or a business in Ireland?
The fee may vary depends on the package you choose and the services you avail of. The cost for company formation and Revenue registration including VAT registration, Employer registration and, Corporate tax registration will be between €200-€500+VAT.
#3: Can a single person open a limited company in Ireland?
Yes, you can start a limited company with a single individual who will be the sole shareholder and company director.
A single member company is a company that is incorporated with one member, or whose membership is reduced to one person. However, the company must have at least two directors and a secretary unless it is an LTD company, which can also be a single director company.
#4: What is the minimum age to start a company in Ireland?
If you are 18, then you can start your dream business in Ireland. You may face many challenges, but if you have that willpower and futuristic vision, then you are on the right track.
#5: What is the time duration to form a company in Ireland?
It will take approximately 5 to 10 working days to complete the processes and officially launch your company. The below link explains the step-by-step procedure followed by our team for the incorporation of a limited company in Ireland.
#6: Can I run my business from my home in Ireland?
In normal cases, if your business will have any impact on your neighbours, then you have to apply for permission from the local council to run a business from your home. Otherwise, you do not necessarily need planning permission to work from home. You will also have to take care of the health and safety considerations before starting a business on your residential space.
#7: What is the best business to start in Ireland?
For a business to become successful, you have to put extra effort and be conscious in each and every aspect of it.
Referring to the past historical data, there is a list of business opportunities in Ireland that offer the best positive results. They are Business Consulting, Sanitization Services, Clothing, Life Sciences, Construction, Food and Beverages etc.
#8: How do I register my company for tax in Ireland?
To register your company for tax, you must have a Companies Registration Office (CRO) number issued by the CRO. You or your tax agent have to inform the Revenue before you start a new company. You have to submit an online registration application on your behalf through Revenue Online Service (ROS) if your company is being represented by a tax agent. Otherwise, you need documents such as Form TR2 for Irish resident companies and Form TR2 (FT) for foreign companies.
#9: If I make zero business for a whole year, what would be my net payout?
There won’t be any tax incurred, but you only have to pay a small admin cost. We recommend you not to open a business or a company in Ireland without proper planning and return plans otherwise it will be a loss of money.
#10: Is there any grants or supports available for individuals who wants to start a business in Ireland?
Yes, if you dive in deeper, you can find different grants for starting a business in Ireland for both employed and unemployed people. For unemployed people, the options to start a business in Ireland are mainly comes under the different government grants. You can check with your accountant about your eligibility for the Short-Term Enterprise Allowance (STEA). While starting a business or a company in Ireland, you could avail different supports under these schemes that you can use for your training, research and also for buying business equipment. Read more.
#11: If I make a decent business for two years, can I bring some one from other foreign countries on business visa?
Starting your own business in Ireland won’t be that costly. If you have 50% or more EEA members on your company board, YES you can bring someone for other countries on a business visa.