How to Start a Business in Ireland as a Non-Resident?

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.

What’s In This Blog?

#1: How non-residents can start a business in Ireland?
#2: What is a Section 137 bond?
#3: How can a non-Irish citizen purchase a Section 137 bond?
#4: Related FAQs and more

Registering a Company with the CRO as a Non-Resident

To start a company or a business in Ireland as non-resident, 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 has to meet certain criteria.

The company is obligated to obtain a Section 137 bond. This bond serves as a financial guarantee and demonstrates the company’s commitment to fulfilling its legal obligations within the Irish business landscape.

Starting from June 11th, 2023, the Companies Registration Office (CRO) has mandated that all Company Directors must provide their PPS Numbers when filing incorporation documents. For those who do not have an Irish PPS Number, they are required to obtain a Verified Identity Number. This is very paramount for the proper identification and verification of all directors involved in the incorporation process.

To apply for a Verified Identity Number, the Company Director must complete a Form VIF, which is a Declaration as to Verification of Identity. This form requires the director to provide personal details such as their name, date of birth, nationality, and address. The director must then solemnly declare that the information provided is accurate and true. This declaration needs to be verified, witnessed, and signed by a Notary Public to ensure its authenticity.

#1: What is 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.

#2: How can a non-Irish citizen purchase a Section 137 bond?

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.

#3: What if a non-resident starts a company in Ireland without the bond?

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.

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, are you ready to start your dream company on Irish soil?

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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