Starting a new company or a business venture is an exciting experience. There is always a dream, a vision and few goals set for it, ready and waiting.
When entrepreneurs form new companies, whatever is the type of business, a limited, a private or a proprietorship company, it is usually because the founder(s) have wanted to do so for a long time, researching and planning on it in detail. They might have already envisioned their business model in their heads, the operating model, the targeted audience, etc.
This article today intends to help you take the next step. We have gathered information and covered all the topics that you need to know before and while you start a new business and how to get it successfully registered in Ireland.
If you need professional help to register a company in Ireland, you can check the website registeracompanyinireland.com, where you will find detailed explanations about registering companies and their contact information.
Why choose to register a business name in Ireland?
You might be an Irish citizen or you may reside in Ireland. You may have started a company somewhere in Europe and now you plan to expand your operations into the European market or you might even plan to achieve a global presence.
In any of the cases above, you must register a company in Ireland. Why? The main advantage is that the corporate taxes for a registered business are at the rate of 12.5% currently. This rate is among the lowest, when compared to the other countries in Europe.
Some basic information about registering a business in Ireland
Here are certain basic things that you need to know when you want to register your business in Ireland, listed in the form of questions and answers.
This is not just a simple FAQ section on formation and registration of companies in Ireland because these questions and answers provide a little more and detailed information on every aspect of starting a business in Ireland.
Even the very basic terms are defined, the legal aspects of company registration are well explained and the financial aspects of forming and running a business in Ireland is elaborately clarified too, so it is easily understood by everyone.
What is a limited company?
In Ireland, a private limited company is commonly known as a limited company. This is the most commonly registered business venture or a commercial business in this country.
What is the minimum legal requirement in terms, especially about founder-ship, for registering a limited company in Ireland?
When you want to register a limited company then your business should have a minimum of one director, at the least and a secretary. That is if your business operates on a sole director, then the secretary should be a different person.
Apart from this, your business should have an office address within the Republic of Ireland to be submitted as the registered address for your company.
Is registering a limited company my only option to register my business in Ireland? Or do you have any other option if your business might have lower turnover?
Obviously, you have options other than registering a limited company in Ireland. We just mentioned a lot about limited companies because they are the most commonly registered private businesses in Ireland as we said earlier. However, we did not say that it is the only type that could be registered in Ireland.
Limited companies require the founders or the directors to fulfil certain legal and financial requirements along with their operations. These might not be suitable for all and for every type of business.
For instance, if you intend to start a small business and your expected yearly turnover is low, we will not suggest you register it as a limited company. You have options like registering as a partnership business or sole traders.
How to register as a sole trader or a partnership business in Ireland?
It is definitely a lot easier, simpler and makes more sense financially to register your small business as a sole trader or as a partnership business if you have more than one founder.
You need to choose a business name, register the name along with an address or which is called a CRO, the Registered Office. Once this is done, you can set up your venture, open a bank account for your company with its name etc.
You can be the staff of your own company, or in other words you could call yourself self-employed. One more step is important here. You need to register yourself as a self-employed employee of your business at your local revenue office.
As your business revenue grows, and the annual turnover increases gradually, you can even switch your business into a limited firm.
Hope you found some good amount of information that you needed to know before starting and registering your international business in Ireland. There sure must be more information that you might need to know in specific areas and you all might have a lot of questions on this too.
Keep following the blog section of this website to read our upcoming articles on company registration formalities and other legal requirements, business ideas, financial tips and solutions related to running your own businesses.
Please feel free to write to us and ask all your doubts and questions. we will be happy to answer them for you in my subsequent articles.