Ireland has turned out to be a preferred destination for multinationals seeking to establish their European base. Hence, a skilled workforce, favorable tax structures for businesses, and access to the European Union market are some of the reasons that make it attractive. If you are planning to register a company in Ireland, there are some factors to consider.
Registration Process
Thus, the procedure of company formation in Ireland is unproblematic. It takes about three to five business days to register through the Companies Registration Office online. First, you must select the company’s name, have an initial director, decide on the number of shares, and provide relevant paperwork and registration costs. It is therefore recommended that one seeks assistance from a law firm or incorporation service to facilitate the exercise.
Shelf Companies
Another option is to buy a shelf company in Ireland which are companies that are already formed and have gone through all the registrations and accounting formalities. The benefit is that all the procedures related to registration of the start-up company are avoided and an existing Irish company with the history of banking records and balance sheets is acquired. This can be beneficial in terms of time which is required to set up operations in the new environment. The shelf company prices depend on its age and financial performance.
Tax Considerations
Ireland provides one of the low corporate tax regimes of 12.5% for various industries, meaning Ireland is a tax haven. However, it is imperative that you acquire corporate and VAT tax compliance registration when establishing the business. A tax advisor can help in structuring the taxes most efficiently. You should also consider Irish tax residency rules if you will be planning to operate the company from another country.
In conclusion, Ireland can indeed be regarded as a perfect getaway to Europe for many international companies. Although the registration process is quite simple, engaging professionals in Ireland in areas such as legal, accounting, and tax can help establish a fully compliant and efficient Irish company.
Comments