Ireland is gradually emerging as one of the preferred destinations for incorporating new firms due to its liberalized policies, skilled labour, and EU markets. Some points to know if you are planning to setting up a company in Ireland.
First of all, it is necessary to explore the types of legal structures that a company can have. Of these, the most popular for foreign investors is the private company limited by shares. It is a legal entity that is separate from the owners, and the owners’ risk is limited to the amount they invest. They both have different needs as a result, do not hesitate to consult on the most suitable.
Regarding the registration process, it can be stated that it does not pose a major difficulty. It is a rather simple process to register an Irish company and you can do it online within a few days with the help of the Companies Registration Office. You will have to select an appropriate name for your company, ensure that you have at least one director in the company, appoint a company secretary, obtain a registered office in Ireland, submit some forms as well as pay some fee for registration.
Ireland also has a low statutory tax rate of 12.5%, on certain trading revenues, which is one of the lowest in Europe. There are also large tax credits on expenditure on Research and Development. When modeling your operating costs, however, remember to factor in VAT, payroll taxes, and filing requirements as well.
Other attributes that make Ireland more attractive include a young, educated workforce, membership in the EU and the Eurozone, the adoption of the common law system, and English-speaking citizens. Some of the major industries including technology, pharmaceuticals and financial services have established and grown here.
Although there are some initial hassles involved in establishing a business in Ireland it is generally regarded as worthwhile. Seeking professional legal and accounting help from Ireland is recommended at some stages. If you are looking into expansion in Europe, there is more to consider when it comes to a company set up in Ireland.
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