Setting up a Company in Ireland….. What do I need to know?
- Decide the type of company/structure that is right for you, there are two types of private companies limited by shares in Ireland (Limited’s and DAC’s). However a private company limited by shares may not be the right structure for your business, therefore, you should seek advice from an Irish accountant regarding the most efficient Company type for your business.
- Check your Company/business name – while it is relatively simple to change a company name down the track the expense of having to rebrand, can be a very time consuming and costly process. Also, while you may be very clear now on what your company name should be, before purchasing any domain names, etc., it is important that you check your company name is available and will be registered by the Companies Registration Office (and vice versa re domain names). You should also be aware that there are restrictions within Ireland on the use of certain words in company names.
- Are you setting up the company as a single member (shareholder) company or are you going into/are already in business with a partner(s)? If it is the latter, both you and your partner(s) will need to think closely about the company structure and ownership of the Company, are there to be different share classes with different rights attached; would a DAC (Designated Activity Company) provide greater protection for each shareholder. Forward planning is key when going into business with others see here for further information.
- Who will be the Director(s) of the Company? Every company incorporated in the State of Ireland must have at least one EEA full-time resident director or provide a “Section 137 Bond” in the prescribed form to the value of €25,000.00. You should also be aware that you (and your fellow directors) have obligations and responsibilities under the Companies Act 2014 (“the Act”). See here for more details.
- In the event you avail of the single director option available to limited companies, your company secretary cannot be the same person, there must be two statutory officers in the Company.
- Under Irish Company law every company must have a Company Secretary. You must identify a suitable person/entity to carry out the role/functions of the Company Secretary. The Directors of a Company must ensure that the person who is appointed as the Company Secretary has the requisite knowledge, experience, skills or resources (e.g. access to a specialist service provider) to discharge their statutory and other duties as required by the Act. FCS Services can act as a Company Secretary for new businesses or alternatively to provide advice to the Company Secretary as required.
- Every company incorporated in the State of Ireland must carry on an activity in the State and must have a place where that activity can be conducted. You must also consider if that place of activity will be appropriate to serve as the registered address of the company. Please note that this registered address must be a physical location (it cannot be a PO Box) which will need to be registered with the CRO upon incorporation and is the address to which all CRO documentation and/or legal notices will be issued. FCS Services can provide a Registered Office Address for your Company if required.