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Ireland is the westernmost island country in Europe and the second-largest island in continental Europe (after the United Kingdom).
With a population of approximately 6.6 million people, the largest city and capital is Dublin, and the official languages are English and Irish.
The most important sectors of the Irish economy in 2020 are industry (38.3%), information and communications (17.4%), and public administration, defense, education, human health, and social work activities (10.5%).
Intra-EU trade accounts for 41% of Irish exports (11% from Belgium and Germany), while outside the EU is 30% to the US and 9% to the UK. In terms of imports, 38% came from EU member states (11% in France and 9% in Germany), while outside the EU it was mainly the UK at 27% and the US at 13%. Setting up an Irish subsidiary is an excellent way to expand your business into the European Union (EU).
Ireland offers barrier-free access to the other 28 countries in the EU, allowing you to move goods, capital, services, and employees freely within the borders. However, before expanding your company, you must consider various factors and you need to know every detail of Irish subsidiary law.
I.Why choose to register an Irish company?
Ireland is a suitable jurisdiction for companies to engage in business transactions. There are a number of structures available that allow Irish entities to be used in global business transactions while minimizing the risk of Irish taxation. Setting up a company in Ireland is relatively easy and inexpensive, and there are many advantages to setting up a company here, such as:
- Owning a company in Ireland allows you to become part of the European Union in an English-speaking country.
- Access to over 73 double tax treaties.
- Simplified administration of cross-border VAT registration.
- Easily distribute goods and services.
- Tax benefits for start-up companies.
- Tax relief for acquiring and developing intellectual property.
- R&D tax credit.
- Enjoy one of the most attractive and favorable tax regimes in Europe.
- Ease of doing business; it is considered one of the most attractive places for international companies as it is the gateway to the European market.
- A stable political environment.
- Ireland's government policy favours foreign investment and its use as a holding company location is increasingly attractive to foreign investors, especially when it is combined with head office activities, finance or trade activities such as research and development.
II.Types of Irish Company Registration
According to the limitation of liability, it can be divided into Limited Company and Unlimited Company. According to whether the shares are freely transferable, it can be divided into Public Company and Private Company. The most common one is Private Limited Company.
- Documents to be prepared for the establishment of an Irish company
Company Name
The company must have a unique name that is not too similar to any existing company. Our services include checking the availability of business names and advising on the suitability of your proposed name. A private limited company with the suffix "Limited" or "Teoranta" (Teo).
Registered Office
The company must have a registered office in Ireland. This is the official address of the company, it does not have to be a trading address, nor does the company have to maintain a presence at that address. We will provide you with an address to use as your registered office.
Company Secretary
Irish companies must have a company secretary, which can be an individual or a company. The company secretary has administrative duties and is responsible for preparing and filing all documents. We provide company secretarial services to ensure timely filing of documents.
Shareholders
A company must have at least one shareholder, which can be an individual or a company, with no nationality restrictions.
Directors
The minimum number of directors is one. Directors must be residents. Legal entities cannot act as directors. And at least one director is required to reside in a member state of the European Economic Area (EEA). For those living outside the EEA, there are two options. You can buy a bond to secure the company against any penalties for violations under the Companies Act, which needs to be renewed every 2 years. Another option is for the Irish company to appoint a non-executive director or "nominate" director to the board to satisfy the residency requirement.
Registered Capital
There is no minimum initial capital requirement for the company. The public does not have access to information on beneficial owners, and generally registers more than 100 euros.
Business Scope
A company must have a business that can be legally established to carry on, including holding, acquiring, and disposing of property of any kind. Business activities must be stated in the company outline and application form.
Company Name
Registered Office
Corporate Secretary
Shareholder
Directors
Registered Capital
Business Scope
- Company Name
The company must have a unique name that is not too similar to any existing company. Our services include checking the availability of business names and advising on the suitability of your proposed name. A private limited company with the suffix “Limited” or “Teoranta” (Teo). - Registered Office
The company must have a registered office in Ireland. This is the official address of the company, it does not have to be a trading address, nor does the company have to maintain a presence at that address. We will provide you with an address to use as your registered office. - Company Secretary
Irish companies must have a company secretary, which can be an individual or a company. The company secretary has administrative duties and is responsible for preparing and filing all documents. We provide company secretarial services to ensure timely filing of documents. - Shareholders
A company must have at least one shareholder, which can be an individual or a company, with no nationality restrictions. - Directors
The minimum number of directors is one. Directors must be residents. Legal entities cannot act as directors. And at least one director is required to reside in a member state of the European Economic Area (EEA). For those living outside the EEA, there are two options. You can buy a bond to secure the company against any penalties for violations under the Companies Act, which needs to be renewed every 2 years. Another option is for the Irish company to appoint a non-executive director or “nominate” director to the board to satisfy the residency requirement. - Registered Capital
There is no minimum initial capital requirement for the company. The public does not have access to information on beneficial owners, and generally registers more than 100 euros. - Business Scope
A company must have a business that can be legally established to carry on, including holding, acquiring, and disposing of property of any kind. Business activities must be stated in the company outline and application form.
III.Dos and Don'ts for Doing Business in Ireland
- The company must have an annual audit. If the company fails to participate in the annual audit, there will be a fine and the risk of being desisted, and the opportunity to be exempted from the audit for two years will be lost. The first-year annual review is 6 months after the company is registered.
- The company’s shareholders’ meeting must be held every year, and the first year is within 18 days after the company is registered. The shareholders’ meeting must be held in Ireland in order to be treated as an Irish resident company for tax purposes.
- Audit statements are required when the company’s revenue exceeds 8.8 million pounds.
- Corporate tax and VAT declarations are made every two months.
- There are special regulations for VAT number applications, which will be judged on a case-by-case basis.