Regulation of Company Formation in Ireland
Ireland Key Points
- Duration – to incorporate your company it takes only 3-7 days
- Board of Directors –for your limited company only one director is adequate
- Director ‘s residence – minimum of one director should be residing in the EEA
- Of Shareholders – an individual shareholder of any nationality is sufficient
- Share Capital/ Investment -€100 is the required share capital
- Taxation – for taxable profits less than €320,000 exemption is provided from Corporation
- Incorporation Support – we guide you all through each and every step of the company’s development with our valuable knowledge
Requirements for incorporating your limited company
- Name of your company
- Every directors full name, residence, date of birth and nationality
- Every shareholders address for communication and full name
Required documents to provide:
- Identity proof (passport, driving license with photo, national identity card).
- Residential address proof (electricity bill or gas bill or last three months debit/credit card statement)
Requirement for a registered Office
The registered office address is the place where all your business documents are handed out. The location of this should be in Ireland and this doesn’t need to be your business address. Residential addresses are allowed, but one who offers your registered office address should be in a position to communicate with the Companies Registration Office and Revenue Commissioners because they are the people who receive all your documents from them. Firstly all the documents relating to official act should be given to the Registered Office Address. As an element of our Corporate Administration Package, we can offer a registered office place for you.
Needs of a Director
After appointing a Secretary a Private Limited Company (LTD) is capable of having a single director. Among one of the projected Directors of the company should be a native of (EEA) European Economic Area. This operating director cannot be a corporate entity. An insurance bond can be substituted for a sum of 25,395 Euro in case of a non-resident director. The maintenance cost of such insurance bond is around EUR 1500 p.a. This bond is not compulsory in the case of a minimum of one Directors is an EEA Resident.
Each and every company should appoint a company secretary; moreover, they can be individuals or corporate organizations.
Need for a Secretary
The filing of all mandatory documents and accounts should be done by a responsible official; who will be the company secretary appointed by Irish limited companies. In case of an individual Company Secretary, their personal details are required, or it is a corporation then it’s office address which is registered and a name is compulsory.
A total of 10,000 Euros or above should be the authorized share capital, with issued shares of 100. In limited companies for the issue of shares, capital duty is not required to be paid. In all the companies for the transfer of shares Stamp duty of 1% is to be paid at the market value. There is no need for the stamping of stock transfer form if the market value of the shares or the value of the consideration is not more than Euro 1,000.
Share Capital Requirements of limited company
- The denominations for the authorized share capital have got to be in Euros (€’s).
- The required share capital will be only €100
- In the beginning one hundred shares will be issued with €1 as a nominal value by the most of the native Irish companies by the company registration agent.
- For the initial issued share capital and authorized share capital there is no need to pay capital duty. For the authorized capital there is no upper limit. In the case of single member company the least issued capital is one share and two shares of par value for others.
- According to the Irish law there should be only one primary shareholder.
Procedure Requirement of Irish Limited Company
The documents to be submitted will be the memorandum of association and articles of association along with an A1 form which in detail has the first directors, share capital, secretary, principle activity and code of NACE with the details of registered office. The purpose of the company should be summarized in its MOA (memorandum of association) and AOA (articles of association) and should be given a subsequent NACE code. This can be done us for you; probably we knowing your company’s business activities.
Meeting requirements of Limited company
It is not mandatory to have an AGM. Shareholders arrange for these meetings to either assess their achievement of the board of directors if they are different from themselves in taking foremost decisions. In other words, to re-evaluate few things like company’s yearly accounts and associated matters all companies conduct Annual General Meetings (AGM’s). Whenever there is an emergency matter to be attended then there will be an Extraordinary General Meetings (EGM’s). The eventual control lies with the shareholders at all the occasions, but for they/ it is/ are the similar to the directors. The main work of the board of directors will be the everyday administrative decisions.
Yearly audit and Financial requirements of Limited Company
Ireland Limited Company documents:
- First inaugural meeting minutes presenting with all officers appointments and share allocation.
- There should be a photocopy of the MOA (Memorandum of Association) and AOA (Articles of Association)
- Incorporation Certificate- original
- Compliance Declaration copy
- Two blank share certificates and detailed Share Certificates of each shareholder
Few additional documents like additional corporate resolutions, share transfer forms or declarations and special powers of attorney.