Important Noted About Irish Company
- Individuals who are aged 18 years or above can be the directors.
- A company secretary is mandatory for Irish companies who have the eligibility to file each and every document and financial records which are fulfilling the rules of Companies Act 2014. In case of an individual Company Secretary they are entitled to provide their personal information, and in case of a corporation then their name and registered office address should be declared. We strongly advise you to have our Ireland agent as your appointed secretary if your company doesn’t have a native director. A statutory declaration is required for incorporation documents which are agreed upon the state. We can do this work as an officer of your company without having a need for anyone director to commute to Ireland or to authenticate their signature with the Irish Embassy. Any of the filing prerequisites can be signed by us as secretary of your company.
- An official company seal is must for all limited companies as per Irish law
The policy and the business structure of Ireland promote very successful business in the country with an open and competing business environment and moreover, the main location acts as a plus point. The prime government agency which is accountable for the encouragement of overseas investment is the Industrial Development Agency (IDA Ireland). Both the foreign and local investors are treated in the same way. There is no need of exclusive authorization for the non-native investors who are planning to acquire an ongoing business in Ireland or any Irish company shares. In general, there is no maximum limit for the foreign investment.
On the reconstruction of wages, investment, interest or royalties, there are no limitations and exchange control. Repatriation disbursement can be done in any currency. Bank accounts can be held in by both natives and non-natives in any currency. There is no need of permission for capital introduction or non-domestic investment.
OECD procedures are applicable in Ireland for transfer pricing. The purpose of the rule is to make sure a minimum amount is debited for activities like supply, purchase, funds and intangible assets among associated individuals as the profits or losses of the company will be taxable to the Irish tax as trading income or loss. Transfer pricing techniques as setting up in the OECD guidelines must be used to conclude the arm’s length price. Corporations are assumed to be linked where there is at least a 50% possession relationship but may be associated in other conditions.
In Ireland for the business commenced on or after 1 January 2016 they have initiated Country-by-country reporting act and regulations.
Controlled Foreign Companies
At present Controlled Foreign Companies set of laws are not in Ireland.
There are no definite thin capitalization rules for Ireland. On the other hand, a non-native parent who owns a minimum of 75% of the Irish company shares then their interest payments can be changed as a dividend distribution.
The amount of interest on finance used for production or trade is subjected to tax deduction except for few cases. On a basis of few conditions, the interest on borrowings used for the acquisition of shares in other companies may be deducted on a paid source.