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Registering a Private Limited Company in Ireland can be quite tasking if you do not know the procedures. However, information on the step by step process on what to expect makes the process smooth and fast. Here is a detailed procedure on company registration process in Ireland.
Selecting Company Name
In Ireland, a company name should be distinctive and pre-approved to ensure no other company is using the name. When you settle on you the company name that should end with (LTD) to indicate it’s a private limited company, you check it with the registrar of companies before incorporation. The company registration company office checks the availability of your business name through their electronic system and can reserve the corporate name for 28 days upon payment of the required fee. Upon verification of the company name, you are given the green light to proceed with the rest of the process.
Share capital
A company is required to define the number of shares each shareholder will have. Remember the minimum share requirement is €100. Besides standard procedures stipulate one share should be valued at a base value of €1. However, you can decide to value the shares for more than €1. It is important you express all matters concerning shareholder equity in Euros as that is the accepted practice in Ireland. Besides, define nominal share capital and authorized share capital structures during registration to ensure your business does not run into problems in the future.
Company Directors
The next step involves making a list of directors for the company. Directors are the people responsible for handling the day to day running operations of the business. Irish Authorities do not approve of companies with one director, and one of the company directors should be a resident of the Europe Union. In the event, the company lacks a director who is a resident of the European Union; a none resident director bond should be put in place.
Company Secretary
All companies incorporated in Ireland are required to have a company secretary who is required to ensure the smooth running of the business. The company secretary is obligated by law to fill company accounts and other relevant documents with the tax authorities. Besides, a company secretary can be a corporate person or an individual.
Shareholders
All private limited companies in Ireland are required to have a minimum of 1 shareholder and a maximum 149. Besides, having 100% overseas shareholders are allowed, and corporate bodies qualify to become shareholders.
Principle activities
All Companies are required to have a corresponding NACE code, which defines their core duties.
Registered Office
It is mandatory for all private limited companies to have a registered office, which is the physical address of the business where official documents are served.
Incorporation Procedure
Finally, it is mandatory to have a company constitution that guides the firm in appointing and replacing of directors, company secretary, and outline details of sharing profits. Besides, it is important you get a company attorney to draft the constitution and guide you through the process of registration. Attorneys’ are critical in enlightening you while you sign every necessary and will inform you of the implication of your signature in the process.
Finally, the process will take you 3-4 days if you have all your documents in order. Additionally, make sure you have familiar with all the company laws especially new statutes and Acts that could stand in your way. Ignoring any piece of the legislature could stall the process of registering your private limited company, and cost you crucial time, thus, ensure you are 100% compliant with all procedures.
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