On 12th July 2009, a new piece of legislation was passed in Ireland which relaxed the residency requirement for Directors of Irish Companies. Previously at least one Irish company director was required to be an Irish resident.
Now if at least one of the Directors is an EEA Resident, the Non-Resident Directors Bond is no longer required.
This means that EEA citizens can set up a company in Ireland without paying for the Bond which saves them EUR1957.50 every two years. The EEA is made up of the whole of the EU; plus Iceland, Liechtenstein and Norway.
This makes Ireland even more attractive for overseas investors and entrepreneurs alike. It greatly reduces the set-up costs for incorporation and compliments the great tax advantages of Irish Companies in International Tax Planning.
Despite being in recession, Ireland still continues to punch above its weight with regard to attracting foreign investment due to low corporate tax and a liberal approach to trade. As the most Western country in Europe, Ireland is a fully independent jurisdiction, a committed European Union member and is presently the only English speaking jurisdiction in the Eurozone monetary system.
The advantages of incorporating in Ireland can be summarised as follows:
- Ireland has an excellent international corporate image. Excellent Holding Company Regime
- Low corporate taxes with a universal rate of 12.5% on trading profits
- Extensive network of Double Taxation Treaties. Agency Agreements also be used
- Committed European Union and Eurozone Member
- English speaking jurisdiction
- Europe’s premier corporate domicile for multinational inward investment
- Excellent telecommunications infrastructure
- Low capitalisation costs when compared with most EU jurisdictions
- Ideal for international Joint Ventures where participants wish to incorporate in a neutral state
It is advantages such as the above which has convinced numerous multinationals, such as James Hardie to relocate their corporate domicile to Ireland.
If you have any questions about the residency requirement of Irish Company directors or if you would like to set up a company in Ireland, Contact Us today or call +353 1 6461625. One of our experts would be happy to discuss any of the above in more detail.
Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.