By Andrew Lambe, 5th October 2011 (Updated 13th June 2018)
As Company Formation experts, a question we are commonly asked is ‘how do I incorporate an Irish company’ or ‘How do I register my business?’
Before this question can be answered you need to decide what type of business you want to set up. This is the million dollar question that many of our clients have. There is no ‘catch all’ answer – It really depends on your precise requirements. If you are not sure, it is a good idea to seek the advice of an independent tax advisor or Accountant.
In Ireland, a Private Company Limited by Shares (LTD) is the most popular company type for private and commercial business ventures. The requirement for this type of Irish company is that they must appoint at least one director and a company secretary (if the company has a single director, then the Secretary must be different). The company is also required to have a registered office address within the Republic of Ireland. Company Bureau offers an annual Registered Office address service with mail forwarding, this allows a business to use our city centre location as its office address.
The required steps for registering a limited company can be found here. Once you have completed the application form, Company Bureau can have your company registered in only 3-4 working days.
Sole Trader /Partnership
A limited company is not for everyone. A business with a low turnover such as a dog grooming business with a net income of €10,000 per year would be more suited to a registration as a sole trader or partnership. Many entrepreneurs who are just starting out chose to operate as a Sole Trader or Partnership (if there is two or sole traders involved) and switch to Limited Company once they achieve a higher turnover. It is relatively easy and inexpensive to set up a sole trader business because you will just need to register a business name with the Companies Registration Office (CRO) and register as self-employed with your local Revenue office (we can assist with this).
The business name registration process is outlined here. Once the certificate of business name registration has been issued you can open a bank account in your company name and register for as self-employed with Revenue.
If you are still not sure which company type to choose, please visit our blog post for more information, Sole Trader v Limited Company: What is the difference?
May we take the opportunity to congratulate you on starting your own business, and we wish you every success with your new company!Contact us now for further details