Ireland Resident Private Limited Company
Setting up a Company in Ireland: An Overview
Ireland is a renowned jurisdiction for companies to base their operations. This is due to Ireland’s incredibly low corporate tax rate and its geographic proximity to Europe. Despite Ireland tax incentives, which attract foreign investment, it is not perceived as a traditional offshore tax haven, as it is part of the European Union (EU).
Financial accounting, auditing and disclosure of information is required for Irish companies, yet individuals and corporations benefit from having the second lowest corporate tax rates in Europe, access to a number of double-taxation treaties, and numerous benefits from EU trade agreements.
Companies Act Ireland
Irish corporate legislation is regulated by the Companies Acts, enacted into law in 1963 and amended periodically through the last five decades, most recently in 2014 and effective as of June 2015. The act consolidates all existing statues into a single statue as well as effectively implementing new reforms and procedures and will be the largest piece of legislation in the history of Ireland.
There are several Irish company formation structures available, the most popular being the Resident Private Limited Company. This company structure has been widely used for private, commercial and various international business trade and holding activities.
Corporate registration documents do not use the term ‘offshore’, as offshore financial markets are currently under tight international scrutiny and can hold a number of negative associations.
In many ways, however, the Ireland Resident Private Limited Company mirrors traditional offshore companies with flexible corporate management structures and many tax benefits.
A traditional Private Limited Company is limited by shares, with the company giving limited liability to its members, limited to the amount of the amount of shares held by them. This form of corporate arrangement is ideal for international trade and investment activities, as it draws legal and financial distinctions between the company and its members.
Key Corporate Features of a Limited Ireland Company
|Ireland Private Limited Company||Corporate Details|
|Type of Entity||Resident Private Limited Company|
|Type of Law||Common Law|
|Governed by||Companies Acts 2014|
|Registered Office in Ireland
|Shelf company availability||No|
|Our time to establish a new company||5 – 10 business days|
|Minimum government fees (excludes taxation)||€250|
|Access to Double Taxation Treaties||Yes|
|Share capital or equivalent|
|Standard currency||Euro, €|
|Minimum paid up||€1|
|Bearer shares allowed||No|
|No par value shares allowed||No|
|Managers / Directors|
|Publicly accessible records||Yes|
|Location of meetings||Anywhere, not required
|Corporate directorship allowed||No|
|Members / Shareholders|
|Publicly accessible records||Yes|
|Corporate shareholder allowed||Yes|
|Location of meetings||Anywhere, not required|
|Local or qualified||Yes|
|Requirements to prepare||Yes|
|Audit requirements||Yes *(small companies are exempt)|
|Requirements to file accounts||Yes|
|Publicly accessible accounts||Yes|
|Recurring Government Costs|
|Minimum Annual Tax / License Fee||None|
|Annual Return Filing Fee||€40|
|Requirement to file annual return||Yes|
|Migration of domicile permitted||No|
Top Uses & Advantages of Setting up a Limited Company in Ireland
- Holding Company
- Investment Vehicle
- International Trading Company
- Highly reputable jurisdiction
- Geographical proximity to the UK and Europe
- Membership of the European Union
- Has a number of trade advantages
- Nominees Services are available
- One of the worlds lowest Corporate Tax Rate at 12.5%
- Employees have the ability of holding shares
- Ability to own property and enter into legal contracts
- Beneficial owners can remain confidential
- No meetings required
- Small companies exempted from audit requirements
- Well establish company formation structures
- Additional tax breaks for business activities in a number of industries
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