Top 8 Requirements for Setting Up a Company in Ireland

Want to know what are the 8 requirements for setting up a company in Ireland? Starting a company in Ireland is an exciting journey, but the process can be complex and overwhelming if not handled carefully. Errors during the incorporation process can lead to unnecessary delays and expenses. 

To simplify this, many individuals opt for professional assistance from company formation agencies like Register a Company in Ireland (RACII). With their expertise, RACII can complete your company incorporation within just 2-3 working days.

In this blog, you will discover the 8 requirements for setting up a company in Ireland. Learn about name selection, directors, share capital, and more for a smooth start.

Let’s start!

8 Requirements for Setting Up a Company in Ireland

To begin the process, RACII requires eight key pieces of information to ensure your business is set up efficiently and in compliance with Irish regulations.

Partnering with a trusted agency allows you to focus on your business goals while leaving the administrative details to the experts.

1. Choosing a Unique Company Name

Your company name must be distinct and not identical to any existing business registered in Ireland. Certain names may require special permissions, such as those containing words like “Bank” or “Insurance.” 

Offensive or overly descriptive names (e.g., “Solutions” or “Services”) are not acceptable. If you’re unsure, seek a free company name check to ensure compliance with the Companies Registration Office (CRO).

2. Determining the Company Type

The most common type of company in Ireland is a Private Company Limited by Shares (LTD). It’s important to choose the right structure based on your business needs. Learn more about other company types before deciding.

3. Preparing the Constitution

Under the Companies Act 2014, an LTD no longer requires a Memorandum and Articles of Association. Instead, a Constitution is prepared, allowing the company to operate within any legal business scope. 

You will also need to choose a suitable NACE code that identifies your business activity.

4. Establishing a Registered Office

Every company must have a registered office address in Ireland. If you reside outside Ireland, services are available to provide a physical office address. 

For directors in Ireland, home addresses can be used if necessary. The registered office is where official correspondence will be sent.

5. Appointing Company Directors

A Private Limited Company (LTD) must have at least one director. Directors are responsible for managing the company and must provide the following details:

  • Full name
  • Nationality
  • Residential address
  • Date of birth
  • Business occupation
  • Details of other companies they serve as directors

6. Identifying Shareholders

Shareholders own the company and must be at least 18 years old. The proportion of ownership is reflected in the shares they hold. Shareholders are required to provide:

  • Full name
  • Residential address
  • Number of shares they will hold

7. Appointing a Company Secretary

A company secretary ensures that the statutory obligations of the business are met, such as filing annual returns and maintaining company records.

In single-director companies, a separate secretary must be appointed. The secretary may be a director, another individual, or a corporate entity.

8. Setting Authorised and Issued Share Capital

Authorised share capital refers to the maximum number of shares a company can issue. Typically, an authorised capital of €100,000, divided into 1,000,000 shares valued at €1 each, is recommended. Issued share capital, on the other hand, represents the shares allocated to shareholders. For example, if 100 shares are issued, they can be distributed in proportions such as 50/50 or 70/30.

These are the essential steps to set up a company in Ireland. Following these guidelines ensures compliance and sets your business up for success.

Conclusion

Setting up a company in Ireland involves meeting several key requirements, from choosing a unique company name to appointing directors and shareholders and ensuring compliance with legal and statutory obligations.

By understanding these 8 requirements for setting up a company in Ireland, you can streamline the incorporation process and lay a solid foundation for your business. However, navigating these requirements can be challenging without the right guidance.

At Peak Accounting, we specialise in assisting businesses with every aspect of company formation in Ireland. Our expert team ensures a hassle-free setup process, saving you time and avoiding costly mistakes.

Contact Peak Accounting today to get professional support and establish your Irish company successfully!

FAQs

What are the essential steps to register a company in Ireland?

To register a company in Ireland, you need to choose a unique company name, decide on the company type (e.g., Private Company Limited by Shares), prepare a constitution, establish a registered office in Ireland, appoint at least one director and a company secretary, identify shareholders, set the authorised and issued share capital, and register for taxes with the Revenue Commissioners.

How long does it take to incorporate a company in Ireland?

The incorporation process typically takes 2-3 working days once all required documentation is submitted to the Companies Registration Office (CRO).

How can Peak Accounting assist with company formation in Ireland?

Peak Accounting offers comprehensive company formation services, guiding you through each step of the incorporation process. Our experienced team ensures all legal requirements are met promptly, facilitating a smooth setup for your business.

Does Peak Accounting provide registered office services?

Yes, we offer registered office services, providing your company with a prestigious Dublin city center address. This service includes handling official correspondence and ensuring compliance with Irish regulations.

Can Peak Accounting act as my company secretary?

Absolutely, we provide company secretary services to ensure your business adheres to all statutory obligations, including timely filing of annual returns and maintaining proper corporate records.

What are the services offered by Peak Accounting?

Peak Accounting provides services such as Annual Returns Ireland, Voluntary Strike Off, Irish PPSN Service, RBO Registration, Apostille Documents, Shares Transfer, Court Applications to Extend ARD, and Irish Company Name Change. These services ensure compliance and smooth business operations.

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Forming a company is very straightforward and can be done in days depending on the jurisdiction.

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