A Limited Company is also known as ‘Private Limited Company by shares’. In Ireland, this is a common business structure. Shareholders and directors are restricted to the liability in a limited company. This means they are accountable only for the amount they have infused in the business. 

Limited companies are legal entities which can take out loans and be sued. 

How to Set up a Limited Company in Ireland?

If you are planning on a Limited Company registration in Ireland, here is a checklist for you. Read on.

  • Company Name

Once you have decided to set a Private Limited Company in Ireland, deciding on the name should be your first step. The CRO (Company Registration Office) can be a little strict with names. Your company name should be different from the other registered names in Ireland. Once you submit the name, the registrar will carry out name checks to see if it is different enough from the other names.

  • Registered address

This will be the legal address of your limited company. Once you decide upon the name, finalize the company address. This place should be any physical address in Ireland and it should be monitored regularly. In case you plan to work online or from home, you have to apply for a business correspondence address for your private limited company.

  • Appoint a Director

The first step is to appoint at least one director, who will be responsible to manage the company entirely on behalf of the shareholders. The director should be a resident of an European Economic Area (EEA). In case the person is not, he will have to purchase a non EEA resident bond before becoming the director. In case you have appointed two directors and one is from the EEA state and the other is not, that works.

  • Appoint a Secretary 

Once your director is appointed, the next step is to find a designated secretary. In case you have two directors, one of them can act as a secretary.  The secretary is in charge of filing annual returns. He/She has to ensure it is filed on time. Late filings can cause you a huge amount of damage, so be careful. 

  • Decide upon the shareholder and the number of shares to be released

It is very important for any business to have a shareholder. Shares, as you all know, is a piece of company which you can give away. You can issue shares when you are setting up a limited company or even after the set up is done.

  • It’s time to sign the Incorporation documents

Once you have gone through the entire above procedure, it is time to incorporate your company. If you are looking to set up an online company, you can do it via CORE (Companies Online Registration Environment). Complete the A1 form, which is a paper application. Outsource your company formation to a specialist like an online accountant. The incorporation documents have to be signed by the directors, the company secretary and the shareholders.

  • Buy a company seal

Get a company seal once your company is consolidated. This must have the company’s name carved in it and you must use it to seal all important documents like – property law, contract law, company law, transfer of shares and other important documents.

  • Business account

Now it’s time to open up a business bank account in Ireland. To do so, you need to submit important documents such as – certificate of incorporation, copy of  A1 form  and the company constitution. Remember, you can only open up your business account once the establishment is done.

  • Tax Registration Time

Before you begin with your company operations, you need to complete a tax registration. This is the rule in Ireland. You have to be registered for tax before you invoice your customers. 

  • File the Annual Returns

Is your company established already? The next step is to file the annual returns. You can do so with the CRO. You will have a date allocated to you and make sure you do it on time. Expect a penalty otherwise.

Setting up a Limited Company in Ireland can be difficult, but that was our checklist only to make the process simple for you. You can establish your businesses within a few weeks now. For a hassle-free and affordable experience contact Peak Accounting Solutions.

Are you ready to set up a Private Limited Company in Ireland?

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