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Company registration in Ireland

Main / Jurisdictions / Ireland
Photo 1 - Company registration in Ireland

About Ireland

The Ireland is West-European country located on the similarly-named island that was labelled as «Celtic Tiger» at the end of previous century. Not to be confused with Northern Ireland, which borders it but is part of Britain.

 

Economic achievements of the Ireland became real due the scope of factors: stable politic and economic relationships with USA and the United Kingdom, old-established membership in EU (since 1973), well-executed tax reforms, development of manufacturing industry and investment sphere, renovation of social policy etc.

 

Ireland is not offshore, this is a country with favorable tax conditions, which, if certain requirements are met, becomes tax-free for non-residents (you need to be a non-resident of Ireland, not do business and not make a profit on the territory of this state). 

ADVANTAGES OF COMPANY REGISTRATION IN IRELAND:

  • The republic is well suited for those who conduct international commercial business or work in the field of IT services
  • The Irish Partnership (LP) can act as an alternative to the English and Scottish partnerships, since in comparison with the latter, the information about the beneficiaries is not contained in the open register
  • Ireland is a member of the EU and this makes it possible to take advantage of the benefits specified in the EU Directives
  • These are actually European companies in the absence of taxes
  • Possibility of VAT registration for trade with the EU
  • Ireland is not a classic offshore company
LEGISLATION

Ireland's legislative acts are based on the English Common Law system. Activity and business registration in the Ireland are regulated by:

  • Law on Companies (Companies Act) 1963-1990, including amendments and sub legislative (bylaws) acts adopted in years 1963–2012;
  • Limited Partnership Act 1890 to 1907.
TYPES OF COMPANIES

For doing business in Ireland, it is most convenient to register the following types of companies:

  • Private Company Limited by Shares (LTD);
  • Limited partnership (LP).
Photo 1 - Company registration in Ireland

OPENING A COMPANY IN Ireland: REQUIREMENTS

PRIVATE COMPANY LIMITED BY SHARES (LTD):
  • Statutory fund - the standard size is 100 euro and there is no need to pay for it.
  • Only registered shares are allowed, which are not subject to free alienation.
  • LTD has at least one director, only an individual, a resident of the EU (legal entities are not appointed to this position). If two or more managers are appointed: one is an EU resident (this is the nominal value), the rest are "real" leaders.
  • Shareholders - at least one (physical person or legal entity), residency does not matter.
  • The secretary in LTD is responsible for the register of the company, his position is needed and in any case, he is a resident of the republic.
  • The legal address must be located within the country.
  • Information about directors and shareholders is in the public domain.
  • Companies must maintain a register of beneficiaries and store it at the place of registration, not making it publicly available.
  • LTD annually submit statistical and financial reports. The first statistical reports are submitted in 6 months after the company is registered. Also within 9 months after the end of the tax period (in Ireland it is 12 months), firm must file a tax return.
  • Firms submit VAT declarations on a quarterly basis.
LIMITED PARTNERSHIP (LP):
  • LP has no starting statutory fund.
  • Founders - two or more individuals or legal entities, residence is doesn’t matter, who act as partners. At least one general partner and one limited partner are appointed. The general partner is liable for the firm's obligations in full, and the limited partner is only liable for the size of its share in LP. To simplify registration, we recommend that you appoint one partner - an individual, the second - a legal entity.
  • General Partner - an individual who is not a resident of the European Economic Area (EEA) must obtain a special permit to participate in the partnership from the Minister for Justice and Equality in the form of a GNIB card or Green card. A legal entity - non-resident of Ireland, which will act as a general partner in LP, must first register a branch in Ireland and only after that the legal entity will be able to act as a general partner in an Irish LP.
  • A limited partner in LP can be an individual of any residence.
  • A company that will act as a limited partner in LP, upon registration, must provide a full set of constituent documents under an apostille at the place of registration. These documents will be sent to the Register of Ireland, where they will be kept in original.
  • The general partner usually acts as a director.
  • LP is established by signing a partnership agreement (must be registered with the Registrar of Companies of Ireland).
  • Secretary - no position needed.
  • All Irish partnerships are required to maintain a legal office in the Republic of Ireland.
  • Partnerships are exempt from annual financial statements and audits. If there is no business in Ireland, and the partners are outside the borders of the state, a zero tax return is required.
  • Non-resident partners are not eligible for a certificate of tax residency in Ireland. They are also not subject to double taxation treaties.
  • The LP tax number is not automatically issued to the company; it must be requested additionally. The term of receipt is about a month after the request.
  • Partnerships are not considered separate legal entities, i.e. the owners of capital are legally not the partnership, but its partners. Although in practice this does not prevent them from freely doing business, both with the countries of Europe and with the UK. Therefore LP is not taxed in Ireland. This means that the company's profits are distributed among partners who pay tax in the country of their registration. If the partners are non-residents of Ireland and the origin of their profits is from abroad - they do not pay tax in Ireland.
TAXATION

Corporate tax (income tax):

1. The reduced rate of 12,5% ​​is used for trade enterprises. To apply this rate, a firm must conduct part of its business in the country (for example, an enterprise may have signed a contract with a local firm).

2. At the standard rate of 25%, mining firms are taxed if the source of the trading profit is abroad, as well as dividends, interest and other non-trading profits.

Dividend taxes - 25%.

A preferential rate of 12,5% ​​is used in the presence of international agreements on double taxation, if more than 75% is invested in an Irish organization, as well as for dividends received by an Irish holding from organizations from the European Union.

Dividends are paid only from profits from commercial activities.

Payment of dividends to non-resident firms or individuals (resident/non-resident) is taxed at 20% (in addition to options for using reduced rates).

VAT - 23%.

It is necessary to register as a VAT taxpayer if the annual turnover for goods trading company is more than 75 thousand euros, for services – 37,5 thousand euros. In other cases, registration is optional. A VAT number can only be obtained if you have a real office in Ireland or an account with a local bank.

More
CURRENCY CONTROL

Is absent at this country.

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DOUBLE TAX AVOIDANCE AGREEMENTS

The Republic of Ireland has concluded agreements with more than 70 countries.

More

If you are planning to buy a company in Ireland, please contact our lawyers for advice:

+38 (098) 737-88-88

We will help you open an «offshore» company in Ireland or any other jurisdiction of your choice. Starting a business in Ireland by registering a company with the Campio Group is safe and easy.

The cost of registering a company in Ireland is formed for each specific business and depends on the organizational form, check the final price of the finished company with our lawyers depending on your individual needs.

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