Ireland Company Formation
Opening a company in Ireland
Why start a company in Ireland? What are the advantages in the country of Ireland?
Ireland, a country that is part of the European Union, is a convenient solution for many entrepreneurs.
The country is southwest of England.
Unlike England, Ireland is fully part of the European Union and therefore the local currency is the Euro (EUR). Living is cheap in the country, and salaries are high.
Ireland is a stunning country, like a huge field of grass, and it is a very relaxing place, with warm but polite people, who speak English fluently and also their local language - "Gaelic". Maintenance costs in Ireland are very cheap.
Huge companies we know are actually Irish companies: Facebook, Google, PayPal, Airbnb, and more.
The process of opening a company in Ireland
Opening a company in Ireland begins with the signing of company formation documents. The signing of the documents is a simple signature and no notary is required, including no need for a notary power of attorney to open the company.
In Ireland there is no need for a local director or local shareholder. In Ireland you also do not need any European citizenship to open a company. You can open an Irish company even if you are foreign citizen. This means that it is possible to open the company with 100% shareholding in the name of a foreign citizen - in your name, or even in the name of a foreign company. The director can be foreign and there is no need for a local director.
In Ireland, there is also no requirement for equity capital for the purpose of opening the company, and it is not required to open a bank account during the opening of the company as a condition for opening it, in contrast to other European countries such as Germany, Austria, Bulgaria, Estonia and more.
After submitting the documents to the Irish Registrar of Companies - the CRO - the company is opened and a "Certificate of Incorporation, like the one we issued:
Opening a bank account in Ireland - current account for the company
After opening the company, it is time to open a current bank account in Ireland for the company.
In principle, since it is a European country, more or less starting in 2018 and in almost every country in Europe, those who want to open a bank account are required to come to the country where the company is opened. However, in Ireland this is not the case! We know how to open a bank account remotely and without having to come to the country itself. The bank account will be opened in a real bank in Ireland (with real branches, not in an internet bank). It should be noted that the process will take some time, about 3-4 weeks.
There is also a faster and easier alternative, which is opening an internet bank account. Indeed, similar to our "Zero One" bank, there are Internet banks in Europe that would be happy to accept your company in Ireland as a customer.
VAT registration
After opening the company and opening the bank account, it is time to register the company for VAT. We will connect you to a local accountant who can register the company for VAT and start trading.
We note that you do not have to register the company for VAT, especially if you do not intend to trade in the local Irish market.
EORI number
If you need to, we can obtain an EORI number for you so that you can import or export with the company within Europe.
EORI is an abbreviation of Economic Operators Registration and Identification number.
Company maintenance
The company requires annual maintenance of payment of fees, annual submissions, local address (which we will provide for you), as well as submissions to the tax authority if the company is registered with the tax authority.
However, all costs in Ireland are low due to the relatively cheap cost of living.
Tax in Ireland
The corporate tax in Ireland has been at a very low rate of only 12.5% for years.
For sales to the domestic Irish market, the VAT is 23%.
Questions and answers
Question: Is it necessary to physically fly to Ireland to open a company in Ireland?
Answer: The entire process is carried out remotely and at no stage is it necessary to physically come to Ireland. There is no need to fly to Ireland to open the company, nor the company's bank account. The entire process of opening the company and the company's bank account is carried out remotely without stepping on Irish soil.
Question: Who provides the local address for the company in New Ireland?
Answer: We will provide the local address.
Question: How can I find a good accountant to handle our new Ireland company?
Answer: We will connect you with a local accountant.
Question: If I want to come to Ireland to open a bank account, what should I do?
Answer: We will try ahead of time to arrange a meeting for you at the branch in order to sign the account opening forms, so that everything will be in order before you arrive, so that you don't just walk around the city in order to find which branch will accept you and open a bank account for a company in your new Ireland.
Question: What type of company in Ireland should I open?
Answer: There is only one type of limited liability company in Ireland, and it is the LIMITED (LTD), so there is nothing to be confused about choosing the type of company to open in Ireland.
Question: Do you need a European passport to open a company in Ireland?
Answer: There is no need for a European passport. We can open a company in Ireland for any foreign citizen as long as he has a valid passport.
Question: How long does it take to open a company in Ireland?
Answer: The process of opening the company, including signing the power of attorney and sending it, should take about 3 weeks. After that, the process of opening a bank account takes between 3-4 weeks, depending on the readiness of the banks to accept the new company as a customer. Of course, these are times that depend on third parties, so this is only an estimate.
Question: Is it possible to open a company in Ireland for a person with American citizenship or a person living in the USA?
Answer: Yes. We know how to open a company in Ireland for a person with American citizenship or a person living in the USA.
Apparently it seems trivial that a person with ties to the USA could open a company in Ireland, but we assure you that this is not the case. Today, all banks in Ireland without exception refuse to open an account for a new Irish company if its owner has any ties to the USA. Therefore, we are probably the only ones, and certainly one of the few in Ireland, who know how to open a company in Ireland for a person with American citizenship or who lives in the USA.
Question: How much does it cost to open a company in Ireland?
Answer: Click here to contact us and get an up-to-date quote for free!