A Comprehensive Guide To Set Up Company In Ireland

Ireland is also a well-known country for international companies who seek a place for establishing European headquarters or further business development. Talented people, competitive tax system, and the membership in the EU single market are definitely the main reasons many are fascinated by Ireland. Here is a brief guide to the company formation in Ireland as well as the things you should take into consideration.

Getting Started

It may sound complicated but it is quite easy to form a private limited company in Ireland. You will need to select a distinct business name, must have a minimum of one Director and Shareholder, supply the details of the company’s beneficial owners, must apply for the Certificate of Incorporation and must register for taxes. It is noteworthy that the majority of companies in Ireland are private limited companies, which provide such advantages as limited liability of the owners and the opportunity for advantageous taxation.

When forming your Irish company it is highly recommended to consult a law firm or incorporation service. They will take you through all the legal forms and documentation that is required to be filled in correctly. You will also be required to register an Irish office and furnish details to the Companies Registration Office.

Tax Considerations

A major incentive to set up company in Ireland is the 12.5% corporation tax on trading income. Ireland also has a strong double taxation treaty policy whereby the same income cannot be taxed twice for the company.

Ireland also has incentives in place for R&D activities and companies holding IP assets. Take, for instance, the case of the Knowledge Development Box that allows for a tax rate of 6.25 % on qualifying assets. When establishing a business in Ireland, it will be beneficial to comprehend the nation’s corporate taxation regime and the potential tax reliefs.

Accessing Talent

Further benefit of incorporating your business in Ireland is that it is home to a highly educated and talented workforce. Ireland has one of the highest literacy rates in Europe and is one of the most educated nations in the region. Many graduates focus on various sectors of the economy including information technology, biosciences, and business. this talent pool is what attracts multinational companies whenever they seek to expand their operations.

There are also relatively straightforward work permit regimes for importing talent into Ireland. One of these is the Critical Skills Employment Permit which ensures that visas for non-EEA nationals with skills deemed scarce in the job market are processed quickly. There are also special permits for intra company transfers.

Gateway to the EU

Last but not least, the location of Ireland provides an excellent opportunity to tap the EU single market of over 500 million consumers. Transportation infrastructure is well developed in Ireland and Ireland has language compatibility with many of the export destinations such as the UK and US. Establishing a base in Ireland provides tax benefits and skilled human resources, while at the same time enabling the firm to have access to the European market for trading purposes.

Ready to Get Started?

Establishing a company formation in Ireland has some features that may be more suitable for many firms in other countries. This contributes to the reason why Ireland has become a hub for many multinational companies due to business-friendly policies, tax incentives as well as access to talents. If you need help on how to start your Irish entity, please contact us. Let us make it easier for you and ensure that switching is an easy and seamless process.

Author’s Bio

LSC & Partners is a law firm based in Ireland that offers a wide range of corporate services to investors intending to establish a business in the country. Through our team of dedicated professionals, we offer a wide range of expertise in tax, legal, and business solutions to help clients successfully manage operations and set up company in Ireland.

Regardless of whether you require help in dealing with legal requirements affecting businesses in Ireland, help in identifying relevant partners, determining the most appropriate structure and model for your business, information on taxation or legal and regulatory compliance, LSC & Partners can assist you.