In 2014 Ireland was voted by Forbes as the best country in the world to do business in 2014. In Ernst & Young’s Globalisation index for 2012, Ireland was considered the most globalised western economy in the world. As well as low corporate taxation of 12.5% (0% for some companies until 2018) Ireland offers many advantages.
The term ’offshore’ is not used in Irish legislation or in describing company forms. In Ireland there are no specific forms of company or other entities designed for offshore operation.
A private limited companies are the most common form of business entity used in Ireland. The essential features of such company are that the liability of members is limited to the amount of share capital subscribed to. Name of the company: Irish companies must use the suffix Limited or Ltd. to denote limited liability and can use any name unless it includes words such as Empire, Crown, Imperial, Windsor, Royal, Assurance, Bank, Building Society or any other words deemed sensitive or offensive. Special consent is required for names such as European or International.
A company is formed by submitting its Constitution to the Registrar of Companies along with the registration fee. Constitution permits a company to trade in any legal business.
The minimum number of shareholders is one, the maximum number of shareholders is 99in the case of a private company. Corporate shareholders are allowed. Shares may be held jointly by two or more people.
Authorised share capital is ally 10,000 Euros or above, with 100 shares issued. There is no capital duty payable on the issue of shares in limited companies. Stamp duty is payable at a rate of 1% of the market value on the transfer of shares in all companies. If the value of the consideration or the market value of the shares is less than Euro 1,000, the stock transfer form does not have to be stamped.
DIRECTORS AND SECRETARY
A Private Limited Company (LTD) can have a single director, once a separate Secretary is appointed. At least one of the proposed Directors of the company must be Resident within the European Economic Area (EEA). Corporate entities are not permitted to act as directors. In the absence of a “resident” director an insurance bond in lieu in the sum of 25,395 Euro must be lodged. The cost of maintaining of such insurance bond is around EUR 980 p.a. If at least one of the Directors is an EEA Resident, the non-resident directors bond is not required.
Every company is required to have a company secretary, and individuals or corporate entities may hold this position.
The Registered Office Address of the Irish company must be in Ireland and must be recorded in the Companies Registration Office. This address may be changed at any time by notifying the relevant authorities at the Companies Registration Office. The trading address of the company may be different from that stated as the registered office. All official correspondence is sent to the registered office.
It does not need to hold an AGM.
TIME NEEDED FOR FORMATION
Usually it is 3-7 working days.
RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR
- Provision of registered office and registered address
- Provision of company Secretary
- Submission of Annual Return