Registering an Irish company in 2021 is a great opportunity to start an international business quickly and easily.
Ireland is a state in Western Europe, that has almost completely abandoned a heavy industry. The economy is developing most in the following areas: pharmaceuticals, IT technologies, a production of medical equipment, light and food industries, an agriculture, a mining.
The administrative center is Dublin. A state currency is Euro. Ireland is directly involved in the UN, OECD, EU, Council of Europe, Euratom and EMU.
Key features of jurisdiction
If you plan to establish a commercial enterprise in Ireland or to open an account with an Irish bank, this year is perfect for making and enforcing such a decision. Key features of this jurisdiction:
- a robust economy;
- a stable political environment;
- a progressive legislation;
- opportunities for the development of small, medium and large businesses;
- a leading position in Europe in terms of investment in the state;
- providing a variety of IT services;
- DTA agreements with 60 countries of the world;
- a flexible tax system;
- lack of a currency control.
The Republic of Ireland holds high positions in world rankings from year to year, and in 2019 its successes became even more impressive: 23 place in terms of simplicity of registration processes, 15 place in protection of investors, 4 place in terms of ease of taxation.
Legal forms of enterprises
Those, who wish to register a company in Ireland remotely, the state offers a list of legal forms:
- a PLC;
- the LTD;
- an Unlimited Liability Company (UC);
- the LP.
LP deserves a special attention - the easiest form of company registration in Ireland. Partnerships are exempt from taxes, when properly planned, because, in fact, they are two separately registered companies (they can be opened in low tax zones or tax-free zones).
General company registration requirements in Ireland (LTD)
If you want to open a company in Ireland quickly and easily, be sure to study carefully the following points:
- The name must be unique and have an ending, like Limited (Ltd). It is forbidden to use words such as: Windsor, Assurance, Bank, Royal, Building Society, etc.;
- The number of directors is at least 2 (one of them is a resident of the European Union). Only individuals are allowed;
- The number of participants is from 1 to 99;
- The number of shareholders is from 1 to 99 (including corporate shareholders);
- An authorized capital is minimum 1 EUR, maximum 100 EUR;
- A mandatory opening of an office in the country;
- A mandatory presence of a secretary. It is possible to combine of director/secretary posts;
- Open access to the information about founders for their identification;
- An annual financial response is required, as well as an official responsible for conducting the audit.
Features of the tax system
One of the main reasons, by which many aspiring and experienced businessmen seek to set up a company in Ireland, is the low corporate tax rate of 12,5%, which applies exclusively to commercial enterprises. Exceptions are trade operations, related to mining, oil and land. If the company does not conduct trading activities, it is taxed at a rate of 25%.
In addition, there is the possibility of obtaining tax benefits and full exemption from a corporate tax.
YB Case specialists will promptly answer all your questions, give detailed advice on business conditions in Ireland, assist in opening a corporate account in Ireland, will assist in preparation of all necessary documents.