Private Limited Company formation
Company formation of an Irish Private Limited Company made easy. A Limited company formation in Ireland reduces the owners' liability and also offers generous tax incentives.
Irish Ltd formation packages incl. Registered Office*
An Irish Private Limited Company formation can be ordered online and takes approx. 10 working days. Futuramax's online company formation system was designed to assist non-Irish residents to establish Limited Companies in Ireland.
All company formation packages include:
Company formation procedure: At the end of the online formation process we email all paperwork. The company officers need to sign and return the documents to us.
What is an Irish Limited Company?
A Limited company in Ireland is very similar to a limited company in the UK. Due to the fact that Irish company law requires the company to carry on at least some business activities in Ireland an Irish registered company is
less likely to be considered a "brass plate operation" abroad.
Company Name Rules
The company name must be written in Latin alphabet. It may include words which are not in English or Irish as long as a translation of their meaning is provided. The company name ends with "Limited" or "Ltd" (or their equivalents in Gaelic, "Teoranta" or "Teo").
We do provide a
free company name check for our clients. If the company wishes to carry on business under a different name (DBA - doing business as) a separate trading name registration is required.
Tax incentives for Start-up companies (10/2008)
120.000 Euros tax incentive: Start-up companies which commenced trading in 2009 are
exempt from tax, including capital gains, in each of the first three years to the extent that their tax liability per year does not exceed 40.000 Euros.
Company structure of a Limited company
| Directors: Min. 2, max. 4 directors (who may be of any nationality and resident anywhere in the world). Corporate directors are not permitted. Since July 2009 the requirement for an Irish-resident director was waived. |
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Secretary: Either one of the directors or another person may serve as a secretary. Corporate secretaries are permitted. The secretary is not involved in company management tasks. Futuramax do provide nominee secretary and annual compliance services (recommended for international clients).
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Shareholders: At least one shareholder, natural person or company, resident anywhere in the world is required. A company having only one shareholder is called a single member company, the maximum number of shareholders for an Irish Private Limited Company is 99.
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Irish resident director requirement waived (07/2009)
In July 2009 sections 43 of the
Companies (Amendment)(No. 2) Act 1999, were amended by section 10. Before that amendment was made at least one director of an Irish Private Limited company had to be resident in Ireland or alternatively the company had to provide a
bond in the value of 25.394,76 EUR.
Since July 2009 a director resident in one of the
27 European Union member states or Iceland, Liechtenstein and Norway is sufficient and as a result residents of these countries are now able to form a Private Limited Company in Ireland
without a local person appointed.
However, the bond requirement still applies where no EU resident director is available. Futuramax can arrange a bond or nominee officers for non-EU clients, if required.
Registered Office in Ireland
A
Registered Office address in Ireland is required. Futuramax do provide Registered Office services in
Galway and
Dublin for an annual fee. Costs for the first year are included in all
formation packages.
Share capital
| An Irish Limited company has an authorised share capital (nominal capital - there is no requirement to pay this in) and an issued share capital (usually fully paid). |
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| The usual authorised share capital is 100.000 Euro divided in units of 1 Euro each is sufficient. 10, 100 or 1000 shares should be issued and divided pro rata between the shareholders. The minimum issued share capital is 1 Euro (in case a of a single member company). |
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| In order to keep the owners name(s) out of the public register an Offshore company or nominee shareholder may be used.
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Limitation of liability
The liability of shareholders is limited to the amount contributed (or owed) to the company.
Company documents Private Limited Company
| Certificate of Incorporation The original certificate of incorporation issued by the Companies Registration Office. |
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| Memorandum & Articles of Association Banks usually require a copy of the M&A when you open a bank account |
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| Share Certificates The share certificates provide proof of ownership. The shareholders should keep them save. |
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Optional Services
| Company Seal You will seldom need the seal in Ireland or Europe, but if you do business in Asia you should order one. |
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| Company Register (Statutory Books) The statutory books need to be updated when for example changes in directorship or share transfers occur. |
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| Nominee Secretary A useful service for non-Irish clients in order to simplify the company formation process and admin matters. |
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| Company Bank Account We open a bank account for your Limited company in Ireland. Bank accounts come with IBAN number and online banking facility (client has full control over the account). |
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| VAT Number We apply for a VAT number which is required to do business in the European Union. |
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* Fees quoted exclude Irish VAT @ 21,5%.
