What types of legal entities can be registered in Ireland?
Businessmen interested in setting up companies in Ireland can choose from several legal entities and our Irish lawyers can help them make the best decision for their business needs. You may find below the main types of companies available for incorporation in Ireland.
The video below shows the main steps to open a company in Ireland:
An Irish Private Limited Liability Company is the most frequently registered entity, formed by members whose liability is limited by the Memorandum of Association to the extent of their initial contribution. At least one founder is necessary in order to incorporate this type of entity. If you are interested in setting this type of company in this country, our lawyers in Ireland can help you save time, by handling the entire process of opening a private limited liability company.
A Public Company Limited by Shares has its shares registered at the Stock Exchange and has no restriction on the number of shareholders. At least 38.000 EUR must be at the disposal of the company from which at least 25% must be paid up at registration.
Companies limited by guarantee without having a share capital are usually used in order to give corporate protection to entities such as sport clubs, charities or trade associations. These entities are required to deposit Audited Accounts every year at the Companies Registration Office and must have at least seven members.
A Limited Liability Partnershipin Ireland consists of at least one general partner and one silent partner. The partnership should not consist of more than 20 persons or more than 10 persons, if carrying on business related to banking. The general partners are liable for all the debts and obligations of the entity. A partnership can be incorporated by natural persons or corporate bodies.
Unlike the limited liability partnership, the general partnerships are formed by members with full liability and the same decisional powers in the entity. Their personal assets are not protected in case of liquidation.
What are the steps for company incorporation in Ireland?
An Irish company cannot be incorporated before a founder who is engaged in the company’s formation swears before a Commissioner for Oaths or a Practicing Solicitor that the company is compliant with the Irish Companies Acts.
After that, the founder must register the company with the Companies Registration Office, which will issue a certificate of registration. The company is than required to make a company stamp which is used in the majority of the commercial transactions.
The last step is registering for the corporation tax, social insurance and VAT with the Revenue Commissioners. The company is immediately registered for PAYE/PRSI after depositing the necessary documents. VAT registration requires an additional 5–10 working days period of registration. Our team of Irish lawyers has an extensive experience in legal andcompany formation matters and can provide investors with legal consultancy in order to incorporate their companies in Ireland as soon as possible.
What is the minimum share capital of LLC and SA in Ireland?
The founders of a private limited liability company in Ireland are not required to provide a minimum share capital at registration, while the members of a public company limited by shares must deposit at least 38.000 EUR at incorporation.
What documents are required for the incorporation of a company in Ireland?
The necessary documents for company incorporation in Ireland are the following:
- the memorandum and articles of association;
- a list of the shareholders;
- directors and the secretary;
- a declaration regarding the authorized and issued share capital and consideration paid;
- a declaration regarding the registered office;
- a declaration regarding the main business activities and the address where the company will operate.
The consultants at our law firm in Ireland can submit the necessary documents at the Companies Registration Office and can also help you obtain the social insurance and VAT number.
How quickly can I incorporate my company in Ireland?
Irish companies are established in a short period of time by completing four steps. Each process is completed in one to two days, except registering with the Companies Registration Office which takes around 7 days. The whole company formation procedure is completed in approximately one week and our Irish lawyers can provide you with full assistance throughout this process. For further details or for a personalized offer, please contactour team of local lawyers.