As an entrepreneur starting a business in Ireland, you should know the costs and taxes that may apply, in accordance with the type of company you want to register.
Business start-ups with less than 10 employees can receive loans up to EUR 25.000, to which a commercial interest rate will be paid. Our law firm in Ireland can offer our clients more details about the legal background on which a company can be opened.
Foreign entities opening a business in Ireland
As a foreign entity, you do not need permission to establish a company in Ireland, as long as you are a resident of the European Economic Area or Switzerland. All other foreign residents need approval for their companies from the Irish Ministry of Justice and Equality.
The costs of a business start-up in Ireland
When you open a company in Ireland, you should perform several actions, associated with the following business start-up costs:
•Swearing before a Commissioner for Oaths – 10 EUR,
•Register the company at the Company Registration Office – between 50 EUR and 100 EUR, according to the documents filed,
•Income tax – applied to all legal entities, at the rate of 12.5%;
•Value added tax (VAT) – if your business offers services and the yearly sales are above EUR 37.000, Irish law states you have to pay the VAT. In the case of companies selling goods, you should pay the VAT if the sales are over EUR 75.000;
•Pay Related Social Insurance (PRSI) – applicable for companies hiring employees. PRSI is established at 8.5% or 10.75%, in accordance with the employee’s gross salary;
•Relevant Contract Tax – applicable if your company hires a sub-contractor.
We recommend you to contact our team of Irish lawyers, who can offer you complete guidance throughout the company registration procedure in Ireland. If you need more information about the business start-up costs, our Iirhs law firm can provide you with support in respecting the Irish taxation system.
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