Ireland is the only native English-speaking country in Europe and attracts foreign investment for the advantageous tax rates and highly skilled workforce.
The most important advantage of setting up an Irish company is limited liability.
There are a number of practical considerations that are required to be addressed before incorporation.
Business Name
It is important to choose the right name. Searches should be run in the companies office and against trademark and intellectual property registers to ensure that you are not infringing on established intellectual property rights. It is advisable to prepare a list of a few names so you are not overly committed to one.Website and Intellectual Property design
A website design and presence are important. Normally a well-produced professional logo can influence the web design and look and feel.Ownership / Structure
It is important to have clear ownership and responsibilities and to prepare even at inception for an exit strategy. Do you want to build a business to sell it or take on investment or grow it.Shareholders Agreements
If there is more than one owner it is important to know what happens if someone gets sick or dies, or record what money goes in and out of the company and how earnings are treated and disputes are resolved. It is important to do this at the start of the company before you get too busy later on and a dispute arises.Registered Office of the Company
It is important that all legal documents can arrive to the company and you need a stable address that serves as the registered office that is not your home address as it will be publicly available.Staffing Levels
The correct roles and responsibilities and a cogent well thought out business plan will advise on a clear timeline of staffing needs. You will need robust employment policies and procedures and contracts in place.Company Secretary and Seal
The company secretary is responsible to maintaining the company books and ensuring that the company is following legal obligations.Choosing the right accountant and advisors
Tax and accounting advice is crucial for any start up. Getting this wrong can result in a viable business failing.Getting tax advice early
Irelands trading rate of 12.5% carries obligations around substance in Ireland. There are accelerated research tax credits available and a knowledge box and patents structure as well as other detailed tax reliefs that can be available. Getting the correct tax advice early can mitigate tax audit risk and maximize corporate structures.
Setanta Solicitors can assist in all company incorporations and making introductions to professional advisors. Please contact us to schedule a no obligation consultation at info@setantasolicitors.ie or 01 215 0168
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