8 requirements for setting up a company in Ireland
Incorporating a company in Ireland can be very exciting but can also be an extremely daunting task where mistakes can become costly. This is why many people choose to outsource their company formation to a company formation agency like Register a company in Ireland (RACII).
Register a company in Ireland can have your company incorporated in 2 -3 working days. To get started with your company formation we need 8 items of information from you before we can proceed with your Irish company setup.
1. Company Name
Your Irish company name must be unique and distinguishable from any other company registered in Ireland. There are certain guidelines you must follow in order to choose a name that will be accepted by the Companies Registration Office (CRO).
– Special Permission: Words such as “Insurance”, “Bank”, and “Group” are will require special permission beforehand if a company requires any of them in their name.
– Offensive: Any word which is deemed to be offensive will not be accepted.
– Non – Descriptive: Words such as “Solutions”, “Services”, ”Holding” and names of places are considered non-descriptive and therefore be discounted as they do not carry any weight.
If you would like a free company name check, please do not hesitate to contact us. We can let you know whether or not your company name should be accepted by the CRO.
2. Company Type
The most common type of company in Ireland is a Private Company Limited by Share (LTD). For more information on the different company types available in Ireland, please click here.
Since the introduction of the Companies Act 2014, a Private Limited Company (LTD) no longer requires a Memorandum and Articles of Association. Instead The Constitution has been introduced which essentially lets a company trade in any legal business they desire. However, when incorporating a LTD company you will still be required to select a suitable NACE code for your type of business.
4. Registered Office
Every Irish LTD company must have an official company address located in the Republic of Ireland. Company directors who are resident in the Rep. of Ireland may use their home address if required. RACII can provide a registered office service for non-resident directors. This service is ideal for company directors who do not have a physical presence in the country. For more information please click here.
5. Company Directors
Company directors are those who are appointed by the shareholders of the company to manage the company on their behalf. A Private Limited Company (LTD) is required to have at least one company director. To proceed with the company formation the following information of the nominated director is required:
- Full Name
- Residential Address
- Date of Birth
- Business Occupation
- The name(s) of any other company where the individual stands as director
The Shareholders are essentially the owners of the company. Each shareholder is designated an amount of shares which reflects their proportion of ownership of the company. A shareholder si required to be at least 18 years of age. To proceed with the company formation the following information of the shareholder is required:
- Full name
- Usual Residential Address
- Amount of shares that are proposed to be held in the shareholders name.
7. Company Secretary
Every company in Ireland must appoint a company secretary who is responsible for ensuring the statutory obligations of the company are met. This includes filing the Annual Returns, maintaining the company’s books and ensuring that statutory obligations are met with. A company secretary can be one of the company’s directors, a corporate entity or a separate individual altogether. However, if the company has only one director a separate company secretary must be appointed.
8. Authorised and Issued Share Capital
The Authorised Share Capital of a company is the amount of shares a company can dispense if required. We would normally suggest that a company should have an Authorised Share Capital of €100,000 divided into 1000,000 share valued at €1 each.
The Issued Share Capital is the number of shares that have been allotted and paid for by the shareholders. We would normally suggest issuing 100 shares at €1 each. The 100 shares would then been distributed between the shareholders to reflect ownership. For example, 50/50, 70/30 etc.