Why Form A Company In Ireland?
A Public Limited Company (PLC) is set up where the company intends to get itself publicly listed on the Stock Exchange. This is done so that the company can offer its shares out to the general public.
A PLC must have a minimum of seven members, the value of the allotted Share Capital must be not less than €38,092.00. ¼ of this allotted share capital must be fully paid up before the PLC can start business, or exercise any borrowing.
PLC’s have many of the characteristics of Private Limited Companies. Stocks in PLC’s are freely transferable, and can be bought & sold quickly. There is no restriction on the maximum number of shareholders a PLC can have. PLC’s that operate in an environment where they are not publicly listed on the stock exchange must still operate Under Irish Legislation.
PLC’s like Private Limited Companies, have Memorandum & Articles of Association which set out the objectives, and the rules of the company.
To establish a company in Ireland, you will need a number of things. To start you are required to have key stakeholders such as a Director, Company Secretary, and Shareholders. As well as this you will need an address in the country, share capital, and a unique company name.
Once you have gathered the necessary elements, you must prepare your incorporation documents. These will include the application forms and constitution. These should be submitted to the Companies Registration Office (CRO) in Ireland. No need to worry if you’re unsure about how to prepare these documents; our team here at Irish Formations are always readily available to guide you through the process.
Subsequently, after your company is successfully established, there are annual accounting requirements that must be adhered to. Our team will walk you through these requirements. This will provide a comprehensive checklist of everything you need to know when setting up a Limited Company in Ireland. These services are included in our premium company formation packages. We provide packages for residents and packages for non-residents. We can also give you a free referral to an accountant for anything further.
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Company Types in Ireland Explained. Is a PLC right for you.
Understanding various types of companies and having a clear comprehension of what a limited company entails is crucial before establishing one.
Below, we’ve provided a comprehensive breakdown of potential company types.
- Private Limited Company with Shares
Private limited companies are the predominant business structure in Ireland, providing limited liability and accommodating one or multiple owners. Shares in these companies are not publicly traded, making this the most favored type of company, with the added flexibility of remote management. - Public Limited Company (PLC)
Conversely, public limited companies are designed for larger enterprises, allowing them to issue shares to the public. These companies are subject to more comprehensive regulatory requirements. - Limited by Guarantee company Without Share Capital
Companies limited by guarantee are typically non-profit organizations. Members’ liability is restricted to a predetermined amount, and shares are not involved. Constitutions are set up for these companies either for companies applying for charitable status or not. - Unlimited Company
An Unlimited Company in Ireland, increasingly popular, operates similarly to a typical private company limited by shares. It is identified by the suffix “Unlimited Company” (ULC). Unlike a Limited company, shareholders in an Unlimited Company lack limited liability, exposing their personal assets to risk in case of insolvency. This company type necessitates an objects clause in its constitution, restricting its activities to those specified in the clause.
In contrast to a Limited Company, an Unlimited Company can only waive Annual General Meeting (AGM) requirements if it is a single-member company. Additionally, an Unlimited Company holds the option to abstain from submitting financial statements in specific situations, providing the company with greater confidentiality compared to a Limited Company. - Foreign Companies
Foreign Companies are those incorporated outside Ireland but conduct business within the country. - Other Company types
Other company types include Designated Activity Companies, Investment Companies, and Industrial and Provident Societies, each fulfilling distinct purposes and being governed by specific regulations. Each of these company types comes with its own set of requirements for registration, governance, reporting, and compliance with the Companies Registration Office in Ireland.
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Public Limited Company By Shares
Our Company Formations Packages
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Your Essential Public Limited Company Set Up Checklist:
- You need Seven Members
A PLC must be incorporated with seven members. A Public Limited Company (PLC) is required to have a minimum of seven members and the Shares in a PLC are freely transferable between shareholders. The nominal share capital for a PLC must be a minimum of €25,000 at the point of incorporation. The name of the PLC must conclude with a suffix “Public Limited Company” or “PLC.” There is also no limit to the maximum number of members appointed in a PLC. The liability of members, like a Private Limited Company is limited to their investment in the company.
For all Irish companies, it is mandatory to have at least one director who is a resident of an EEA/EU country. However, if a company in Ireland has solely non-EEA resident directors, they must secure a non-EEA resident bond, commonly referred to as the Section 137 Bond. This requirement extends to UK-resident directors seeking to establish a company in Ireland as non-resident directors, following the post-Brexit rule changes. - Choose A Company Secretary
You must designate a distinct entity or individual as the Secretary. Irish Formations can assume the role of Nominee Secretary. The Secretary plays a vital role in ensuring the company meets its statutory deadlines. Working closely with the Accountant, they collaborate to ensure the prompt submission of financial statements. Failure to file the Annual Return on time can result in substantial fines, and the financial statements may require auditing for a two-year period. To mitigate the risk of missing the Annual Return deadline, we will provide reminders of these obligations. - Choose A Company Name
When considering the establishment of a Limited Company in Ireland, your initial focus may naturally be on the company name. Nevertheless, it’s important to keep in mind that the Companies Registration Office (CRO) imposes strict guidelines regarding company names. The chosen company name must possess uniqueness, setting it apart from other names already registered in Ireland, and it must adhere to the prescribed company name regulations. The Registrar carries out thorough examinations to confirm the uniqueness of your suggested name. Should it closely resemble existing names on the company registry, the Registrar has the authority to request a different name for resubmission. To streamline the process and save time, it’s advantageous to engage the services of a company formation specialist, such as our dedicated team at Irish Formations. You merely need to provide us with your proposed company name, and we will manage all the necessary procedures on your behalf.
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- Have Two Addresses: Business Address and Trading Address
The registered address is the official legal location of your company, necessitating a physical presence in Ireland and regular monitoring. Many companies choose to acquire a registered address for this purpose, as crucial notices are often sent there. It’s essential to recognize that this address is publicly accessible on the CRO website and can be delegated to a regulated Registered Office Address (ROA) provider like us.
As for the business address, it functions as the location where your company’s business-related mail, such as invoices, is received. It serves as the hub for day-to-day communication regarding the company’s operations.
It’s important to note that, for tax purposes, Revenue still requires information about the specific location where your business conducts its operations, known as the trading address. It is advisable to keep the trading address separate from the Registered Office Address, a service we provide at our secondary address. - Sign The Incorporation Documents
After meeting the aforementioned requirements, you are ready to proceed with incorporating your company. Utilize our online portal to establish your company by outsourcing the process to a specialized company formation service like Irish Formations. Entrusting the procedure to a specialist ensures a seamless navigation of each step, leveraging our comprehensive knowledge of the entire process for effective guidance.
The Companies Registration Office typically takes 5-10 days to process your new company application once it is submitted depending on the requirements of a Section 137 Bond and Verification of Identity.
- Duties after incorporation
Upon the successful incorporation of your company, you will have several obligations to fulfill. The majority of these services are encompassed within the purchase of any of our premium company formation packages. These services include tax registration, opening a company bank account, registering your beneficial owners with the RBO, and filing your B1 First Annual Return. These services are also available for individual purchase, and it is crucial to recognize that they constitute legal obligations for every active and incorporated Irish company.
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If you’ve reviewed the information provided above and are satisfied with the necessary steps on establishing a subsidiary in Ireland, please get in touch with us to initiate the process of getting a company registration number in Ireland. However, if you still have questions or uncertainties about any of the details, feel free to reach out to a member of our team who will gladly guide you through it.
At Irish Formations, we specialise in company setup and guarantee the efficient, accurate, and prompt creation of your company. Establishing your company doesn’t have to be a daunting task; we’re here to ensure a seamless and straightforward journey. Our team of experts at Irish Formations can set up your company entirely remotely, maintaining the highest quality and professionalism. Contact us today to start the process!
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