Considering a Company Strike Off?

Considering a Company Strike Off?

Are you considering a company strike off? There are a number of considerations for you before you proceed to ensure a smooth process. A Strike off can take time as there are set procedures to follow set down by the Companies Registrations Office. A voluntary strike of your company can be completed as long as assets and liabilities are nil. We perform the strike off by writing to the appropriate Government Departments requesting permission to strike the company off the register. All annual returns must be up to date to perform this process. Once we are engaged to perform this we prepare relevant documents to send to you for signing. These are then Considering a Company Strike Off? returned to us with original signatures. The following is a further detail on the steps taken:

  • We ensure all annual returns are up to date and all statutory accounts have been filed.
  • We send a letter to Government Departments in Ireland asking for permission to strike the company off the register.
  • We draft all supporting documentation, Minutes, and Statement of Ceased Trading or the company has never traded.
  • We take advertising in a National Newspaper regarding the Strike Off. (Compulsory) We prepare the documentation & get the Director to sign & return to us for processing.
  • All documents are prepared for signing and sent to you prior to the process starting. The cost of this Strike-off Process INCLUDES advertising costs with a National Newspaper. All Annual Returns are required to be up to date for this process to be filed. If the company has any late fees with the companies registrations office, these will need to be paid and filed also.

This strike off procedure is for companies who have not traded or have no assets on the balance sheet. Failure to make returns to the companies registrations office can result in penalties that accumulate quickly. Failure to dispose of a company in the proper manner can result in legal action by the Director of corporate enforcement and can result in disqualification of being a Director of a company. To get started Click HERE

How our Company Formation process works

How our  company formation process works.

One of the most common questions we are asked is how our company formation process works. When we started this business we wanted to do a number of things to ensure our service is second to none. We started by designing a procedure on paper that is completed for every service we provide. This ensures that every formation we complete is done quickly, and efficiently.

The process starts by the user choosing the package they require. Often this means calling us first to ensure that they have chosen the correct package, and it suites their needs. The user checks the availability of the name on the front of the website and starts the short process of entering the information onto the website after logging in or taking a free account.

Once our new client process’ the information online the system notifies our team immediately and the process of checking the information starts. If we are missing anything or have a query we contact the client within the hour. Documents by email are generated with instructions and are prepared to be emailed out to the new client. Full instructions are enclosed, and this email comes out to the client same day if we receive the information before lunch, or the following morning if after lunch. These documents need to be printed, and signed and returned to us. When we receive them and all are in order the company can be incorporated within 3-5 working days.

Once incorporated, the next part of the procedure can start, the generation of the company formation pack, and the registration of the company for Taxes as indicated by the client. We also prepare as much information for the first annual return as possible but this is not finalized until after the 6 months of incorporation.

You formed a company in Ireland What now?

So you formed a company in Ireland. What now? Even if you are thinking of forming a company in Ireland we understand that you will need support once your company is incorporated. Support is provided in many ways.

Firstly, you will need support to create a relationship with the Bank in Ireland. We have established relationships with all the major banks in Ireland and work to provide a remote opening facility for all our clients. Many of our clients require a bank account in Ireland but some clients make applications to banks outside Ireland. In these cases a set of Apostille Documents for your company will be required. This is something we can organise within 48 hours.

So you formed a limited company. What now?

Secondly you will need advise on how to keep your company compliant from a Revenue and CRO (Companies Registrations Office) perspective. On our Non-Resident and Premium Packages we organise a complaince meeting with an Accountant who is also a certified tax advisor and statutory auditor. This one hour meeting takes you through an agenda of how to keep the company compliant. For example, what are the important returns dates for your company, the compliance on the year end, Annual returns information and much more. It can be completed on Skype, or on the telephone, or on a personal visit. We are happy to host this meeting in our boardroom.

Company Documents are also drafted by the Government and by ourselves and shipped to you via DHL. A digitally signed certificate of incorporation is emailed to all clients once your company is incorporated and this is sent by you to the bank on request. The following forms are stored by us and sent to you;

Certificate of Incorporation
Memo & Arts/Company Constitution
Share Certificates
Schedule of Company Officers
Directors & Secretary Booklets
Digital Documents by Email
Company Seal

Compliant bookkeeping software is also required by many of our clients. We have partnered with efolioaccounts.com to provide clients with a SaaS solution to assist in your bookkeeping and invoicing requirements.  This software gives you the ability to manage all bookkeeping and accounts as well as VAT reporting and Invoicing as well as much more.

We assist clients in many ways once incorporated from transferring shares, to making amendments to companies from changing officers to changes in the company constitution. We work with third parties like banks, government investment agencies, tax advisors, and corporate lawyers to get our clients the best advice. If you are thinking of incorproating a company, get in contact with us on the telephone number at the top of this page or send us an email.

Choosing a Limited Company Name

Choosing a Limited Company Name can be daunting. There are a number of considerations when doing this. We will take you through the Marketing and the considerations regarding restrictions in this post. Firstly it is

Choosing a Limited Company Name

advisable not to start the process of marketing your business  or to incur expenses relating to Marketing until you have secured your Limited company or have a plan to register a business name under that company. The latter

of these two is very popular as if you don’t get the company name you require you can still trade with the brand you need. A limited company name is not secured until the limited company is incorporated. You can reserve the name online with us, and we will get a name reservation certificate, but this can be overruled by an agent in the companies registrations office if they feel it is too similar or even phonetically similar to an existing company in the register. This existing company may not even be active.

From a Marketing perspective the name you choose should be unique, and the best way for you to get your name is to look at whats available. Of course if you give us a call we can check the availability of the name you want. Feel free to use the checker on our homepage also. This is the name you will trade with, and trading with a Limited company name is always preferable but not the only approach. Our limited company is called Irish Formations Connect Limited. It trades as Irish Formations. We did this as there is a Dissolved company on the register called Irish Formations so we could not use this name. We added the work “Connect” to make the limited name unique.

There are some regulations from the companies registrations office that need to also be considered. The use of the word “standard” is prohibited. If a name includes words which imply specific functions, e.g. “holding”, “group”, etc., further information may be required by the CRO to support the application. The words “University” and “Institute of Technology” or “Regional Technical College” cannot be used unless permission has been sought from and granted by the Department of Education.

Words such as “insurance”, ”re-insurance” and “assurance” cannot be used unless prior permission has been sought from and granted by the Irish Financial Services Regulatory Authority (IFSRA). The word “society”, “co-op” or “co-operative” cannot be used unless permission has been sought from and granted by the Registrar of Friendly Societies.

It is generally recommended that company names include extra words so as to create a sufficient distinction between names. Certain words and their abbreviations together with accents and punctuation marks are not sufficient to distinguish between company names. Examples of such words include the definite article and the words “company”, “co”, “corporation”, “and”, “&”, “service”, “services” ,“limited”, etc. Place names are not considered to be a sufficient distinction between company names, e.g. Ireland, Dublin, West, etc.

Particular care should be taken with names considered to have a distinctive element i.e. names consisting primarily of made-up words or non-dictionary words. The inclusion of qualifying words may not be sufficient to create a distinction between company names. Names which are phonetically and/or visually similar will be refused. This includes names where there is a slight variation in the spelling and the variation does not make a significant difference between the names.

If you need any advise on the registration of your name please don’t hesitate to contact us.

Company Formation Deadlines for 2017

Company Formation deadlines for 2017 have been released by the Companies Registrations Office.  If you are going ahead with your company formation, or your clients company formation if you are an Accountant or in the Legal profession, its time to get your submissions in to us to be incorporated by the end of the year.

Company Formation Deadlines for 2017

 
The deadline for getting your signed documents back to us is 12th December 2017.
If your signed documents are received later than this date we cannot guarantee that your company will be formed before the end of the year.
The process for forming a company is as follows:
1.Choose your package on www.irishformations.ie
2.Submit your information to the form. The form will guide you through the process.
3.Then wait for the signature pages we email you with a complete set of instructions. You print & sign the attached forms and post them back to us before the deadline of 12th December.
Once your company is formed we will notify you and send your pack. Some packs may be posted at different times depending on the package you choose. If you require Corporation tax registration, this can take longer to go through the registration process with Revenue.
If you require any information regarding forming a company in Ireland give us a call on +353 21 4217322 or use the Contact Us link at the top of this email.

How to write a business plan for a new company

How to write a business plan for a new company.

Writing a business plan for a new company is one of the most important first steps you will make. I remember being hired to a senior position by a new business and when I asked for the business plan, I was told “we know what we are doing”.  There was none and I felt that this would either choke the business performance or curb the chances of the business surviving. Knowing how to write a business plan for a new company is a skill that any entrepreneur will need. It sets out the goals and strategies over a Short, Medium and Long term period. A business plan should be revisited regularly, and also used as a tool to generate and develop ideas for the business. One of its main uses will be to access funding. Investors and lenders will want to see this plan and will be well adapt to reading and scoring a good or a bad plan. The contents of your plan should cover the following.

Table of Contents: Readers will want o quickly guide themselves through the plans Sections and Sub-Sections.How to write a business plan for a new company

Confidentiality: Any plan is confidential to the business and the plan may also contain non-disclusure agreements to be signed by the reader.

An Executive Summary: In many cases the executive summary of the business plan is read in most detail, and the rest of the plan is skipped over. Necessary time should be taken to draft this section in detail.

Market Analysis: A detail on the target markets for your products and services should be outlined here with SWOT (Strengths Weaknesses Opportunities & Threats) and PESTLE (Political, Economic, Social, Technological, Legal and Environmental) factors that can affect the business now and into the future.

Marketing: Areas covered should be Price, Promotion Place of business, Client/Customer service, the Marketing ans sales strategy, industry trends and opportunities, and also reference to the separate Marketing Plan.

Organisational Structure: Outline the Legal structure of the business (Limited Company etc), the Shareholders of the business, and its conformity to the Companies Act.  Outline using an organisational chart the companies Management Structure. You should mention anyone who has influenced your business from Mentors to advisers. Prospect investors and lenders want to see a good organisational structure with mixed relevant skillsets.

Financial Forecasting & Data: Assistance from an Accountant should be sought here i necessary. Outline your existing funding here. Historical and projected figures should be outlines. Prospect investors will be looking at healthy cashflow actual and projected. Include Balance Sheets and Profit & Loss accounts. If you are seeking loans, or investors are looking for short periods of return on investment you will need to include a plan for this also.

Risk Factors: Good business is about managing risk. Outline the risks to the business and how to mitigate against it. Outline Costs, Technological developments, Competition, Labor issues, Business cycles etc.

 

Once prepared, a good business will give the business the ability to compare projected performance with actual performance. Have a conclusion for your plan which summaries in words the contents of the plan.

Guide to Choosing a Company Name

A Guide to Choosing a Company Name

When forming a new company one of the first things that you will need to think about  is choosing a company name. The following is a Guide to Choosing a Company Name which will assist you. This may seem straight forward, but there are a number of considerations to think about. Its best not to incur expenses relating to the proposed name (e.g. preparing signs, headed notepaper, stationery, etc.) in advance of receipt of the certificate of incorporation that will confirm that the company has been registered with the chosen name. A Guide to Choosing a Company Name

Marketing: Of course your company name will define you, but you will need to first discover if the name that you choose is available, and if not, what are your options. When the Limited company name is chosen, we then ensure that the name will be available for your registration. Its important to note that we do this by speaking to the Registrar of companies to ensure that even after we issue incorporation documents  the name will not be rejected. If your name is accepted as your Limited company name, you can trade with this name. If your name is not accepted, and you need to register a name that you do not want to trade with for your company, then you can register a trading name under the limited company. THe limited company needs to be incorporated first, and you cannot transfer an existing limited company name from a Sole trader registration. This ensures that you are now trading with the limited company and trading name that suites your business needs.

Technical requirements from the Companies Registrations Office: There are restrictions on the use of names, and how names are identified as unique by the companies registrations office. A limited company name needs to be unique. It needs to be distinguished from other names on the register. Names will be refused where:

It is identical to or too similar to a name already appearing on the register of companies.

It is deemed offensive.

It would suggest state sponsorship.

The following guidelines will assist you in assessing the acceptability or otherwise of company names:

It is generally recommended that company names include extra words so as to create a sufficient distinction between names. Certain words and their abbreviations together with accents and punctuation marks are not sufficient to distinguish between company names. Examples of such words include the definite article and the words “company”, “co”, “corporation”, “and”, “&”, “service”, “services” ,“limited”, etc. Place names are not considered to be a sufficient distinction between company names, e.g. Ireland, Dublin, West, etc.

Similar descriptive elements, e.g. press/printing, staff/employment agency, or the inclusion of only a general or weak qualification such as “holding”, “group”, system”, “services”, “international”, etc. may not be regarded as a sufficient distinction between company names.

Particular care should be taken with names considered to have a distinctive element i.e. names consisting primarily of made-up words or non-dictionary words. The inclusion of qualifying words may not be sufficient to create a distinction between company names.

Names which are phonetically and/or visually similar will be refused. This includes names where there is a slight variation in the spelling and the variation does not make a significant difference between the names.

A number on its own will not be accepted as a sufficient distinguishing mark, unless the company concerned is part of the same group.

The use of a year in numerals to differentiate between two companies of otherwise the same name is prohibited.
The following restrictions also apply to company names:

Names containing certain words cannot be used unless approved by relevant bodies. For example, the words “bank”, “banc”, “banking”, “banker” may only be used with the permission of the Central Bank of Ireland. This also applies to names such as “hollybank”, “sweetbank”, “canal bank”, “bancorp”, etc. and the surname “Banks”, not withstanding the fact that the company being incorporated may not intend to carry on banking business.

Words such as “insurance”, ”re-insurance” and “assurance” cannot be used unless prior permission has been sought from and granted by the Irish Financial Services Regulatory Authority (IFSRA).

The word “society”, “co-op” or “co-operative” cannot be used unless permission has been sought from and granted by the Registrar of Friendly Societies.

The words “University” and “Institute of Technology” or “Regional Technical College” cannot be used unless permission has been sought from and granted by the Department of Education.

In the case of the word “Charity”, further information may be sought by the CRO to support the application.

If a name includes words which imply specific functions, e.g. “holding”, “group”, etc., further information may be required by the CRO to support the application.

The use of the word “standard” is prohibited.

Getting Started: You can check the top level availability of your proposed name on the home page of our website and you will get instant results here. We check the entire database of names online for you.

Funding Supports for your new company

Looking for Funding Supports?

If you are a Manufacturing company or an internationally trading company based in Ireland and you are looking for funding supports for your new company, Enterprise Ireland may be able toFunding Supports for your new company assist you to grow and develop your company with a development fund.  Enterprise Ireland assist high potential startups, Entrepeneurs, and companies that want to scale Internationally. Company supports are generally categorized as follows:

Having a startup idea.

High Potential Start-Up Funding (HPSU)

Established SME Funding (>10 Employees)

Large Company Funding (>250 Employees)

For more information on Enterprise Ireland and funding visit their Funding Supports page.

 

Registering a company before the end of June 2017

10% Discount if you are registering a company before the end of June 2017

If you are considering registering a company before the end of June 2017 then we would like to give you a 10% discount on your company formation. Just use the Coupon Code below when checking out your company formation. This discount applies to the Basic Pack, Standard Pack, Premium Pack, Legal Accounting Package, and Non-Resident Packages. Packages cannot be checked out with Registered office or Nominee Secretary services.

COUPON CODE: JUNE2017

Terms and conditions apply. The promotional period ends on 30th June 2017.

Remote bank account opening for an Irish company

Remote bank account opening for an Irish company

Remote bank account opening for an Irish company is now available via Irish Formations and www.fire.com. This is particularly useful if you have a  company in Ireland and you want to open a bank account for your company without having to visit Ireland immediately.

We have been working with Fire Financial services now for 3 years and our clients have found them to be extremely professional to deal with. Once your Irish Company has been formed, we refer clients to Fire Financial Services through their website, add the account opening procedure starts. If Irish Formations are a nominee Secretary for a company, we will appear on the application automatically when you are processing your information.

So how does it work?
Our clients first engage us to form the company for them. They process the company information through one of our packages online. We then incorporate the company, and they are then referred on to Fire Financial SRemote bank account opening for an Irish companyservices, or another bank if required. Once the account application has been processed, and the account is open, a MasterCard can then be applied for.

A Fire business account is a digital account. It is used primarily to execute bank transfers, debit card purchases and payments to/from personal Fire users. There is no facility to lodge cash and cheques are not supported. The account is suitable for limited companies, unincorporated entities and sole traders. Registration is open to businesses incorporated in the United Kingdom or Ireland. www.fire.com are the only financial institution that Irish Formations work with who can process an account opening remotely.

For further information about this or any of our company formation packages, please contact us on the link at the top of this page. If you have an Irish Company and do not have a banking solution dont hesitate to contact us.