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.

Company Formation Deadlines for 2016

Company Formation Deadlines for 2016 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. The deadline for getting your signed documents back to us is 12th December 2016. 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.Company Formation Deadlines for 2016

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.

Converting Requirements under the Companies Act 2014

Directors of Limited Companies incorporated before 01st June 2015 need to consider their Company Designation and Converting Requirements under the Companies Act 2014 which was commenced into law on 01 June 2015.
CRO will NOT issue a new Constitution (Memorandum & Articles of Association). If the company does not convert by 30th November 2016 the existing Memorandum and Articles will be deemed its constitution except for its objects clauseimages
If private limited companies do not act and wait for the 18 month transition period, then they will automatically be converted to the Limited Liability Company (LTD) status. This may not be the best option for Directors as companies may be benefiting of entitlements under the new Private Limited Company with Shares.
Current Companies under the new act may wish to have a single Director, and if so you need to act now.
Converting to the correct designation and company type is just a case of deciding on which of the two types you require.
Old Private Limited by Shares (EPC) company type must choose to convert to one of these two new company types:-
  1. Designated Activity Company (DAC)
  2. Private Company Limited by Shares (LTD)
1. Designated Activity Company
(DAC)
2. Private Company Limited By Shares (Limited)
Minimum of 2 Directors Minimum of 1 Director
Secretary must be separate, cannot be sole Director Secretary can be one of the Directors
1-149 Shareholders 1-149 Shareholders
 Objects clause within Memorandum limits Capacity of the Company. Has a one page constitution document.
Must have Authorised Share Capital No Authorised share capital requirement
Must hold an AGM Need not hold an AGM
Can be an Insurance Undertaking or Credit Institution Cannot be an Insurance Undertaking or Credit Institution
Conversion Process (18 month transition period)
This “conversion” procedure affects approximately 85% of Irish registered companies which were Private Companies (Limited by Shares). All companies currently registered as the “Private Limited by Shares” company type must choose to convert to one of these two new company types – LTD (Private company limited by shares), or  DAC (Designated Activity Company) under the new act. Existing private companies (limited by shares) (EPCs) on the register do not automatically become DAC companies on 1st June 2015.
Converting during the transition period:
Companies should convert as early as possible. Contact us or visit our Services page to choose conversion.

Digital Certificate of Incorporation

The companies registration office in Ireland has made a change to the way a Certificate of Incorporation is delivered. Traditionally, once a company is formed, the Certificate is sent out to the Officers or Agents in paper form. Now, the certificate of incorporation is going to be sent out in Digital format as a Digital Certificate of Incorporation. We have been preparing for this change, and our system allows for this certificate not only to be emailed to our clients, but we also save all incorporation documents to your account when you form a company with us. You can go to your account when your company is formed and download all your documents in the future, free of charge.digitalcert

Irish Formations leads the industry in online company formations in Ireland. Our system is completely remote from when you enter your information online, to the delivery of your documents. We can also email all documents on request.

The first step to form a company is to check the availability of your limited company name. You can check this on the home page of our website www.irishformations.ie Then you can choose your package from our packages page, take an account, and process your information into the website. Once we have this information we email you all your documents to you for signing and returning to us. Once we have these the average number of days to incorporate the company is 2-3 working days.

Once the company is incorporated, the Digital certificate of incorporation will be issued to us. All the digital documents will then be created and uploaded to your account which you can log into and download at any time. We do not charge for this download service.

We have been advised by the Companies Registrations office that Digital Certificates of Incorporation will be accepted as part of the documentation to open a bank account in Ireland.

 

 

 

Closing a company in Ireland

If you are thinking of closing a company in Ireland its best to do this sooner rather than later.

If you don’t close a company in Ireland in the formal manner you are risking serious sanctions and penalties, even prosecution by the Department of Justice in Ireland. If you do not have any assets or liabilities on your balance sheet, this procedure can be done relatively easily. Closing a company in Ireland is best done in the formal manner as outlined below. company_strike_off

If you have a company in the Register of companies in Ireland, you are still required to perform returns for this company even if it is not trading. 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.

The process involved in Disposing of a company by us is as follows:

  1. We check the company to ensure all returns are complete and that we can start the process of Voluntary strike off.
  2. We request permission from Revenue to strike off the company.
  3. All supporting documentation is drafted to strike the company off including a statement that the company never traded of appropriate.
  4. We draft & submit advertising in a National Newspaper.
  5. All documentation is drafted and emailed to the Director requesting the strike off.

The process can take a couple of weeks to show on the Register once we submit all documentation to the companies registration office in Ireland. The company will move from a status of “Normal” to “Strike off Listed” over time. Officers of the company have then met their obligations with regard to the company strike off.

If you are a company Director or a Legal or Accounting practice that wish to outsource this procedure to us please contact us on the telephone number at the top of this page for more information.

Ireland remains a key location to form a company

Ireland remains a key location to form a company despite Britain leaving the E.U.

Ireland remains a key location to form a company despite Britain leaving the E.U. Ireland will remain in the European Union, and strategically becomes a key English speaking location to do business into the UK & Europe. Over the past few days and hours since this post was written, the Irish Government has not only shown its commitment to its European Union Membership, but it has also advised that Ireland’s corporation tax rate of 12.5% will remain low,  comments made by Michael Noonan Minister for Finance in Ireland. The minister also stated that the shock on the Brexit has also been contained. Below you will find a short list of advantages of incorporating in Ireland;

  • The new 2014 act in Ireland makes it easier for Directors to manage a company. It is the goal of the Irish Government to make Ireland the easiest place in the world to do business.ireland
  • Ireland has  low 12.5% Corporation Tax rate and is a pro business environment. The Irish Government as stated that this rate will remain.
  • A company can be incorporated with a low Share Capital Requirement, as low as €100.
  • There is Limited Liability on Shareholders. Shareholders only risk the share capital they invest.
  • Ireland is an English Speaking Jurisdiction, soon to be the only one in the Eurozone.
  • Ireland offers free access to over 500 Million consumers in the E.U.
  • Ireland is ranked in the top 10 easiest places in the world to do business.
  • There are generous Research & Development tax credits.
  • A Company is a legal entity in itself. It is completely separate from the Officers and the people who run it. It is the company that legal action is taken against as a result of unpaid debts for example.
  • A limited company has greater ability to raise finance by the issue of shares.
  • The limited company name is protected.
  • The company is protected against sudden changes to Management structure.
  • Employees can acquire shares in the company.
  • Making changes to the company is relatively simple.

If you have any questions please do not hesitate to contact us regarding incorporating in Ireland, and what requirements you need to meet to ensure a smooth transition in moving your company, or setting up a new company in Ireland. To see packages for Irish Directors click HERE, and for Non-Resident Directors click HERE.