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.

How to form a limited company with Irish Formations

How to form a limited company with Irish Formations

We thought it would be good to post an article on how to form a limited company with Irish Formations, as its not just about forming the limited company, there is a lot more involved in what we do, and this article will give you a background into how we work with clients. This article explains how we work with Non-Resident clients, but we also work with clients all over Ireland. Legal firms, Accounting firms, and Entrepreneurs engage us to get their companies formed on a daily basis. We also have a basic how it works page for you to view HERE.

Pre-Incorporation: Clients generally go to our website to find their limited company name. Our checker tool gives instant results on the availability of limited company names, and the checker will report back if it is available. Once this is done, the client can start filing the form on our website. Once it is filed, we are notified and the form is checked for compliance by our staff. Many clients like to call in to discuss their needs and corporate structure.

Forms are Emailed: Once the forms are generated by us they are checked again. We prepare the application forms, and the companies constitution and any other forms required for the registration of taxes. They are attached to an email with full instructions. They are then emailed to the client for review, and they instruct us if any changes need to be made.

Forms Are Posted Back: As scanned forms cannot be accepted to form a company in Ireland, forms must be signed by Directors, and the Secretary and shareholders. The forms are sent back to us by post with Company officers identification  Once we receive it we process the forms, and they are sent to the relevant Government department for processing. This takes between 3-5 days, and if priority is required we submit this also to cut the number of days it takes.

Post Incorporation: When the company is incorporated we notify the client by email, and generate the entire incorporation pack to be posted out. This pack comes in a large envelope with all the Incorporation documents. We also submit applications for any tax registrations required, and organise meetings for the client with Tax advisers, the bank, and any government funding meetings with Enterprise and Local Enterprise offices. For Legal and Accounting firms the process is basic and includes only the incorporation.

Banking: We offer 2 methods of banking referrals. We refer clients to Major Irish Banks so they can fly into Ireland and meet with us to go through the Incorporation documents, so they can then go to a pre-arranged meeting with our contacts in the bank. We also offer a remote opening proceduire where our clients can open an account with Internet banking. This account comes with an IBAN and SWIFT code.

Compliance Meeting: For Non-Resident Pack and Premium Pack clients we organise a compliance meeting with an Accountant. This meeting goes through what you need to do to keep your new company compliant for the immediate future. Its a one hour meeting with an agenda, and there is plenty of time to ask questions in the future.

First Annual Return: The first annual return for every company must be submitted to the companies office 6 months exactly after incorporation. This is a statment of information on the make up of the company, and it is emailed to our client for signing and returning.

Change Registered Office Address

Change Registered Office Address

If you are looking to change registered office address for your company and you want to outsource this then you should know the implications for your business. Every company in Ireland is required to have a Registered office address. This cannot be a P.O. Box, and it must be located in the Republic of Ireland.change registered office address

Your registered office address is  publicly available information. If another company or a state body needs to communicate with the company, this is the address that will in most cases be used as it is available through the Companies Registrations Office.

  1. Why Outsource your Registered Office Address?
  2. Keep company mail away from your Home Address.
  3. Have all mail emailed to you the same morning as it arrives.
  4. Have all your physical post kept safe and posted out to you when required.

Your registered office address must be in place before you incorporate, and you must have permission to use the address. If you require telephone answering for your business we can also set up call answering for you and provide you with an Irish telephone number that is managed by our team.

Irish Formations can provide you with your own registered office business address at the North Point House, North Point Business Park, Old Mallow Road, Cork. With a registered office you can get on with your work while we keep the communication lines open to your clients at a fraction of the cost of traditional physical office space. This can be done within minutes and with no fuss or complications. Just because you work from home, or away from your office doesn’t mean you can’t have a professional company image and a Prestigious Business Address.