Buying a Shelf Company in Ireland is sometimes the go to for Directors who want a quick turnaround, but it has its advantages and disadvantages. In our industry, clients are looking for services to be provided quickly. Generally the company formation or Shelf Company transfer needs to be turned around quickly, usually because the client wants to open a bank account or sign a contract. We have developed services to turn these services around fast. See our guide on forming a new company here.
Buying a shelf company in Ireland is an option for clients who want to move fast in many cases or for clients who want to sign a contract as soon as possible. In this instance the effective date of the appointment of new Directors and Shareholders can be set to a date in the past. This is very useful for clients who might be a little late to sign a contract or where set up has run over time,
In many cases the shelf company option over a new company wont work. Clients call us to seek a shelf solution with VAT registration and a Bank Account. This comes with many complications, as Revenue, and the banks do due diligence on the companies and company Officers, and where there are sweeping changes to same, they will do due diligence again, putting the Directors back into a position where they have to start from scratch. Where buying a shelf company is only required for signing a contract, or where the company is required with a specific incorporation date, the shelf option is going to work.
Whether you are considering a New Company or a Shelf Company, its always advisable to contact us first. We can guide you through the options and importantly the pitfalls of each strategy based on your circumstance.