Company Formation Checklist
The following is an essential Company Formation Checklist so that you can prepare for a smooth incorporation of your company. It’s important to have all of the information prior to filling out any forms on our website but if you were in any doubt please feel free to contact us at anytime and we can guide you through the process.
What type of company should I set up?
The most popular type of company to incorporation is a private limited company with shares. This company type has the least amount of compliance when you compare it to a designated activity company (DAC). this company type availa of limited liability.
Select your Limited company name and trading name if necessary.
Every Irish Company must register their Limited Company name with the Companies Registration Office. As part of your Incorporation package, Irish Formations do this on your behalf. We will let you know if your name is not accepted. You can search for it on our website or call us and we can do this for you. Your company name research check is free of charge as part of our company formation checklist.
Every limited company name must be unique on the register. You can cheque the availability of exact matches on the homepage of our site. We always advise clients to submit the names that they require and if it is not available, we will put together a strategy where you will be able to trade with the name that you want.
Is your name is similar to another name we may require you to add an additional words to the limited company name to make it unique from a similar name already on the register.
Decide the principle activities of the company as part of your company formation checklist.
This is a detailed description of what your company activities will be. Objects are no longer required under the new companies act. We submit a NACE code to the company registrations office so that new incorporations can be tracked by the central statistics office.
Select the Company Officers
The company officers you must outline as part of your application are the directors and Secretary. To incorporate a business in Ireland there must be at least two officers to act as director & Secretary for a Private limited company by shares (LTD). There must be a Company Secretary who has the responsibility of filing all company documentation. Irish Formations can act as this role. For more information click HERE If you decide to incorporate with three or four people then one of those people can be the director and secretary or elite aside that one person will hold only role as secretary.
Directors have equal powers within the company. It is important to understand that directors can make changes within the company without acquiring permission from other directors. Contact with us if you require any information on the powers of directors or if you need any advice on who can become a director. More information on Directors powers can be found on this article.
Decide on the Share Capital
Each shareholder will own a number of shares in the company. A company has an authorised share capital & issued share capital. For a Private Limited Company (LTD) Authorised share capital is not required under the new Companies Act. We would recommend the authorised share capital to be 1,000,000 shares at €1 each if necessary. We would recommend the issued shares to be 100 shares at €1 each, divided equally among the share holders. If there is only one share holder, then the company is referred as a single member company and all issued shares are held by one individual. A single share can not be split so if for example you require three shareholders with equal share holdings then you can issue 120 shares and issue them equally to the three shareholders.
Select all shareholders.
Under Irish Legislation, all your shareholders can be foreign, and only one shareholder is required in a company Incorporation.
Select your Registered Office
Post Office (P.O.) boxes are not permitted as registered offices of a company. The statutory registered office address will be listed on the company registrations office publicly. This address will be used by government bodies and anybody who wants to write to the secretary or the directors of the company. The Registered office is where all company documentation will be sent to. This address does not have to be your trading address. We can organise a Registered office address for you. For more information on how to get 6 months free click HERE
Sign your Documents
We will issue you with a number of documents that you will be required to sign and return to us. These are the application for the incorporation but also signature pages for the constitution and also signature page if a section 137 bond is required. We also require you to sign a first annual return in six months as part of our premium package and also a document for the register of beneficial owners which we include free of charge within our premium packages.
Wait for your company to be incorporated.
When we submit your documents to the company registrations office it will take three to five working days to get the company incorporated. If you have a section 137 bond then you should add another three to five working days from when we receive all of your signature pages. We use the fastest system available as an agent of the company registrations office. Hour constitutions are pre registered to speed up the process and to ensure that you have a smooth incorporation.
If you need any advice on this Company Formation Checklist do not hesitate to talk to one of our agents.