Recently Registered a Company in Ireland? See our guide below for the next steps
Company registration in Ireland is a straightforward and easy process. You can register a company in Ireland very quickly with the right guidance from an expert like us here at Irish Formations. However, it is important to remember after your company registration, you have legal obligations to adhere to. Registering a company is only the first step. If you have recently registered a company then congratulations! You are officially an Irish company owner.
While it may seem like your obligations are now fulfilled, there are still a number of things which need to be done post incorporation. In Ireland under the companies act 2014, each newly formed company has a number of legal obligations to abide by. Below is a guided summary of everything you will need to do post incorporation. It is important to note that these are legal obligations here in Ireland and it is important to understand the requirements fully before incorporating.
Filing Your B1 Annual return:
Each year every company is obligated to file their tax returns. This will start with your first B1 Annual Return. This is due precisely 6 months to the day after your incorporation date. You have 56 days from the day of return to file this tax obligation. If not filed within this time frame then the CRO issues a fine until its paid. Thankfully, here at Irish Formations we offer this service in our premium package. We also offer this as a service on its own. We handle all the paperwork and just require a signature on the day of return. After this return is submitted, your next annual return will be due exactly a year from that date every year. We only handle the first annual return but can refer you to our sister company CACM accountants for everything after this.
Registering Your Beneficial Owners
It is a legal obligation to register the beneficial owners of your company once you are incorporated. A beneficial owner is anyone with more than 25% of shares in the company. We include this RBO registration in your company pack and it is important that you do so. This needs to be done within 5 months of incorporation. You need to be registered with the RBO in order to open a bank account.
Registering for Tax
For new companies, registering tax is a crucial step. This needs to be completed before you start trading. There is a lot to think about when registering your company for tax. Thankfully we can help register you initially and any help or advice you need after that we recommend be done by an accountant. We can refer you to our sister company, CACM Accountants for this.
Opening a Business Bank Account
To establish a business bank account in Ireland, it’s typically required for at least one director to have a face-to-face meeting with a bank representative. Alternatively, you have the option to open an online bank account with a bank provider such as Revolut or Fire.com. We have two main bank providers here in Ireland AIB and Bank of Ireland. Here at Irish Formations we don’t get directly involved with the client and the chosen bank provider but we can give you a referral. Opening a business bank account is not a legal obligation but it is always a good idea to keep your business finances separate.
How We Can Help?
Here at Irish Formations we want to make sure that not only the smooth set up of your company incorporation, but also everything after. The key to a lean business start up has a lot to do with the initial steps you take after incorporation. Staying compliant and avoiding penalties and late fees is important for company owners. It is vital you understand the legal compliances when starting your own company. We strive to help you understand and our team here are experts on guiding people through the process of how to create a company in Ireland. To get started today contact us now!