Registration of business in Ireland

How to open a business in the Ireland?

Business in Ireland is a perfect business solution. Variety of government support programs, low tax rates, developed economy led to a significant inflow of foreign investments. The largest American and European companies have their offices in Dublin and in free economic zones.

 Business in Ireland

For the last decades Ireland with its small territory occupies the top lines of various ratings. Doing Jones, the World Bank, Forbes, The Wall Street Journal have recognized the UK neighbour as the best jurisdiction for doing business.

Favourable factors contributing to the success of Irish business:
1. Preferential taxation,
2. Developed economy,
3. Free access to European markets,
4. Free economic zones,
5. Unique infrastructure,
6. Stable legal regulation,
7. Absence of corruption and bureaucracy,
8. Low lending rates,
9. Diverse business environment,
10. Start-up support programs,
11. Healthy competition.

Pharmaceuticals industry, the IT sector, innovative biotechnological research and food production are highly developed in Ireland.

Establishing  a business in Ireland

Wide recognition in the international arena led to the formation of international capital. Opening a business in Ireland is easy and understandable, but the need for strict adherence to the necessary recommendations requires qualified legal assistance.

The most optimal forms of enterprises in Ireland are as follows:

1. Individual entrepreneur.
   This form does not have the status of a legal entity. Liability applies to all property of the founder.
2. Partnership.
   This form can be of two types: with limited and unlimited liability. It is established by at least two members of a joint business. Obligations, depending on the form of liability, apply to all the property of the participants or to a contribution to the share capital limited by the parties.
3. Limited liability company.
   It is established by at least two participants. There is a requirement for the residency of the director. Responsibility is limited to the amounts of participants funds in the authorized capital.

Buying a business in Ireland

Significant involvement of the state into a variety of government programs for support and development of companies with foreign capital led to a good opportunity to buy a business in Ireland. Anyone has the right to buy and sell a business, but this fact does not automatically entitles to come and manage the company. Management is possible from abroad, but staff and director must be hired and it is necessary to hire staff or director at the local level.

The following areas are the most popular for doing business:

1. Innovative scientific research,
2. IT sector,
3. Telecommunications,
4. Pharmaceuticals industry,
5. Biotechnology,
6. Production of medical equipment and its components.

Establishing a business in Ireland via foreign investment is not only profitable, but also convenient. The Irish government recently established a specialized institution, the Industrial Development Authority. Its main function is the development of joint projects through grants and financial assistance.

Registration of a business in Ireland for certain types of activities requires special permits, namely: fishing, construction, retail, pharmaceuticals industry, security.

Opening a business in Ireland

Various forms of enterprises is possible due to the fact that the registration of a business in Ireland follows the standard procedure:

1. Checking the uniqueness of the name. It shall not coincide with any of the existing and  exclude names  containing offensive and other implications,
2. Preparation of the package of constituent documents,
3. Applying for registration in the company register,
4. Depositing funds in a bank account,
5. Registration in the tax department,
6. Authorization from the social insurance authorities.

Entrepreneurs intending to open a business in Ireland are not limited in their rights. The terms of company establishment do not exceed 10 days.

Important information

• Ireland is a party to a number of international treaties on double taxation,
• Industrial, financial services and engineering are taxed at a reduced rate,
• Self-employed persons engaged in commercial activities connected with creativity like writers, artists, composers, scientists and other categories of citizens are exempt from income tax.

Recourse to specialized agencies reduces  financial costs of the founders, speeding up the time of registration.