Have you ever thought about starting a business in Ireland? With its world-renowned education system, vibrant culture, and thriving economy, Ireland is an ideal place to begin a new venture. But before you jump into the process of setting up a company in Ireland, it’s important to understand what is required.
To set up a company in Ireland, at least one EEA-resident director, a separate company secretary, an Irish address, and share capital are required.
- For companies with non-EEA resident directors, a Section 137 bond is necessary.
- Non-EEA residents can form their own company provided all steps are completed.
- A Section 137 Non-Resident Directors Bond worth up to €25,000 secures against certain breaches of the Companies Acts and Taxes Acts for 2 years but does not cover all late filing penalties.
If your company has at least one director who is an EEA resident you must file certain corporate documents with the Irish Companies Registration Office (CRO). These documents include a Certificate of Incorporation, Consent to Act as a Director and a written constitution. Once these documents have been filed, your company can begin trading or offering services.
Non-EEA Resident Directors
If your company does not have an EEA-resident director, you must file additional corporate documents with the CRO including Form B2 (statement of directorships) and Form B5 (declaration regarding beneficial ownership). You will also need to provide proof of identity and address for all non-EEA resident directors when filing these forms. Additionally, you must submit a Section 137 Bond if any non-EEA resident directors are involved in managing or running the business. The bond concerns residency rather than nationality or citizenship.
Setting up a company in Ireland can be both exciting and daunting. Whether you are considering working with an EEA Resident Director or engaging with Non – EEA Resident Directors – understanding the requirements from start to finish will help ensure success along your journey!