How to set up a company in Ireland online?
CORE is an online portal provided by the Companies Registration Office (CRO) in Ireland, which allows individuals to set up a company and manage their statutory filings electronically. Here are the steps to set up a company in Ireland using CORE:
Register for a CORE account: Go to the CRO website and create a CORE account. This will require you to provide your personal details and a valid email address.
Choose your company name: Choose a name for your company that is unique and not already in use. You can check the availability of company names on the CRO website.
Determine your company type: Decide on the type of company you want to set up. This could be a private company limited by shares (LTD), a designated activity company (DAC), or a company limited by guarantee (CLG).
Complete the incorporation form: Log in to your CORE account and complete the incorporation form, providing details such as your company name, registered address, directors, and shareholders. You will also need to pay the registration fee online.
Upload supporting documents: Upload any supporting documents required, such as the company’s constitution or articles of association.
Submit your application: Once you have completed the incorporation form and uploaded all required documents, submit your application through CORE. The CRO will review your application and if approved, will issue a certificate of incorporation.
It’s important to note that setting up a company in Ireland can be a complex process, and it’s recommended to seek professional advice from an accountant or legal expert to ensure compliance with all relevant laws and regulations.
Does the Irish company need to have an address in Ireland?
Yes, you will need to provide a registered office address for your company. This is the official address of the company where all official correspondence from the CRO, Revenue, and other authorities will be sent.
The registered office address must be a physical location in Ireland and cannot be a P.O. Box or virtual office. It can be the same as your company’s trading address or the address of a company secretary or director, but it must be a valid physical address where legal documents can be delivered.
It’s important to note that if you are using a third-party address provider for your registered office address, you will need to obtain written consent from the provider and provide this to the CRO as part of your company registration.
What if director is not based in Ireland?
It is possible for a director of an Irish company to be based outside of Ireland. However, there are certain requirements that must be met to ensure compliance with Irish company law.
At least one director of an Irish company must be resident in the European Economic Area (EEA). The EEA includes all EU member states as well as Iceland, Liechtenstein, and Norway. If a director is not resident in the EEA, they will need to appoint a non-resident director bondholder who is resident in the EEA.
Additionally, all Irish companies must have a registered office address in Ireland where official correspondence can be sent. If a director is not based in Ireland, they can use the registered office address of the company secretary or another director, provided that this is a valid physical address where legal documents can be delivered.
It’s important to note that while it is possible for a director to be based outside of Ireland, they will still be subject to Irish company law and must comply with all relevant regulations and reporting requirements. It may be beneficial for companies with non-resident directors to work with professional advisors who are familiar with the Irish legal and regulatory landscape.
Does Company need to have a secretary also? Can he/she can be any one?
Yes, every Irish company is required to have a company secretary. The company secretary is responsible for ensuring that the company complies with all relevant legal and regulatory requirements.
The company secretary can be any individual, as long as they are at least 18 years old and have not been declared bankrupt or convicted of any disqualifying offenses. The company secretary can also be a corporate entity, such as a law firm or accounting firm.
However, it’s important to note that the role of company secretary carries significant legal and regulatory responsibilities. The company secretary must have a good understanding of Irish company law and be able to fulfill their duties effectively. It’s therefore recommended that companies appoint a qualified professional as their company secretary, such as a lawyer or accountant.
If a company does not appoint a company secretary, the directors will be responsible for fulfilling the duties of the company secretary.
Is it better to set up a company on my own or use an accountant?
The decision to set up a company on your own or use an accountant depends on a number of factors, including your level of knowledge and experience in business and legal matters, the complexity of your business structure, and your budget.
Setting up a company on your own can save you money in terms of professional fees, but it requires a significant amount of time and effort to research and complete all the necessary legal and regulatory requirements. If you have a good understanding of business and legal matters and are willing to invest the time and effort required, setting up a company on your own can be a viable option.
On the other hand, using an accountant can provide several benefits. An accountant can offer expert advice on the most appropriate company structure for your business, ensure that all legal and regulatory requirements are met, and provide ongoing support with tax and accounting matters. An accountant can also help you to save money by identifying tax deductions and ensuring that your business is structured in a tax-efficient way.
If you’re unsure about the process of setting up a company, or you want to ensure that your business is structured and managed in the most efficient way possible, it’s recommended to seek the advice of a professional accountant. An accountant can provide valuable guidance and support throughout the entire process, helping you to minimize risks and maximize the potential of your business.
What if I submit company information incorrectly when setting up can I revise that?
If you submit incorrect information when setting up your company in Ireland, you may be able to revise it depending on the type of information and the stage of the registration process.
If you make a mistake in the company name or the type of company structure you want to set up, you may be able to make changes before your application is processed by the Companies Registration Office (CRO). However, you will need to contact the CRO directly to find out if changes are possible.
If your application has already been processed by the CRO and your company has been registered, you will need to make any changes to your company information through the CRO’s Change of Company Details process. This process involves submitting a form and paying a fee to update the company’s details on the official register.
It’s important to ensure that all information submitted during the company registration process is accurate and up-to-date to avoid delays, additional costs, and potential legal issues in the future. If you’re unsure about any aspect of the company registration process, it’s recommended to seek the advice of a professional accountant or legal advisor.
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