Ireland represents a golden mean – while not being a classic offshore, it offers a favourable climate for business, favourable taxation and support at the state level.
The corporate tax rate in Ireland (12.5%) is one of the lowest in Europe, but a large number of various incentives allows you to reduce it to almost zero. Registration of a company in Ireland will be especially favourable for those whose business is related to information technology or trade.
Types of legal forms available for registration
АНАЛОГ ООО (LTD)
Requirements:
Local secretary, local registered office, unique name, minimum 1 shareholder.
Shareholders:
No residency requirements, can be both FL and UL. Data is entered in the public register. Minimum number of shareholders is 1.
Directors:
Minimum of 2 directors, one of whom is an EEA resident. Non-EEA directors are not permitted. The details are entered on the public register.
Secretary:
It is compulsory for a company to have a Secretary. The secretary may be one of the directors of the company. The secretary can be an individual or a legal entity. The company secretary must have adequate knowledge and skills to fulfil the functions of a secretary. The name of the first secretary must be mentioned in the documents filed with the Registrar of Companies.
Taxation
Основные ставки налогов:
Main tax rates:
Income tax – 12.5% or 25% (duty);
Sales tax – 23%;
Income tax – Fluctuates from 20 to 40% (preferential taxation system is in effect);
Value Added Tax (VAT) – 23%, 13.5%, 9%, 4.8% or 0% depending on the category of goods/services. Exempt from VAT;
Income Tax and Value Added Tax (VAT) are of most interest to company owners within Ireland.
Registration procedure
1. Before registering a company it is necessary to define:
Company name to check for uniqueness (at least three names).
Company structure (director, shareholder, beneficiary, attorney).
Amount of authorised capital and distribution of shares between shareholders/participants.
Type of the company’s activity.
2. Every company in Ireland must be registered with the public Companies Registration Office (CRO). Registration of a company in Ireland begins with the submission of the following documents and information:
Scan copies of internal passports for all company members;
Scan copies of passports for all members of the company;
Proof of address for all members of the company (housing and utilities certificate, certificate or reference from the bank, etc.);
Upon receipt of the above documents and information, the incorporation procedure will be started immediately. The whole process from obtaining the necessary documents and information for registration to the production of the final package of corporate documents for the finished company includes the following steps:
Checking the company names and selecting the acceptable one.
Preparation of forms and documents for filing forms with the Registry. Completion of declarations, preparation of related documents.
Company registration procedure.
Preparation of statutory documents for the registered company and production of a seal (on request).
Certification and apostilisation of documents.
Sending all necessary documents in the original to the address specified by the founder.
The term of registration of a new company is about one month.
Accounts
Every Irish company must keep accounting records. The company’s accounting records must be kept for at least 6 years. Irish companies must also disclose details of the financial statements at the annual meeting and attach a copy of the accounts to the annual report filed with the Registrar of Companies. Under the Companies Act, the directors of all companies must provide the following accounts to the company’s shareholders at the annual general meeting: a statement of profit and loss (or income and expenditure if the company trades not for profit); a balance sheet; a directors’ report; and an auditor’s report. All of these documents must be attached to the annual report and submitted to the Registrar of Companies. However, there are some exceptions for small and medium-sized companies. In addition, a certificate signed by the director and secretary is required, confirming that the accounts and reports are true copies of the documents presented to the general meeting.
Audit of financial statements
Irish companies are required to prepare an audit of their financial statements. However, small companies may be exempt from audit if two of the following conditions are met:
-Total assets not exceeding €4.4 million;
-Turnover not more than €8.8 million;
-Number of employees not more than 50.
Every Irish company must file an annual return with the Registrar of Companies (Annual Return). Companies must file a tax return within 9 months of the end of the company’s tax year, but no later than 21 days of the 9th month from the end of the tax year.
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