Company registration in Ireland is a straightforward process but many who meet the requirements have not registered their businesses. Many fear that company formation is an arduous and expensive process and that there are higher running expenses. This is not the case, in fact there are company registration agents that effect registration in a short turn around time. The total fee charged for the service and an application charge is not significant. There are no running charges required to maintain the company’s registration status. Once the company formation has been completed, it can only be deregistered by its own directors.
After company registration, it is expected that taxes will be paid against services and products rendered. The company should submit tax returns every year whether or not the company has made any profits. If there has been no revenue then the returns will simply indicate nil. If an agent is tasked with company registration, he may also be the best candidate to file tax returns on time. The additional service does not cost much and will save the company from penalties of late tax returns. Corporation tax in Ireland currently stands at 12.5%. Companies whose operating is less than 320,000 euros are exempt of tax for the first three years.
Registering a company and the associated accounts and paperwork can be contracted to the specialized service through their website. The agency service uses the company information that has been availed to submit an application to the Central Registration Office. The service has been standardized and made available over the internet for convenience. Company formation requires the filling of an A1 form and attachment of the company’s memorandum of understanding. The agency fills the A1 form on behalf of the client who is starting a business. They only request the client to fill their online form which has all the necessary company details. This way, mistakes on the A1 form are avoided which eliminates delays on the company registration.
At each point the client is kept updated on the progress of the company registration. Details such as the physical address indicated on the A1 form are very important. This is because critical correspondence may be sent through and if the client does not receive it on time it will be to the detriment of the company. The company registration service may assist the client in getting an address for the company. The company directors and their shares should also be considered carefully. A simple shareholding may consist of as little as a hundred at 1Euro per share.
The company’s act stipulates that there must be two directors and at least one shareholder at the time of company formation. The shares are distributed among the shareholders reflecting the percentage of company ownership by each shareholder. The number of directors can later grow up to 20 and as many shareholders as possible. The company secretary who is also declared during company registration keeps important company documents. He must keep on updating the company formation details.