Company formation is another term for the incorporation of a business. Both these terms are used interchangeably all over the world. A majority of countries support local company formations by providing online support along with the facilities to form companies online within a matter of hours! Company owners don’t necessarily have to be available in the country of formation, they can hire special agents, solicitors and accountants to conduct and speed up the process on their behalf.
Company Formation in Ireland
In Ireland, the Companies Registration Office or CRO (locally known as Oifig um Chlárú Cuideachtaí) is responsible for registration and incorporation of companies. It is also in charge of filing their annual returns each year. The office also handles receipt and 秘書服務收費 registration of all the incorporation documents. Sole-traders and partnership businesses also get registered here.
Irish company formation is a fairly easy and quick process. Non-residents are also allowed to register a branch of their existing international company in Ireland instead of registering a brand new one.
Types of Companies: Ireland
These are the most prominent types of companies in Ireland.
Private Limited Company: This is the most common type for those looking for private and commercial business ventures in Ireland. It consists of 1 to 4 shareholders mostly, but is allowed to have up to 99 shareholders. It is subject to minimal disclosure requirements, and has to show a very limited amount of accounts information. Private Limited Companies may also avail Audit Exemption if they have a turnover of less than €7,400,000.
Limited Liability Partnership: These are used sporadically as very few limited liability partnerships are registered in Ireland each year. LLP needs to have one general partner and one limited partner at least to be valid. If it’s a banking concern, the limit is 10 partners. Otherwise, an LLP can have up to 20 partners. The general partners are accountable for all the debts and liabilities of an LLP.
Public Company Limited by Shares: This type of company is perfect if the owners are planning on a stock exchange listing or if a major Business Expansion Scheme is in the works. There aren’t any restrictions in the number of shareholders it can have. Although the requirements for minimum capital issued are quite steep at €38,092.14, of which 25% must be paid up at the time of application for trading certificate.
Company Limited by Guarantee without having a Share Capital: A guarantee company form is great for charities, sports clubs or any entities that may need corporate protection. They are strictly required to file their audited accounts at the CRO each year.