Opening of the company in Ireland

GLS Law Company Services: Company Formation in Ireland

The Republic of Ireland annually attracts businessmen from around the world due to its stable political and economic relations with the United Kingdom and the USA, membership in the European Union since 1973, and attractive tax rates. If you are planning to register a company in Ireland, GLS Law Company experts are at your service.

Why We Recommend Opening a Company in Ireland

Ireland offers numerous advantages for entrepreneurs:

• Membership in the European Union grants local companies access to the single European market, an excellent opportunity for organizations aiming to expand their business in Europe.
• Corporate tax in Ireland is 12.5%, one of the lowest rates in Europe, making company registration in Ireland appealing to businessmen.
• The Republic of Ireland boasts a favorable business climate, government support programs, modern infrastructure, and a developed labor market, facilitating efficient business operations and access to skilled workers and specialists.
• Information about beneficiaries in Irish limited partnerships is not public, offering a preferable alternative to other partnerships, such as Scottish and English ones.

Legal Forms for Business Registration in Ireland

The most common corporate forms are LTD and LP, each with specific features:

Private Company Limited by Shares (LTD)

• Requires a minimum share capital of €100, not necessarily paid up at registration.
• Must have at least one director who is a physical person; if there are multiple directors, at least one must be an EU resident.
• The secretary requirement can be met by a physical person (EEA/EU resident) or a legal entity.
• The company must have a legal address in Ireland.
• Information about directors and shareholders is public.
• LTD companies must annually prepare financial statements.

Limited Partnership (LP)

• No requirement for share capital.
• Requires at least two founders (individuals or legal entities of any residency), including a limited partner and a general partner.
• No secretary requirement.
• Must rent an office in Ireland.
• LPs are not required to prepare annual accounting reports or undergo audits if they do not conduct business within the Republic and the partners reside abroad, only needing to file a zero declaration.
• Tax numbers for LPs are issued upon request within a month.
• LPs are not taxed, but profits are distributed among partners who pay taxes in their country of residence.

Taxation Features for Companies in Ireland

Company registration in Ireland involves certain taxes, which vary by corporate form and business type:

• Companies must pay corporate tax, with a standard rate of 25% and a reduced rate of 12.5% for trading companies that conduct part of their business near the Republic.
• Dividend tax (25%) is only paid on profits from commercial activities.
• The standard VAT rate is 23%. Companies must register as VAT payers if their annual turnover exceeds €75,000 for goods or €37,500 for services.

Contact GLS Law Company experts for service pricing or any questions about doing business in Ireland.