Overview

Ireland is a pro-business jurisdiction with access to European markets. Its bureaucracy is fairly light compared to some EU nations, and set-up is reasonably quick. The annual returns process is more involved than some other jurisdictions. An Irish Limited Company is a good option when access to the EU and reasonably light taxation are priorities.

Use Cases

European operations base or HQ
Low tax operating entity
Holding company for a business’s patent or own IP.
R&D operations base
Finance raising entity

Tax status

Ireland has a corporation tax of 12.5% on business income. There is an R&D credit of 30% available. Ireland has double-tax treaties in place with 73 countries.

Privacy

The Company Bureau maintains a register of directors and shareholders which is publicly visible. The use of nominees is permissible for both directors and shareholders, but for business owners requiring a high degree of privacy, a Limited Company in Ireland is not the ideal choice.

Onboarding

KYC Verification Process

Incorporation of a limited company in Ireland does require a full KYC procedure including the UBOs.

For the onboarding process, a constitution needs to be written and filed with the Companies Registration Office. An Irish address is required to be registered, and this needs to be a physical location, not a P.O. Box address.

Required participants

A minimum of one director is needed, and one director must live at an address within the EEA, or else a bond of EUR25,000 is payable.

Nominee directors are acceptable. A separate company secretary is also needed, another company may act as a company secretary.

Companies must submit a first annual return six months and 28 days after incorporation, although accounts are not required at that point. From then on, it is a more extensive annual submission.

Entity Maintenance

Annual entity maintenance is required in the form of an annual return, and a small submission fee.

Renewal Periods

Irish companies are renewed on it’s own anniversary date. At this point an annual renewal fee will need to be paid.

Reporting

The regular annual returns after the initial 6 month return do require an audited financial statement. For smaller companies there are exemptions which make the requirements lighter. Your company requires two of the 3 criteria:

Turnover ≤ €12 million
Balance sheet total ≤ €6 million
Average employees ≤ 50

An annual submission fee of EUR 20 is also required.

Shutting down your entity

The process for closing a company is reasonably involved and can be co-ordinated by Otonomos. An Irish company may not be shut down if it has liabilities of over EUR150 or if it is party to litigation. Bank accounts must be closed and assets distributed amongst shareholders. It must be up to date with annual returns.
An application, along with a fee of EUR 15 is made to the CRO which will approve the request with a letter of No Objection issued by the Irish Revenue Commissioners. This letter, along with an ink-signed form from the Directors, is submitted to the CRO for striking off.

Can I register an Irish Company outside of the EU

Yes, you don't have to reside in the EU to register an Irish Company. You will however, need to appoint a nominee director who does reside in the EEA.

What does EEA mean?

EEA stands for European Economic Zone, this includes countries who are not part of the EU (European Union).

Can I appoint nominees in an Irish Company?

Yes, you can appoint nominees in an Irish Company. It is often preferred as the company register in Ireland is public.

Do I need to submit audited statements for my Irish Company?

Audited statements are not required for Irish companies which have 2 of the following criteria:

Turnover ≤ €12 million
Balance sheet total ≤ €6 million
Average employees ≤ 50