POST COMPANY REGISTRATION Key Post-Registration Steps for Irish Limited Companies

Last updated: May 13, 2024

Congratulations on successfully registering your company with the Companies Registration Office (CRO) in Ireland! With your Certificate of Incorporation now in hand, the exciting journey of your startup venture begins. But what comes after this crucial step? It's time to focus on the essential actions and decisions that will shape the future of your business. In this guide, we delve into the critical Post-Registration Steps every new Irish company should consider to ensure a strong start.

Man analysing a wall covered with detailed plans and steps to follow after Company Registration in Ireland.
5 Steps After Company Registration in Ireland

5 Important Steps to take After Limited Company Registration in Ireland

1. Tax Registration

Registering for taxes is a vital step once your company begins operations. Within 30 days of starting trade, it's mandatory to register for Corporation Tax with the Irish Revenue Commissioners.

  • Payroll Tax - It's advisable to register your company for Payroll Tax by default. As a result of PAYE Modernisation, a payroll submission is not required where an employer has not made any payment to staff during a pay period.
  • VAT - Starting the VAT registration process early is essential, as it can take several weeks. Mandatory registration is necessary when specific thresholds or conditions are met. Be mindful that the Revenue Commissioners may deny VAT registration to businesses who cannot demonstrate intent to trade in Ireland.
  • Director Income Tax Registration - Proprietary Directors of the company will be expected to register for Income Tax at the same time as registering the company for Corporation Tax and file Income returns annually with the Revenue Commissioners.

After your company is Tax Registered, it's beneficial to sign up for ROS (Revenue Online Service) directly with the Revenue Commissioners, so that you may view and file your tax returns online. Given the complexity and risk involved, you may want to have a Chartered Accountant file the tax returns.

If you Register Your Company through Incorpro, we will include the Corporation Tax, Payroll Tax and Domestic VAT(Value Added Tax) registration free of charge.

For companies that have not yet been registered for tax, Incorpro offers this as a separate service for only €149 + VAT. More information can be found in our Tax Registration service or visit our Contact Page to get in touch!

2. Register of Beneficial Ownership

Every newly incorporated Limited Company in Ireland must register the details of their Beneficial Owners with the Register of Beneficial Ownership (RBO) within 5 months after Company Registration. There is no exception to this rule and failure to comply can result in significant fines.

A Beneficial Owner refers to any individual who has ultimate control over the company. This control can be through direct or indirect ownership of at least 25% of the company’s shares, voting rights, or ownership interest.

If the Beneficial Owner does not hold a PPS Number, they will be required to apply for a Verified Identity Number (VIN) by submitting the Verification of Identity Form (VIF). More information about this can be found in our detailed Director PPS Number Requirement article.

For businesses that choose Incorpro for their Company Registration, we provide a seamless service by filing your Beneficial Ownership details with the RBO as part of the incorporation process.

To gain a deeper insight on this subject, our Register of Beneficial Ownership guidance article provides detailed information.

3. Open a Company Bank Account

Establishing a distinct Company Bank Account is crucial for maintaining a clear separation between your personal and business finances. For this essential step, we highly recommend Revolut, our preferred business banking provider, due to its array of benefits tailored for companies:

  • Speed and Simplicity: Revolut revolutionises the Business Bank Account setup with its streamlined, fully online onboarding process. This approach significantly cuts down the time and complexities usually associated with traditional Bank Account openings.
  • Low Fees: Compared to conventional banking institutions, Revolut offers a transparent fee structure with generally lower charges. This is especially advantageous for international transactions, potentially leading to saving money on banking fees for your business over time.
  • Integration with Accounting Software: The platform’s compatibility with leading Accounting Software, such as Zoho Books, facilitates effortless financial management and reporting, thus enhancing your business's financial workflows.
  • Advanced Security Features: Revolut's commitment to security is evident in its advanced features like device location tracking, biometric authentication, real-time alerts, and customizable spending limits, all designed to safeguard your Bank Account.
  • Multi-currency Accounts: With Revolut, you can effortlessly manage, send, and receive funds in various currencies without the need for multiple accounts. This feature is invaluable for businesses with global dealings, helping to minimise currency exchange costs and streamline cross-border transactions.

Incorpro is dedicated to supporting our clients, offering free assistance with setting up a Revolut Bank Account for your newly formed company, ensuring a smooth start for your financial operations. Register Your Limited Company through Incorpro today, and let us streamline the incorporation process for you!

4. Bookkeeping Software for your Business

For any business in Ireland, leveraging modern Bookkeeping Software is essential. The current generation of Online Bookkeeping tools offers robust functionality, yet remains simple to use, especially for owner-managers. These tools enable close monitoring and management of day-to-day financial activities without the need for a dedicated Bookkeeper. Cloud Accounting Software subscriptions vary, ranging from free to €40+ per month, often leading to reduced accounting fees at year's end.

Among the popular Bookkeeping Applications, XERO stands out with its starting price of $30 for the standard package. It offers a wide range of add-on applications for an additional cost, catering to diverse business needs.

A lesser known, powerful Bookkeeping Software in Ireland, Zoho Books, offers a compelling option at €20 per month for its standard package. Integrated into the Zoho suite of applications, it provides a comprehensive Bookkeeping solution.

Incorpro's Ongoing Accounting Packages, starting at only €99 + VAT per month, are powered by our internally developed Bookkeeping Software. Our full-service, cloud-based Online Accounting and Bookkeeping streamlines every aspect of your business's financial management. From filing tax returns to providing management reports, our service comprehensively covers your accounting needs. Our focus is on automating and optimising the Accounting and Bookkeeping processes, which in return elevates your business's efficiency and supports its growth trajectory.

By handling the intricate details of accounting, we free up your valuable time, allowing you to concentrate on expanding and enhancing your business operations, rather than getting bogged down by financial paperwork. Contact us today to find out more!

5. Keep up to date with Tax and Legal Requirements

After Company Registration, you will have to stay vigilant about your company's Tax and Legal Responsibilities. It's essential to understand the documentation required by the Companies Registration Office (CRO) and the Revenue Commissioners. The Annual Return is a compulsory requirement, which must be submitted to the CRO 6 months after incorporation and then annually thereafter, even if the company is dormant. Utilise our convenient and free Filing Deadline and CRO Late Filing Tool to check the deadline for your company's Annual Return and other Key Dates.

Additionally, for the utmost convenience, Key Dates are also readily accessible through your MyIncorpro Dashboard, ensuring you have all necessary information at your fingertips. This integrated approach is designed to help you easily determine your company's Key Dates and the corresponding Filing Deadlines, ensuring you stay ahead in your compliance journey.

For VAT Registered Companies, the Revenue requires bi-monthly VAT Return filings, and the submission of Corporation Tax Returns within 9 months of the accounting period end. Directors are also obligated to file their Income Tax Returns. Submitting these documents on time is crucial, as delays or oversights might lead to fines or legal actions against the company.

For more in-depth information and best practices regarding VAT Returns, visit our detailed VAT Return Filing Obligations guidance article.

There are a lot of requirements and things to look after, which is why Incorpro's Ongoing Accounting Packages include the diligent filing of all necessary CRO, VAT, and Tax Returns, offering you complete peace of mind and allowing you to focus on your business's growth.

Additional Considerations

As you navigate the early stages of your company's journey, there are several other important aspects to consider:

  • Company Seal - You may want to order a Company Seal to stamp Share Certificates and Company Documents. Incorpro offers the service of ordering your Company Seal for only €49 + VAT.
  • Business Name Registration - If the company is trading under a different name, it may need to Register a Business Name. Detailed information about Business Name requirements can be found in the CRO’s information leaflet.
  • Professional Website Development - In today’s digital age, a well-designed website is crucial for business growth and establishing an online presence. Incorpro provides a top-tier Website Development service tailored to enhance your business's digital footprint. Explore our Website Design service today!
  • Local Enterprise Office - The Local Enterprise Office is an invaluable resource for entrepreneurs and startups. They offer free support, online training, and advice on government grants and financial assistance.

After going through some of the key Accounting related steps to take Post-Company Registration above, your business might also need to address specific areas like Patent Registration and Insurance. These elements, though briefly mentioned here, are equally crucial in securing and protecting your business interests.

Further Guidance and Assistance

Should you have any queries or require assistance with your Accounting and Tax needs, our dedicated team at Incorpro is here to help. Connect with us by calling 01-4429409, or visit our Contact Page for more ways to get in touch. Stay updated and engaged by following our Social Media Pages on Twitter, Facebook, LinkedIn and Instagram.

We value your feedback! If you are an existing customer and you enjoyed our service, please consider leaving us a review on Google or Trustpilot to share your experience with others. Your insights help us continuously improve and further enhance our services!

Recent publications

Check out our recent guidance articles relating to setting up and running companies in Ireland


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