Last updated: Nov 27, 2023
Congratulations, you have registered your company with the Companies Registration Office (CRO) and just received the Certificate of Incorporation via email. Your startup venture is ready to begin. So what's next? What are the critical steps that you need to act on?
When a company commences to trade it must, within 30 days, register for Corporation Tax with the Irish Revenue Commissioners.
Once your company is tax registered, sign up for ROS 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 set up your company through Incorpro, then we will register your company for tax free of charge.
Newly incorporated limited companies in Ireland have 5 months to register the details of their beneficial owners with the Register of Beneficial Ownership (RBO). There is no exception to this rule and failure to comply can result in significant fines.
A beneficial owner is any individual who ultimately owns or controls a company, either through direct or indirect ownership of 25% of the shares or voting rights or ownership interest in the company. If the beneficial owner does not hold a PPS Number, then a Form BEN2 must be completed.
If you setup your company through Incorpro, we will file the beneficial ownership details with the RBO upon incorporation.
Find out more about the RBO requirements.
It is important that you keep your company's transactions clearly separated from your personal finances, so a company bank account is a necessity.
Revolut is our preferred business banking provider as they offer several advantages that can benefit your company:
All our clients are offered free assistance with the opening of a Revolut bank account for their newly incorporated company.
Bookkeeping software is essential for any Irish company. Today's online bookkeeping software is powerful yet simple to use, designed for owner-managers so that they can monitor and control the company's day-to-day finances without the need to engage a bookkeeper. Monthly subscriptions for cloud accounting software range from free to €40+ and often result in reduced accountant fees at year end.
XERO is one of the more popular bookkeeping applications, with prices starting at $30 for the standard package with many add-on applications available at an additional cost.
Lesser known in Ireland, Zoho Books at €20 per month for their standard package is a powerful bookkeeping software that's part of the Zoho suite of apps.
All our Ongoing Accounting Packages starting at €99 + VAT per month use Incorpro's internally developed bookkeeping software as part of a full-service cloud-based virtual accounting service, which includes filing tax returns, providing management reports and more. We automate and streamline the accounting and bookkeeping process, which helps improve your business' efficiency and supports growth by freeing you up to concentrate on your business, not the books.
After incorporating, you will need to have a clear idea of what documents you are required to send to the Companies Registration Office (CRO) and the Revenue Commissioners. The Annual Return, for example, is compulsory and must be filed with the CRO 6 months after incorporation and every year thereafter, even if the company is dormant. You can check the deadline for filing your company's annual return using our free tool here
Revenue require VAT registered companies to file VAT returns every two months and to submit Corporation Tax returns within 9 months of the accounting period end. Directors will also be required to file Income Tax returns. Failure to file returns on time could result in fines or legal action being taken against the company.
If you are looking for peace of mind that your accounting and tax returns are all being filed on time, Incorpro's Ongoing Accounting Packages the filing of CRO, VAT and tax returns.
Other points to think of are the following:
We have just touched on the accounting related steps above. You should also consider the specific issues that may affect your business, such as patent registration and, very importantly, insurance.
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