POST COMPANY SETUP Key Post-Registration Steps for Irish Companies

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?

5 Steps after company formation in Ireland
5 steps after company formation in Ireland

Here are the 5 important steps to take once the company is formed.

1. Tax Registration

When a company commences to trade it must, within 30 days, register for Corporation Tax with the Irish Revenue Commissioners.

  • Payroll Tax - We recommend that you register the 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 - VAT registration can take a number of weeks, so it is important to start the process early. Mandatory registration is required if certain thresholds or conditions are met. However, note that the Revenue Commissioners may refuse VAT registration of 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.

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.

If your company is not already being registered for tax, then you should speak to Incorpro or find out more about Tax Registration.

2. Register of Beneficial Ownership

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.

3. Open a Company Bank Account

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:

  • Speed and Simplicity: Revolut's streamlined onboarding process enables you to open a business account quickly and effortlessly, entirely online. This saves you time and reduces the hassle typically associated with opening a traditional business bank account.
  • Low Fees: Revolut's fee structure is transparent and generally lower than traditional banks, especially for international transactions. This can save your business money on banking fees over time.
  • Integration with Accounting Software: Revolut's platform integrates with popular accounting software, such as Zoho Books, simplifying financial management and reporting for your business.
  • Advanced Security Features: Revolut employs advanced security measures, such as device location tracking, biometric authentication, real-time notifications and customizable spending limits to protect your account.
  • Multi-currency Accounts: Revolut allows you to hold, send, and receive funds in multiple currencies without needing separate bank accounts. This is particularly useful for businesses with international operations, as it helps reduce currency exchange fees and streamline cross-border transactions.

All our clients are offered free assistance with the opening of a Revolut bank account for their newly incorporated company.

4. Bookkeeping Software for your Business

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.

5. Keep up to date with tax and legal requirements

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.

Anything else?

Other points to think of are the following:

  • Company Seal - You may want to order a Company Seal at a cost of €49 + VAT to stamp share certificates and company documents.
  • Business Name Registration - If the company is trading under a different name, it may need to Register a Business Name. The CRO have an information leaflet with a full explanation regarding the business name requirements.
  • Website - A website is an obvious necessity these days. Incorpro provides professional website development services to clients looking to grow their business online. Read more about our website design service here.
  • Local Enterprise Office - Your Local Enterprise Office is a great resource for any entrepreneur or startup. They offer free support, online training and advice on government grants and financial assistance.

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.

If you would like to speak to us about any of your accounting and tax needs, call us on 01-4429409 or find more contact information Contact us and follow us on twitter.

Recent publications

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


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