COMPANY REGISTRATION COST How much does it cost to set up a Limited Company in Ireland?

While the process of incorporating a Limited Company in Ireland might seem straightforward, there are various aspects to consider. Different needs mean varying costs, and with many Irish Company Formation providers, expenses can exceed €1,000. To accurately estimate your costs for Irish Company Registration, it’s crucial to understand the specific registration obligations involved.

A key point to keep in mind is that while incorporation costs might be lower, the annual operating expenses of a company are typically higher. At Incorpro, we offer Ongoing Accounting Packages at competitive, fixed monthly rates, a valuable service to consider once your company is successfully registered.

Basic Company Requirements and Their Cost

Embarking on the journey of forming a company begins with grasping the fundamentals. Let’s delve deeper into what's involved in this process.

Company Incorporation

Registering a Limited Company with the Companies Registration Office (CRO) requires preparing several key elements:

• Company Name
• Registered Address
• Company Secretary
• Directors
• Share Capital and Shareholders

Now, let's explore each of these to understand how they contribute to the overall cost of Company Formation.

Company Name

Selecting a Company Name is a task that appears straightforward, but holds more complexity.

At first glance, choosing a name seems cost-free, however, it’s not as simple as just selecting any name. The name you choose must not only be unique, but also sufficiently distinguishable from other names already registered with the CRO. This distinction is crucial to avoid rejection from the CRO.

HINT: To increase the uniqueness of the Company Name, consider adding more words, which can significantly enhance its distinguishability.

Additionally, be mindful of certain restricted words, like “Bank” and “University”, along with a common oversight – domain name extensions such as “.com” or “.ie”.

For a deeper understanding of these restrictions, explore our detailed Company Name guidance article.

COMPANY NAME CHECK TOOL

Don't leave it to guesswork. Utilise our convenient and Free Company Name Check Tool to quickly assess the availability and suitability of your desired Company Name for Companies Registration Office (CRO) approval.

This tool assesses and ranks the strength of your chosen name, therefore helps ensure a smooth Company Registration process, minimising any potential delays.

Registered Address

For any company setting up in Ireland, having a Registered Office within the country is a legal requirement. This Registered Address serves as the location for receiving official documents, where deliveries can be made in person, as well as the place where people have the right to visit and inspect documents.

If you already have a residential address or offices in Ireland, you can designate this as your Registered Office Address. This is a straightforward option for those with a physical presence in the country. For those without a physical address in Ireland, or if you prefer not to use your personal address, a Virtual Office is an excellent alternative. Incorpro offers a Virtual Address Service for €199 + VAT per annum.

To understand more about the options for your Registered Address, delve into our comprehensive guide on Registered Office Requirements, or our extensive Library, which offers a wealth of information on this topic.

Company Secretary

The role of a Company Secretary is vital in any Irish company and is open to both individuals and corporate entities. A key point to note, if there is only one Director it is necessary to appoint a different individual as the Company Secretary. This can be challenging for single-member companies, as the Companies Acts 2014 outlines that the Company Secretary can be subject to fines, however they are unlikely to occur.

Considering this, many businesses opt for a professional Nominee Company Secretary service. Incorpro provides such services at an affordable annual fee of €199 + VAT, and more detail about this can be found in the Nominee Company Secretary section on our Services Page.

For a detailed understanding of the duties and importance of a Company Secretary, please refer to our in-depth guidance on the Company Secretary Role and Responsibilities article.

Directors

Directorship in Irish companies comes with straightforward but essential rules. The criteria demand that only individuals can assume Director roles, and at least one Director must be a resident within the EEA. Companies lacking EEA-resident Directors must maintain a €25,000 bond as a safeguard against possible fines under Corporate and Tax legislation. A significant update effective from the 11th of June 2023, mandates Directors to provide their PPS Number to the CRO at the time of Company Registration.

For those without a PPS Number, our detailed article on Director PPS Number Requirement, offers valuable insights and alternative solutions. We would recommend reading through our Non-Irish Resident Company Registration article as well for more information on how to register your company as a non-EEA resident.

For more detailed insights into the role of Company Directors, our extensive Library offers a wealth of information.

Share Capital and Shareholders

Understanding the Issued Share Capital is crucial for any company. It represents the total number of Shares issued to Shareholders and signifies the Shareholder's financial commitment to the company. To mitigate financial risks, it is generally advised to maintain a low Share Capital, often around the total value of €100. This strategy helps minimise the Shareholder's liability exposure.

To gain a deeper insight, our Share Capital and Shareholder guidance article provides detailed information and best practices in this area. You can also find more information about this topic by visiting our extensive Library page.

Tax Registration Costs

Tax Registration is an often-overlooked aspect of setting up a company in Ireland, yet it's essential. Every newly formed company is required to register for Corporation Tax within 30 days of commencing to trade. When you set up your company through Incorpro, we will Register Your Company for Corporation Tax, Domestic VAT, and Payroll Tax, free of charge.

For existing companies, Incorpro offers its Tax and VAT Registration service for only €149 + VAT. This service is designed to streamline your Tax Registration process efficiently.

Companies intending to trade with businesses outside of Ireland and within the EU should apply for Intra-EU VAT Registration status at a cost of €120 + VAT.

When deciding to register for VAT, you can refer to Revenue's article on 'Who should register for VAT?'. However, it's important to note that you may require an accountant's help to file VAT returns and Payroll Tax returns, which will add to your company's ongoing operational costs. To gain more insight and understand how to file VAT returns, please refer to our detailed article on Filing VAT Returns.

Total Company Set Up Costs

As we navigate through the various aspects of Company Registration in Ireland, it's important to keep a tab on the potential costs involved. For a basic incorporation, the expense stands at €99 + VAT. However, depending on your specific requirements, you may need additional services such as Registered Office and Company Secretary, for an additional amount of €199 + VAT per annum.

If you choose Incorpro for your Company Registration Package, we include Tax Registration free of charge, a saving of €149 + VAT compared to standard rates. Applying for Intra-EU VAT registration will cost an additional €120 + VAT.

For non-Irish residents looking to register a company through Incorpro, the costs will differ. We would recommend reading through our Non-Irish Resident Company Registration article for more information on the costs of registering your company as a non-EEA resident.

Further Guidance and Assistance

It is important to remember that the expenses discussed so far primarily cover the initial setup of a Limited Company in Ireland. Ongoing costs, such as Bookkeeping and maintaining compliance with Corporate and Tax laws, are significant and should be evaluated before deciding to incorporate. These recurring expenses play a critical role in the smooth operation and legal compliance of your business. Our Ongoing Accounting Packages give you the comfort of clear pricing for continuous bookkeeping, accounting and tax compliance of your company.

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 +353 (0)90 661 6893, 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.

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