Company Formation Ireland
Company Formation Ireland
We offer a fast, reliable and comprehensive Irish company formation service to help get you started
- Professional service for company formation Ireland
- Post-company formation support
- Private limited companies
- Limited liability partnerships
- Company limited by guarantee
- Tailored packages to suit your business
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RUSSELL & CO. COMPANY FORMATION IRELAND
Delivering fast and reliable Company Formation Ireland, Russell & Co. can get your business off to the best start. Whether you’re forming a private limited company, a limited liability partnership or another type of organisation, our dedicated team are on hand to provide a seamless company formation service.
Setting up a new enterprise can be a uniquely exciting time, but it can also be fraught with worries. A new business start-up requires round-the-clock care and attention, so it’s vital you take advantage of the professional services available to you.
There’s a lot to consider when you’re getting your business off the ground, but company formation should be first on your list. Ensuring your business is properly incorporated could protect you from personal liability further down the line, reduce the tax liability and establish the shareholder’s interests, so it’s particularly important you approach Company Formation Ireland with care.
How can Russell & Co. help?
At Russell & Co., we have in-depth experience in company formation, as well as a range of accountancy, auditing, payroll and forensic accounting services. We can help you to incorporate a range of organisations, including:
- Private limited companies
- Designated Activity Companies
- Friendly Societies
- Unlimited companies
- Company limited by guarantee
- Limited liability partnerships (LLPs)
Whether you already know what type of company formation you need, or you’d like advice regarding the most appropriate structure for your business, our professional team will be happy to help.
What is the procedure of company formation?
The process of company formation in Ireland begins with registering your company with the Companies Registration Office, which involves supplying a number of documents and a range of information. The following data will need to be provided prior to a company formation in Ireland:
- Company name
- Type of company you want to form
- Company objectives, including the firm’s principal activities
- Address of the company’s Registered Office
- Information of at least one director, including their name, address, nationality, date of birth, business occupation and the name of any other directorships they hold
- Details of an appointed Company Secretary (separate from director detail above)
- The Authorised (Nominal) Share Capital
- Information relating to shareholders, such as their name and address, as well as how many shares they will hold
Whilst you may already have a significant portion of this information to hand, the team at Russell & Co. can ensure it’s submitted in accordance to the relevant regulations, thus speeding up the incorporation process.
Furthermore, we can take care of the lengthy and complex company formation paperwork which must be completed. In addition to submitting the relevant information and supporting documents, you’ll need to ensure your paperwork is completed in a particular way. Any error or typographical mistake could have grave consequences for your business, so accessing professional assistance with company formation agent in Ireland can be extremely cost-effective.
Why incorporate your business?
Many businesses in Ireland are operated as sole traders, and they can function extremely well. However, there are a number of benefits which are associated with a company formation Ireland. When you incorporate and register a company, for example, you can:
- Potentially reduce the business’s tax liability
- Protect personal assets
- Ensure the continuation of business
- Access an increased range of funding options
- Trade more easily on an international scale
Making the transition from being a sole trader to the director of a company isn’t difficult, particularly when you’ve got an expert team handling your Irish company formation. In fact, the day-to-day running of your business needn’t be subject to much change at all. However, incorporating your business can give you a myriad of advantages that sole traders and partners in unlimited liability partnerships simply don’t have access to.
WHAT HAPPENS WHEN A BUSINESS BECOMES INCORPORATED?
Once your company is incorporated, it will be liable to pay Corporation Tax. Currently set at a rate of 12.5%, Ireland has one of the lowest Corporation Tax rates in the EU, meaning you can minimise your tax liability simply by forming a company, when compared to self-employed status.
If you’re currently operating as a sole trader, for example, your profits will be treated as personal income and taxed accordingly. With the current standard and higher rates set at 20% and 40% respectively, it’s clear that your company will benefit from a reduction in its tax liability once it has been properly incorporated.
Furthermore, following company formation Ireland, there are numerous structural and operation strategies you can employ to lower your tax liability further. With our accountancy services dedicated to improving the efficiency of your cash flow, incorporating your firm will immediately lower its tax liability to the current rate of Corporation Tax, and give you the opportunity to pursue other liability-reducing options.
HOW DO I PROTECT MY PERSONAL ASSETS?
Incorporating your business enables you to separate your personal assets from the company’s, and separate liabilities too. The most popular type of company formation Ireland is a private limited company, due to the fact it effectively limits personal liability and lends itself to a number of structural formats.
Protecting your personal liability is, perhaps, one of the most important reasons to form a company in Ireland. If you operate as a sole trader or as part of an unlimited partnership, your own personal assets are tied up in the business. As a result, any action against the business affects you as an individual.
If the business was sued or wound-up with outstanding creditors, for example, as a sole trader you would be personally liable for these debts.
Choosing to go with a company formation Ireland enables you to act as a director of the company, so you’ll still have control over the day-to-day operations of your business, but you won’t take on any personal liability. Should the company incur debts it cannot afford to pay or face legal action, for example, your personal assets can’t be used to repay these debts. However, it is important to note that if you have acted fraudulently or recklessly in your dealings with the company you could be held personally liable for any/all debts.
For the majority of business owners, using a company formation to create a private limited company is a suitable way of negating any personal liability. However, this isn’t the only company formation in Ireland which can eradicate personal liability for company debts.
If you’re current operating as a partner in an unlimited partnership, for example, you could use company formation to create a limited liability partnership (LLP).
With various options available, Russell & Co. can help you to determine which is the appropriate type of company formation. By taking your business operations and current structure into account, as well as your plans for growth, we can help you to determine which type of company offers sufficient liability protection, as well as giving you the freedom you need to run your business.
Business succession plan
Incorporating your firm creates a clear distinction between you and the business, which could ensure its on-going operation. When you use company formation to set up a limited private company or an alternative type of business, the company takes on its own legal personality.
Whilst you can choose to become a director and maintain control of operations, you could choose to retire or leave the business without it resulting in its closure. Furthermore, if you choose to sell the business at any point, being an incorporated company could raise its value considerably.
Whilst company formation Ireland is an effective way to protect your own interests, it also ensures your company a separate and distinct entity. With its own assets, income lines and liabilities, the company can increase in value and continue to thrive, whether you choose to remain in control, sell the company or merge with other businesses.
Improve funding options with company formation in Ireland
Obtaining funding as a sole trader can be difficult. Your own personal financial history will play a significant role in the funding you’re able to obtain, and any existing debts, such as a mortgage, will reduce the amount you’re able to borrow. Furthermore, there are a wide range of financing options which you simply won’t be eligible to apply for as a sole trader.
By forming an incorporated company, however, you can access these funding options and secure competitive rates of interest too. With many lenders more willing to lend to established companies, you may be able to access larger loans and better rates of interests following a company formation Ireland. In fact, you may even find that your new company is eligible to apply for government funding and incentives aimed at facilitating the growth of limited companies in Ireland.
Trade on an international scale
Although sole traders can do business with firms overseas, many larger businesses prefer to trade with established limited companies. By putting your business on an even-footing, you can trade with companies all over the world, and take advantage of the minimal restrictions regarding movement of goods in Europe.
Ireland’s low rate of Corporation Tax has led to the country becoming one of the most popular places for businesses to base themselves, so don’t miss out on the chance to trade with the global giants on your doorstep. With an Irish company formation, your firm will find it easier to attract business from other leading organisations and to engage with clients based in Europe and the rest of the world.
Professional company formation Ireland
By opting for professional assistance for your company formation, you can ensure that the business will be incorporated as quickly as possible, and that all necessary requirements will be fulfilled from the outset. With in-depth company formation experience, the team and Russell & Co. are well-equipped to handle the incorporation of your business, and we’ll be with you every step of the way.
Post company formation support
Once your company is fully incorporated, Russell & Co. can provide on-going professional services to assist in the running of your firm. Creating or switching to a new type of company will mean you’re subject to new statutory requirements. We can provide advice regarding these regulatory requirements, as well as undertaking the requisite work on your behalf.
Our experienced team can provide on-going bookkeeping services and annual returns, as well as VAT registration, PAYE and PRSI registration and manage the personal accounts of company directors.
With Russell & Co., a company formation in Ireland is just the beginning. We are delighted to be consistently regarded as one of the best accountancy practices in Cork as highlighted by Top Rated. Contact us today and find out how our professional team can help your company succeed.
WOULD YOU LIKE SOME EXPERT HELP?
Russell & Co. makes your Irish company formation quick and easy so you can focus on growing your business.
Contact us if you wish to start your company formation process. Download this checklist and email it to us when complete to start the process.