 Ireland may be a small country but it has become one of the EU’s biggest success stories. The so-called Celtic Tiger economy has powered ahead in recent years, fuelled by foreign investment, low corporate tax and a liberal approach to trade. Generous investment incentives complete an attractive package. No wonder that thousands of foreign investors have opened an Irish company.
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Are there other reasons to open up in Ireland?There are plenty. Geography to start with – Ireland is perfectly positioned as a trade bridge between Europe and the United States. Secondly, it is a global e-commerce hub, boasting a truly world-class telecommunications network. Above all, it has a particularly beneficial tax environment with corporation tax fixed at 12.5% on all trading income, whether manufacturing or otherwise. If you need advice on tax planning in Ireland we can put you in touch with our team of local specialists.
What are the main types of company in Ireland?
- private limited company (PrC)
- public limited company (PLC)
- partnerships
- branches
What are the main features of a private limited company? - most popular format for foreign investors
- no minimum threshold of share capital
- two directors and company secretary required
- one director to reside in Ireland, or €25,395 bond
- audited accounts to be filed annually
What are the main features of a PLC? - the minimum share capital for a PLC is €38,092
- at least 25% of the authorised share capital must be paid up
- minimum of seven shareholders required
- audited accounts to be filed annually
What are the main features of a partnership? - available as a general, limited or investment limited partnership
- general partnerships have unlimited liability
- limited partnerships have limited liability
- investment limited partnerships allow for double tax relief
How do investment limited partnerships (ILPs) work?An ILP is useful for collective investment companies, having tax transparency which enables investors to secure double tax relief. Requirements include: - one general partner must be an Irish incorporated company
- at least two directors must be Irish
- minimum share capital €100,000
What are the main features of a branch? - foreign parent responsible for all liabilities of Irish branch
- branch required to register with Registrar of Companies
- minimum of two directors; accounts to be filed annually
How easy is it to recruit staff in Ireland?Ireland has a well educated and motivated workforce but the economic boom has resulted in very high employment levels, particularly in electronics and IT. This poses a challenge for companies seeking to enter Ireland. There is a thriving recruitment sector, however, and we will be happy to help if you require advice on this – contact us.
What is the regulatory environment like?Ireland’s rapid economic growth has prompted the government to streamline its regulatory infrastructure. Financial controls are now the responsibility of a single body, the Irish Financial Services Regulatory Authority. The overall regime is relaxed. There are no general restrictions to foreign ownership, capital and dividends can be freely repatriated and Ireland has bilateral tax treaties with many countries.
Are there financial incentives available?The Irish authorities, in coordination with the EU, offer a broad range of incentives for international investors, including the following: - capital grants towards the cost of land, buildings, plant and equipment
- employment and training grants to promote job creation
- research and development grants
And what about banking facilities?Ireland is emerging as a major international banking centre in its own right. The main national clearing banks offer a full range of services, including foreign exchange and hedging, while many international banks are represented here for commercial lending and foreign exchange facilities. Opening a bank account is just about the first step you will need to take if you establish a company in Ireland, and we will be happy to help you with this.How can I get more information?Our company formation service makes it easy for you to open a company in Ireland, so please contact us for further details.
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