Establishing a company in Ireland
The Republic of Ireland is a member state in the European Union. It is an island located northwest of the continent and due west to Britain. The island contains both the Republic of Ireland and Northern Ireland, the latter a part of the UK and still subject to its governance. The two are separate states. The country boasts a charming and scenic landscape, pastoral both geographically and culturally, and is typified by lush green meadows, jolly people, folk music and traditional dances. It is an attractive tourist destination that draws millions of visitors each year from around the world. The official language is English (along with the native Irish tongue which is rarely used), a fact that makes registering companies there extremely easy. The Irish do have a very distinct and pronounced accent, and attempts to understand them sometimes lead to truly comical scenes.
The state capital is Dublin, local population is around 5 million, the majority of which are native Irish. The country gained its independence from the UK in 1922. In 1949 Ireland was finally declared a republic and no longer subject to the British royal crown. The legacy of both Gaelic and Celtic cultures still play a significant role in the contemporary Irish DNA, as evidenced in their language, symbols, local culture and more.
- Apart from Guinness beer, famous for its rich flavor, the one food most associated with Ireland is the potato. The Great Famine of 1845-1852, known colloquially as the “Potato Famine”, led to a massive immigration wave of Irish citizens to the U.S.
- Despite the official policy of the Irish republic government regarding freedom of religion, this issue is very much at the heart of Irish culture. Catholicism is the main denomination, with 87% of citizens identifying themselves as Catholics. Ireland is considered one of the highest ranking country is terms of weekly Catholic mass attendance.
- Apart from soccer and rugby, Ireland still has many local, traditional sports that are very popular among the locals, such as Gaelic football (a combination of soccer and rugby), and hurling (a type of fast-paced field hockey game). The country even has a Gaelic Athletic Association.
Per capita income in Ireland is 41,000 USD, currently ranked as one of the richest countries in Europe, but this leap is still very recent. After years of economic setbacks and severe poverty, the state enacted a series of economic reforms and tax reliefs, primarily aimed at international corporations. This has resulted in huge foreign investments, although the local economy did suffer several severe setbacks due to the Euro crisis.
GDP of Ireland is currently 210 billion USD, and its official currency in the euro. After years of an agriculture and industry-based economy, Ireland has shifted to investment incentives and knowledge-based industries. The low corporate tax rate is one particularly appealing boon, ranging from 10%-12.5%, or 25% for income from sources other than trade.
Companies registering in Ireland must meet several conditions, such as a standard share capital of one million euro, local offices, appointment of company secretary, submittal of biannual financial reports, and use of a special company seal. However, these companies pay low corporate taxes and receive many other advantages.
General
Type of company |
IBC – International Business Corporation |
Relevant Companies Law |
International Business Companies Act, 1990, amended 2000 |
Offices |
Law requires companies to provide a local office address |
Language of original incorporation documents |
English |
Finance and Taxation
Currency |
EUR |
Corporate tax rate |
0% |
Standard share capital |
Issued share capital - 100,000 EUR, Authorised share capital - 1 EUR |
Office Holders
Company Secretary (Secretary) |
|
Obligation to appoint company secretary |
Not required – company may appoint a secretary |
Obligation to appoint local secretary |
Not required |
Type of entity that may function as company secretary |
Individual and/or company |
Director |
|
Obligation to appoint company director |
Required |
Obligation to appoint local company director |
Not required |
Minimum number of directors |
1 |
Type of entity that may serve as company director |
Individual |
Shareholders |
|
Obligation to register shareholders |
Required |
Obligation to register local shareholders |
Not required |
Minimum number of shareholders |
1 |
Type of entity that may register as shareholder |
Individual and/or company |
Type of shares |
Registered shares |
Accessibility of Information
Company registrar |
Information regarding office holders is not accessible to the public |
Annual Assembly and Reporting
Obligation to hold annual assembly |
Not required |
Obligation to prepare financial reports |
Required |
Obligation to submit financial reports |
Not required |
Accept
