Things You Need To Determine Before Starting A Company
When you are planning to set up a company in Ireland
, the first thing you need to do is accumulate information regarding the process. It is possible to handle the different steps associated with
company formationsin Ireland on your own. However, it is better to avail of professional services for this purpose to complete the process in a smooth and easy way.
Proper planning is essential before you take any step in the company formation process. Determining certain things is essential when you are planning to start a company. Here are the details of the things you need to determine in advance.
The name of the company: Keep in mind that the name of your company may not be acceptable if:
Similar company names are registered with the Companies Registration Office (CRO)
It has words like bank, assurance, and so on, without permission from relevant authorities
It is offensive in any way
It implies the sponsorship of the Republic of Ireland
The structure of the company: Three specific legal structures are acceptable in Ireland sole trader, partnership and limited company. It is necessary to understand the difference between these structures, assess your business requirements and choose the structure that corresponds to your specifications.
The registered office: The official address of your company, located within Ireland, would be necessary for registering your company. This may or may not be the same as the trading address. You may also use the home address of one of the director, who is an Irish resident, for this purpose.
The company activities: The primary objectives of the company need to be stated, within 40 words, in the Memorandum of association Article 1a. This needs to be submitted when you register your company with the CRO. It is also essential that you select the NACE code prior to the registration of the company.
The directors: It is necessary that a limited company has at least two directors who operate and manage the business. It is necessary to file the details about the directors at the time you
register a company. The directors need to be 18 years of age and consent to the duties and responsibilities as outlined by the Companies Act.
The secretary: The responsibility of the secretary is to ensure that the company meets the statutory obligations. The duties may include ensuring the timely filing of the Annual Returns and maintaining the accounts and books of the company. One of the directors, another individual or a corporate entity, may act as the secretary of the company.
The shareholders: While the directors and secretary are responsible for running and managing a company, they are not the owners. The shareholders, who must be 18 years of age, own the company. The division of shares needs to be done in a way that signifies proportionate ownership.
The share capital (authorised and issued): The amount of shares that a company can call upon, when necessary, is the Authorised Share Capital. The amount of shares that have been allotted and paid up by the shareholders is the Issued Share Capital.
by: Daniel Smith
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