Expert Tips on Setting up A Company in Ireland with Ease!
It is a complex engagement to register a company. However, some of the difficulty when Setting Up A Company In Ireland arises from lack of knowledge. This lack of knowledge makes the process complex as well as expensive. It may also lead to delays causing you to lose business. Here are expert tips that will make the process easier, fast and less tiresome for any business.
· Get a comprehensive quote- the agent should give you a quotation that captures all the fees you are required to pay. The quote should include any processes that you can DIY. This helps you in financial planning. It also enables you to compare quotations from different agents in order to get the best value for money. Inclusion of procedures you can DIY will help to reduce your cost of setting up.
· The company name must be researched in advance to avoid decline by the CRO. Searching should take place before you present your documents. During the search, it is recommended that you have several names in order of priority. In case one name is not accepted, you can always settle for the next. Without researching the name, your registration will be delayed unnecessarily.
· Ensure that your Articles of Association and Memorandum, constitution, etc are aligned to the new regulations under the Companies Act. You will need to quiz the agent and ascertain that all requirements are followed. For instance, you must indicate the activities that your company will be engaged in. Failure to include these details will cause your request to be declined.
· Provide minutes of the first meeting. This is a requirement when registering your company. The minutes capture the agreed name, ownership status and decision to set the company up, among other details. They must be filed with the CRO when making your application for registration.
· Get clarity on the issued share capital and authorized shares from the onset. This is an easy and straightforward requirement when registering a company. However, it proves expensive and lengthy later when you need to restructure. It is therefore beneficial to get it right from the beginning.
· Include documents detailing officers of your company including those on temporary basis. The agent should give an impression of a company that is operational from the onset. As such, registration papers must capture details of employees and their designation.
· There are crucial formation packs that must never be omitted. For instance, a basic pack should include details on annual returns, tax registration, company register and seals, among others. Share certificates should also be included. It is these documents that give you a legal basis to begin operations. You do not have to begin chasing these documents later.
The process of Setting Up A Company In Ireland is resource intensive. Be ready to pay for quality services by avoiding unreasonably cheap and free services. Such services come with terms and conditions that might be difficult for you to meet. They may also lead to difficulties in future because of omission or oversight that costs you more in the long run.