Compliance Requirements For New Companies In Ireland – What to Know

You’ve just registered your company, and it feels like the hard part is over. For most new directors, the real work is only beginning. In the first six months alone, a new Irish company faces a run of registrations, deadlines and filings, and missing even one can mean fines, a bank account that won’t open, or, in the worst cases, the risk of being struck off the register. That’s an unsettling place to find yourself when you’re already juggling everything else that comes with starting a business.

This guide sets out exactly what a new company needs to do to stay compliant in Ireland, in the order you need to do it, so you can lay the foundations of company law compliance without any nasty surprises along the way.

What new companies need to do in their first six months

The first six months of running a limited company can be a steep learning curve, especially if nobody has told you what to expect. Several registrations and deadlines fall due during this window, and getting them wrong, or simply forgetting them, can get your company off on the wrong foot with Revenue and the Companies Registration Office (CRO).

Here’s the good news: none of it is complicated once you know the order to tackle it in. Below is the full checklist, followed by a closer look at each requirement.

The compliance checklist: 8 requirements after your company is set up

1. Ensure correct company set-up.
2. Register with the Central Register of Beneficial Ownership (RBO).
3. Set up a business bank account.
4. Register for Corporation Tax.
5. Register for VAT.
6. Set up payroll.
7. Keep organised bookkeeping records.
8. File your Annual Return.

Deadlines are where most new directors come unstuck, so it’s worth seeing the timing laid out clearly before you dive into the detail:

1. Ensure correct company set-up

Registering a business name isn’t enough on its own. To form a limited company in Ireland, you need to go through the formal incorporation process: completing Form A1, putting together a company constitution, and submitting the relevant documents to the CRO.

If you’re a non-resident director, be aware there can be additional steps in the company formation process, so it’s worth getting advice before you file.

Once the CRO has processed your application, you’ll receive a Certificate of Incorporation and a company number. Keep both safe: you’ll need them for every step that follows.

2. Register with the Central Register of Beneficial Ownership (RBO)

New companies have five months from incorporation to register their ultimate beneficial owner with the Central Register of Beneficial Ownership. A beneficial owner is any natural person who ultimately owns or controls more than 25% of the company’s shares, voting rights or ownership interest.

Although you technically have five months, most banks in Ireland won’t open a business account until this registration is complete, so it’s worth doing it as early as possible.

Registration is done online through the RBO website. The person being registered needs a Personal Public Service Number (PPSN); if they don’t have one, they must complete a BEN2 form and upload it as part of the registration. This is a legal requirement. Failing to register correctly is a criminal offence and can result in a fine or conviction.

3. Set up a business bank account

Once your beneficial ownership registration is done, you can move on to opening a business bank account. There are several banks to choose from in Ireland, and it’s worth speaking to more than one, as rates and perks for start-ups can vary.

Some banks offer a fully remote set-up process, meaning you can complete everything online without visiting a branch, which is a useful time-saver in your first few months.

4. Register for Corporation Tax

Corporation Tax should be near the top of your list while you’re waiting on your bank account. It applies to every limited company in Ireland, not just larger corporations, and you register for Corporation Tax through Revenue’s Online System (ROS) before your company starts trading or invoicing clients.

There are two main rates, 12.5% and 25%, and which one applies depends on where your company is centrally managed and controlled. Most companies incorporated in Ireland qualify for the 12.5% rate; an accountant can confirm which applies to your situation based on where your directors are resident and where the company actually trades.

If you don’t register for Corporation Tax, Revenue will typically ask you to complete a Company Statement of Particulars within 30 days of their request. Companies that fail to register, or don’t complete this statement, are notified to the CRO, which can begin the strike-off process under the Companies Act 2014, and directors and the company secretary can also be liable to a separate penalty under the Taxes Consolidation Act 1997. Engage with Revenue and the CRO early, though, and this situation is entirely avoidable.

5. Register for VAT

Many new companies want to register for VAT straight away, but it can be a tricky process if you’re not sure what Revenue is looking for. It can take up to 28 working days to get a VAT number in Ireland, and Revenue may ask for evidence that you need one before processing your application.

6. Set up payroll

Depending on where your business is at, you’ll need to decide whether you’re paying yourself a director’s salary or taking on staff. If you’re a director, you can pay yourself a salary from the company, but to do so, you must register for Employer’s Taxes and operate a payroll system.

You can run payroll yourself or outsource it to a professional firm. Payroll legislation in Ireland is strict, so many new directors choose to hand this over to specialists so they can focus on running the business.

7. Keep organised bookkeeping records

By this stage your bank account should be up and running, and you’ve likely already spent money getting the business off the ground. Pre-trading expenses, such as a laptop bought to set up the business, can often be claimed as tax-deductible when calculating your tax bill, as long as you keep organised records of every transaction, with evidence that each one was wholly and exclusively for the business.

8. File your Annual Return

Every company incorporated in Ireland has an Annual Return Date (ARD) from the moment it’s set up.

• Your first Annual Return is due six months after incorporation.
• Annual Returns are filed online through CORE.ie, using Form B1.
• You have 56 days after your ARD to file the return.

Annual Returns are monitored by the CRO, and the first one gives details such as your shareholder and share capital structure. It can be lengthy, and there are penalties if it’s filed incorrectly or missed altogether.

“Do I really need an accountant for all of this?”

It’s a fair question, and one most new directors ask. You don’t need to hand over your whole finance function on day one; plenty of the early steps, like opening a bank account or gathering your incorporation documents, are manageable yourself.

Where it gets harder is the parts with real consequences attached: getting your Corporation Tax registration right, tracking your RBO deadline, or filing your first Annual Return correctly. That’s usually where directors bring in a professional, even just for the higher-stakes pieces, so nothing slips through the cracks.

Where to start

Compliance for a new company can feel like a lot on top of everything else involved in getting a business off the ground. Start by working out what you can realistically manage yourself and what’s better outsourced; many directors begin with the highest-stakes tasks, like their Annual Return, since missing it can have serious consequences.

This is where a larger, senior-led firm earns its keep. Kinore is a structured accountancy practice with a dedicated client management team behind every account, so as your compliance needs grow from one registration into ongoing payroll, VAT and reporting, there’s already a team with the depth to support it.

FAQs

What is the deadline to register beneficial ownership in Ireland? New companies have five months from incorporation to register their beneficial owner (anyone with more than 25% ownership, voting rights or control) with the RBO. Most banks won’t open an account until this is done, so it’s best completed as soon as possible.

What Corporation Tax rate will my new company pay? Most companies incorporated in Ireland qualify for the 12.5% rate, though a 25% rate can apply depending on where the company is centrally managed and controlled. An accountant can confirm which rate applies to your circumstances.

How long does it take to get a VAT number in Ireland? It can take up to 28 working days, and Revenue may request evidence that VAT registration is needed before processing the application.

What happens if I miss my Annual Return deadline? Your first Annual Return is due six months after incorporation, with 56 days to file it via Form B1 on CORE.ie. Missing it can lead to penalties and, in more serious cases, difficulties with your company’s standing at the CRO.

Do I need an accountant to stay compliant? It’s not a legal requirement, but given the number of registrations, deadlines and rules involved (RBO, Corporation Tax, VAT, payroll and Annual Returns), most new directors find it far less stressful to have a professional keeping track of all of it.

Talk to Kinore on 01 905 9364, email hello@kinore.com, or book a discovery call, and we’ll help you work out exactly what your company needs to stay compliant from day one.

The information provided in this article is for general guidance and informational purposes only. It does not constitute professional accounting, tax, or financial advice, and should not be relied upon as a substitute for advice tailored to your specific circumstances. While we take care to ensure the content is accurate and up to date at the time of publication, legislation, tax rates, thresholds, and compliance requirements in Ireland can change.