How To Start A Business While Working Full Time

Some entrepreneurs start a business while working full-time because it is the only option for those who dream of owning a company.

Whether you have a brilliant business idea or great skills, you can leverage outside of your normal working hours, more and more people are considering starting a business alongside their 9-5.

Starting a business in Ireland when you work full-time can be very exciting but time-consuming and difficult if you don’t know what’s involved.

Here’s what you need to know and what you can outsource to us.

One of the main concerns our clients have before setting up their business is whether or not their employer will find out.

Although your employer would not be told directly by Revenue or the Companies Registration Office (CRO), there are other ways your employer could find out you have a side business.

Many Irish employers are favouring flexible arrangements for their employees, such as remote working, compressed hours, 4-day weeks, etc. This flexibility means you may have spare time to work on your own business. Consider how much time you can dedicate to your new business while working full-time because it needs to be realistic.

As a business owner, you have certain accounting obligations that could cost you if not complied with. There are different compliance requirements if you decide to set up as a Sole Trader or Limited Company. There are pros and cons to each structure, but it’s important to consider the amount of time you will have to look after the financial side of the business.

The most popular types of business structures in Ireland are Sole Traders and Limited Companies.

Many of our clients start out as a Sole Trader and then change to a Limited Company at a later stage when they are confident in their business model and ready to commit to their business full-time. Setting up a Limited Company is usually more complicated but it benefits from profits being taxed at the Corporation Tax rate and more credibility in the industry.

There are advantages to either type and the type of structure you set up will depend on your circumstance. We recommend that you speak to a professional who help you with your specific needs.

While many entrepreneurs are focused on starting their business, it’s equally important to be informed about closing a limited company in Ireland if circumstances change. A voluntary strike-off is a common method to close a company, but it’s essential to ensure all requirements are met and liabilities are settled before taking this step.

The type of taxes you register for can vary depending on your industry and business activities. These are some of the taxes that are relevant to new businesses starting up in Ireland. Taxes for businesses in Ireland include: corporation tax, income tax, value-added tax, employer’s PAYE, and relevant contracts tax.

This only applies to companies in Ireland – Sole Traders don’t have company secretaries.

When you’re starting a new company, you are not allowed to be a one-director company and have yourself as company secretary. Therefore, many of our clients outsource their company secretary to a professional, like Kinore.

Understanding the advantages of company secretary services can be a game-changer; it ensures compliance and brings expertise to your operations. Entrusting this role to a professional service like ours not only meets legal requirements but adds a layer of efficiency and foresight in corporate governance.

This type of secretary is different from someone who answers your phone or assists you with your job. A company secretary is responsible for looking after certain aspects of your company, such as maintaining your Annual Return and informing the CRO of any changes to your company.