Are you considering a setting up a limited company company in Ireland but need clarification on the setup costs? Or are you considering changing from a sole trader to a Limited Company? This guide provides essential insights into the cost of setting up a limited company in Ireland, ensuring you have a clear understanding of the expenses involved.
When starting in business, you may be bootstrapping and keeping costs down wherever possible. Our comprehensive guide will navigate you through the company formation process in Ireland, detailing where you can save and where it’s advisable to invest in your business setup.
How much does company registration cost in Ireland?
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Company registration application (Form A1) - €50
The CRO charges a €50 fee for filing a new company registration application and is a necessary cost for all new companies that wish to incorporate in Ireland.
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Outsourced company formation - €279+VAT, once-off
You can outsource the company formation process to a company formation specialist, such as Kinore. We will look after all the paperwork on your behalf and the CRO filing fee of €50 is included in this price. This service simplifies the cost of setting up a company in Ireland by managing all paperwork and the CRO filing fee on your behalf.
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Professional company secretary - from €299+VAT, per year
Hiring a professional company secretary is a wise investment in your company's future, ensuring compliance and allowing you to focus on growing your business.
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Virtual Office fees - €399+VAT, per year
Outsourcing your mail and address requirements provides a professional, central address for your invoices and business mail. It also ensures you are dealing with less paperwork since all your mail will be digitally scanned and sent daily.
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Company seal - €75+VAT once-off fee
A company seal is a legal requirement for every Irish Limited Company, reinforcing the formalities of company documentation and agreements. The seal allows you to emboss necessary company documentation with your company name and number.
What are additional costs for non-residents?
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Section 137 Bond - €2475+VAT
If there is no director resident in the European Economic Area (EEA), a bond must be secured to insure the company against certain breaches of Irish Company Law.
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VIF Application-€199+VAT
This fee covers applying for a Verified Identity Number (VIF), which is required for non-resident directors.
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Support with PPSN Application - €249+VAT
Assistance with the application for a Personal Public Service Number (PPSN), especically necessary for non-resident directors who decide to pay themselves a salary in Ireland.
Can I set up a Limited Company myself?
Registering a company is done using the CRO digital system, CORE. You can set up a CORE account online and complete this paperwork yourself.
Some of the terminology may throw you off if this is your first time doing this. But don’t worry, Kinore has a great team of company secretarial professionals who use CORE daily. Our team is happy to provide an easy, streamlined company formation service.
We will check your company name suggestions and prepare all the paperwork, including Form A1 and Constitution, for you. We will also take care of post-incorporation paperwork, such as your share certificates, minutes of incorporation, and company register.
While you can do this yourself, our clients find it more efficient to outsource to our professional team
Can one person be a Limited Company in Ireland?
A single person can set up a company in Ireland, however, they must have a separate company secretary.
Many of our clients are single-member companies and avail of our Company Secretarial Services so they meet their compliance requirements. Our qualified, professional company secretaries are on hand to look after your important paperwork with the Companies Registration Office (CRO). For instance, the company secretary will prepare and co-signs your company’s Annual Return.
Additionally, they are responsible for maintaining and documenting AGM minutes, ensuring that all discussions and decisions during the Annual General Meeting are properly recorded.
Can I use my home address to set up a business in Ireland?
A requirement for setting up a company in Ireland is having a Registered Business Address. If you have a home address in Ireland, you can use this on your company incorporation application. However, you should know that this address will be publicly shared on the CRO website. Anyone looking up your company will have access to this address.
If privacy is a concern, many new companies use our virtual office services when setting up a company in Ireland. For an annual fee of €399+VAT, you can use our Dublin location as your registered business address, and have all official mail scanned and sent to you digitally. This keeps your home address private while projecting a professional image.
What is a company seal?
Every Irish Limited Company is legally required to have a company seal. There are specific uses for the seal, and you are usually notified when you are required to use one. Some general uses include minutes of meetings, share transfers, company law, contract law, and property law.
You can purchase a company seal straight away after incorporation. The benefit of having the seal from the beginning is the peace of mind that your company is immediately fully compliant with its requirements.
Do I need an accountant to set up a Limited Company?
You have no legal requirement to have an accountant when you set up a business in Ireland. However, it would be best to consider the pros and cons of a Limited Company in Ireland before you decide to set up here. There are statutory tax and accounting requirements, and you may need expert support and guidance to ensure you meet those requirements.
Our team of qualified, experienced chartered, certified accountants can handle your tax requirements and filings. They will ensure that you pay the correct taxes and that no filing deadlines are missed.
For instance, you must register for Corporation Tax before your company starts trading and invoicing clients. We recommend you discuss our annual accounting and year-end services with our Client Services Team. We are happy to provide expert advice on running a new business.
Larissa is a Fellow Chartered Accountant (FCA) and is the CEO of Kinore, which specialises in company formation, company secretarial, annual accounting services, bookkeeping, tax, and payroll services for micro and small companies in Ireland and the UK.
