FAQ About Dormant Companies in Ireland

A dormant company in Ireland defines a type of legal entity that has been registered with the local institutions, more exactly, with the Companies Registration Office (CRO), but which did not have any business activities since its incorporation; thus, a dormant company is also defined by the fact that it did not have any types of incomes. 

Why register a dormant company in Ireland? 

Does the Irish dormant company benefit from an audit exemption? 

• • a dormant company can be exempted from auditing its financial statements if, in the respective financial year, it did not have any financial transactions;
• • it has permitted assets and liabilities (comprised of those that are allowed for this type of company);
• • if the dormant company satisfies these two conditions, then the company’s directors can make the decision to avail from the audit procedure;
• • this will be decided and recorded in the minutes of the meeting established for this purpose;
• • the Section 365 of the Chapter 16 defines which is the class of permitted assets and liabilities for a dormant company in Ireland. 

When does the Irish Revenue consider a business to be inactive?

What are the top economic sectors preferred by investors in Ireland? 

• • in 2017, the total number of new companies registered in Ireland accounted for 22,241 new businesses;
• • the services sector in Ireland registered 11,331 new companies;
• • the Irish construction sector was the second most important economic sector, accounting for 5,345 new businesses;
• • the distribution sector in Ireland accounted for 2,933 new company registrations;
• • the Irish industry sector registered 1,410 new companies;
• • the financial sector in Ireland was represented by 1,223 new businesses.