
An
unlimited company in Ireland is a type of legal entity in which the
company’s founders have
unlimited liability for the
business’ losses. According to the
new Companies Act, which became applicable starting with 1st of June 2015, businessmen may set up
three types of unlimited companies, each one providing different benefits. Investors who want to
open a company in Ireland under this business structure should know that the entity represents 2% of all the
companies registered in the country.
Our team of company formation representatives in Ireland can offer in-depth details related to the
registration of an unlimited company.
Types of unlimited companies in Ireland
The main characteristic of an unlimited company registered in Ireland refers to the unlimited liability applicable to the company’s founders. The regulation is provided under the Section 1271 of the new Companies Act.
When starting the procedure of
company formation in Ireland for this business structure, the investors may set up one of the following, as prescribed by the
Section 1228:
• private unlimited company with share capital (ULC);
• public unlimited company with share capital (PUC);
• public unlimited company without share capital (PULC).
Requirements for registering an Irish unlimited company
The
Irish unlimited company may be set up by only
one member (this
type of company does not have shareholders). However, it is necessary to appoint
two directors, who must be natural persons. At the same time, it is also necessary to
appoint a company secretary, which can be represented by one of the
company’s directors.
Our team of Irish company formation agents can offer more details on the duties of the directors of an
unlimited company.
The
company registration in Ireland for this
business form requires to draw up the statutory documents, which, following the regulations of the
new Companies Act, are now represented by the
Constitution.
The
company has to be registered with the
Companies Registration Office (CRO), a procedure which can last approximately five working days. When registering with the
CRO, it is also necessary to establish a company’s name, which has to include the words “
unlimited company”, or their
Irish equivalent (
Cuideachta Neamhtheoranta).