One of the main concerns of the businessmen who want to open a company in Ireland is the legal entity under which their business will operate. As a general rule, most of the investors choose to register a limited liability company (LLC), a business form which offers multiple advantages to its founders, as they have limited liability for any debts the company will face in the future. This type of legal entity is the top preference of the local and foreign businessmen starting a company here.
In an Irish LLC, the company can be set up with 100% foreign ownership, no restrictions being applied in this sense. More importantly, its founders benefit from limited liability against any debts incurred by the company. Foreign businessmen interested in Irish company formation must know that they will be held liable only in the amount of the shares they own in the Irish LLC. At the same time, there are no requirements for the company’s minimum share capital, and the company can have only one director (who does not have to be an Irish citizen). The company’s shareholder can also act as a director. Our team of agents in company formation in Irelandcan offer further information.
The following video offers a short presentation on the limited liability company in Ireland and the Irish sole trader:
A LLC in Irelandwill be taxed following the applicable tax regulations available for commercial companies. This means that the company will benefit from one of the lowest corporate tax rates (12,5%) applicable at the level of the European Union.
Setting up an Irish sole trader
The sole trader in Ireland does not have a legal personality and, thus, the investor will be held responsible with his or her personal assets for the debts of the company. However, the sole trader represents the simplest way to start a business here, which is also applicable to the dissolution procedure.
Unlike other companies in Ireland, including the LLC, the sole trader is not required to file annual returns with the Companies Registration Office, nor does it need to complete audit procedures.
The decision for setting up a LLC or a sole trader depends on the business activity chosen by the investors, the number of employees the company may need and other corporate aspects. We invite businessmen to contact our team of consultants in company formation in Ireland for tailored advice on the most suitable option.
Paul Sheridan is one of our company formation specialists. He can help you establish your company in Ireland fast and easy.
Call us now at +353 1 254 6150to set up an appointment with our lawyers in Dublin, Ireland. Alternatively you can incorporate your company without traveling to Ireland. All our clients beneficiate from the joint expertize of local lawyers and international consultants.
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