The procedure of company registration in Ireland must be done in accordance with the Companies Act. At the beginning of 2015 the Commercial Code was amended and modernized in order to aid foreign investors wanting to open companies in the country. Among the Irish Companies Act’s amendments, one refers to the replacement of limited liability companies with new types of businessstructures. However, foreign entrepreneurs can also choose to set up other types of business entities such as partnerships and sole proprietorships. Foreign companies have the possibility of opening subsidiaries or branch offices in this country and our team of company formation representatives in Ireland can offer information on each type of business form that can be registered here.
Available types of companies presented by our Irish company formation agents
Ireland provides the following types of companies available for incorporation:
•private company limited by shares – the company can be registered with only one director and it is not required to state the company’s business activities, as it is the case for most of the legal entities;
•designated activity company – it is compulsory to have at least two directors and the procedure of company registration in Ireland in this case requires drafting the articles of association and memorandum;
•designated activity company limited by guarantee – it respects the same regulations mentioned in the case of the designated activity company, with the difference that the company’s shareholders have liability in terms of the shares they own in the company, as well as on their contribution to the company’s assets;
•company limited by guarantee – the company is not required to establish a miminum share capital, while the company’s founders do not have to purchase shares within the company;
•public limited company – the legal entity can be registered with a minimum share capital of EUR 25,000;
•unlimited company – the company’s founders have unlimited liability for the company’s debts;
•Societas Europaea – this legal entity is formed as a public limited liability company, under the regulations of the 2157/2001 of the European Union and the regulation SI No. 447 of the European Communities.
Under the regulations of the new Companies Act, the investors have a greater flexibility in opening a company in Ireland as a limited company. It is important to know that the first five types of legal entities mentioned above are considered limited companies, which represent the most popular types of business forms chosen for incorporation in Ireland. In a limited company, the shareholders have limited liability for the company’s debts. Our team of company formation agents in Irelandcan offer more details on this matter.
In the case of private limited companies in Ireland, investors are required to change the company’s status into one of the new types of companies introduced by the Companies Act 2014. These are the private company limited by guarantee, the private company limited by shares and the designed activity company.
Being the most employed type of company in Ireland, theprivate limited liability company- in any of its new forms - benefits from simplified registration procedures. The main differences between private limited companies and designated activity companies reside in:
• the private company may have only one director and an Irish resident company secretary;
• the designated activity company must have at least two directors, one of them being allowed to act as acompany secretary.
Considering Irish limited liability companies must change their status into one of the above mentioned, it is highly advisable to refer to the services of Irish company formation experts in order to complete the change.
Investors can also watch the video below for more information about the types of companies in Ireland:
Sole proprietorships and partnerships in Ireland
Foreign investors wanting to establish smaller businesses can register as sole proprietors with the Companies Registration Office in Ireland or can find a partner and create a partnership. Investors interested in the proceure of company registration in Ireland may set up one of the following Irish partnerships:
Both types of partnerships are incorporated by signing a deed of partnership. The Companies Act also allows the formation of a limited liability partnership, which consists of the structure of a partnership but with the benefits of Irish corporate entities.
Call us now at +353 (0)1 6461625to 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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