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Irish Private Company Limited By Shares (LTD)
Service Details
This is the most common company type set up in Ireland every year.
If you’re new to registering a company in Ireland, we recommend checking out the 10 considerations below. If you’re already familiar with the process of setting up a private limited company in Ireland, you can proceed by clicking the link to customize your package, starting from €149.99.
10 THINGS TO THINK ABOUT WHEN FORMING A PRIVATE LIMITED COMPANY IN IRELAND
1
Selecting a Company Name
Choosing the right company name is essential. It must adhere to the guidelines set by the Companies Registration Office (CRO). We can help you check the availability and uniqueness of your chosen name, but please note that the name can only be guaranteed once the CRO officially registers your business and issues the Certificate of Incorporation.
2
Choose Your Company Type
In Ireland, various company types are available. While there are many options, the most common choice for trading companies is the Private Company Limited By Shares (LTD). Here’s an overview:
- Private Company Limited By Shares (LTD): Most common for trading.
- Designated Activity Company (DAC): Used for specific purposes or regulated companies.
- Company Limited by Guarantee (CLG): Ideal for non-profits, charities, or property management.
- Unlimited Company (UC): May be exempt from financial statement filing.
- Public Limited Company (PLC): Suited for larger trading enterprises.”
3
Select the Registered Office Address
Every business needs a registered office location. This is where legal documents must be delivered within the State, and it’s also where specific records like the company’s statutory register and minute book must be kept.
4
List the Directors.
Directors are legally responsible for the company. A Private Limited company can have just one director, but in such cases, a separate secretary is required as well.
5
Appoint a Company Secretary
Every corporation needs a company secretary. This individual can be a director or a separate entity. Opting for a secretary who won’t have an active role can be a smart choice, as they have fewer legal responsibilities compared to a director.
6
Assign a Shareholder
Every company must have at least one shareholder/member. Shareholders collectively own the company, so it’s vital to determine who holds the company’s shares and how many shares each shareholder will have. In some cases, corporations may have multiple share classes with different rights.
7
Allocate Authorized Share Capital
Authorized share capital is the maximum amount of capital a company can issue to shareholders as per its constitution. Often, a portion of this authorized share capital remains unissued. It’s crucial to note that this amount is a nominal figure and doesn’t require payment or entail any associated liability. The Companies Act of 2014 introduced the option of uncapped authorized share capital, eliminating the need for a specific authorized share capital limit under Irish law.
8
Allocate Issued Share Capital
The issued share capital refers to the total share capital that has been assigned to shareholders. Unlike many European countries, Irish company law doesn’t mandate that the issued share capital must be fully paid up. However, the shareholder’s liability is limited to the outstanding share capital amount. This concept forms the basis of a limited liability corporation in Ireland.
9
Specify Company Activities
Every business is involved in specific activities. An LTD company has the capacity to undertake a range of tasks, similar to a natural person. To determine the appropriate NACE code for the A1 form to be submitted to the CRO, we need to know the specific activities your organization intends to carry out.
10
Establish a Company Constitution
A company constitution is a formal document outlining the company’s policies and defining the relationships between the corporation, shareholders, directors, and other corporate officials. The length of the constitution is customizable, and while most formation agents use a one-page document, ours is a comprehensive 14-page document.
The Formation Process
Our goal is to make business formation quick and hassle-free for our clients. Here’s how our process works:
- Click the button to customize your formation package.
- Provide the necessary information and choose any additional options/extras you need.
- Make payment for your selected package.
- After reviewing your documents, we’ll reach out to discuss your requirements and ensure everything is set up correctly.
- We’ll prepare the required paperwork for your company.
- You sign the documents and email them back to us, along with proof of ID and address for the company officers.
- Once all steps are completed, you’ll receive your new company’s paperwork and certificate of incorporation. It’s as straightforward as that!
BUILD YOUR OWN
BUSINESS FORMATION PACKAGE
FROM €149.99
We believe in simplicity and offer a customizable formation package. You have the flexibility to choose additional options and extras to suit your needs. Take a look at our list, which includes both free and discounted paid choices:
€149.99
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Further Guidance and Assistance
Our client focused approach provides individuals with a platform to achieve their business goals. If you have questions about setting up a company, tax registration or accounting, please see our contact details below.