The first time I obtained an Australian Business Number (ABN for short) was when I was 16 when I first started freelancing. An ABN is required if you are working as an individual sole trader.
Now based in Ireland, I’ve found myself researching into similar bodies that I can form under. In Ireland, registrations for these types of bodies are overseen by the CRO or the Companies Registration Office. After some research, I’ve decided that the best body to form under my circumstance is via a private limited company limited by shares.
Registration is straight-forward to follow and you can also engage in services that can streamline the process. These are not ‘umbrella companies’ or a personal limited company but rather yourself and at least one other Company Director create a company and follow through with the required documentation.
To set up, you can follow the directions at the CRO or you can work with accounting firms that can aid in streamlining the registration process.
You’ll be required to fill in the required paperwork with your details.
Being a Company Secretary and Company Director
If you are a non EEA-National, you will need to partner with an Irish national to be a Company Director. Private limited companies require at least two directors, one of which must be an Irish national.
One of Ireland’s biggest advantages is that for limited companies, they qualify for corporation tax at 12.5%. This taxation rate (along with other advantages) is a reason why many companies are setting up their EMEA headquarters in Ireland and also helps aid in encouraging start-up companies.
Another item is that, when I compare the ability to form a limited company here in Ireland versus elsewhere in Europe, I find that Ireland wins in terms of ease of formation and other associated benefits.
Send the documentation
Documents must be sent to the CRO.
Once I’ve sent through my documentation, the confirmation from the CRO was quick and they supplied a digital copy of the A1 certificate and the Articles of Association and Memorandum. Please note that they are now referred to as the Constitution.
Once that is supplied, you can also go ahead and create a business banking account. Banks have different requirements in terms of the documentation that they require for identification/KYC requirements and it is a good idea to arrange a phone call with the Business Advisor regarding the paperwork. This is very important if you are a non Irish national.
And more to come…
This is just the very beginning of the private company formation stage in Ireland, there are a number of items to look into also such as taxation and accounting.