Registering A New Business In Ireland
Establishing a new company, or company formations as its know in the industry, used to be a very confusing and more complicated issue that it should have been. Now under the New Companies Act 2014 the process has been simplified. The old process of filling in long detailed forms and listing in painstaking detail the exact nature of every business activity the company is involved in will be a thing of the past. The New Companies Act 2014 allows for Single Director companies to avail of limited liability status (one company secretary is still required) and new definitions of a “Micro Business” means that small companies with a turnover less than 700K will not have to file any details of their activities other than the Statutory Annual Return. More details of the act can be found online at www.avidpartners.ie/resource-centre/useful-industry-articles-and-reports/the-new-companies-act-2014.
So What’s Involved In Company Formations?
To incorporate a company a form called an A1 is completed and sent to the Companies Registration Office (CRO). At this stage you must choose the kind of company you wish to form from the options available (Avid Partners can assist you with the options) with most companies being incorporated as Limited By Share companies. The A1 form need to be signed by the company director(s) and the company secretary. Other details such as the name of the company, its place of business, names of its directors, shareholdings and the activities of the company are also required. Once these details are all processed and completed they are then sent to the CRO for formal registration. The company is usually officially formed within 5 days of receipt by the CRO. Then you are officially in business and the real work begins!
Avid Partners can assist you throughout the steps involved in forming a company and in managing your financial affairs through out the companies existence. For further details on company formations contact us on 0818 303087. Email us at advice@avidpartners.ie or alternatively you can complete the enquiry form below.
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