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Ireland is a highly developed European jurisdiction and a member of the EU, UN, NATO and of the Euro zone.
As recently as 1980, Ireland was ranked among the most economically backward European nations. However, in the last two decades this jurisdiction has made truly unbelievable economic and technological progress, so that today it is well established as one of the leading nations in the EU in the hi-tech and financial services sectors, among others.
The two free zones operating in Ireland - the Shannon Free Zone and the International Financial Services Centre in Dublin - act as a strategic base for many foreign companies, for entry into the EU market.
The non-resident company registration sector also played a significant part in the economy of Ireland until 1999, and was an actively growing sector. However, in that year, within the context of tax harmonisation in the EU, tax exemption for non-resident Irish companies was abolished. Be that as it may, Ireland has remained an attractive jurisdiction, even after 1999, for those entrepreneurs who wish to make use of a prestigious company from an EU member state with a moderate taxation regime - the rate of corporate tax in Ireland has been 12.5% since 2003 and is one of the lowest in the EU.
The two major forms of Irish company are the private limited company (Ltd) and the unlimited company. The liability of shareholders in the latter type of company is unlimited; however, if nominee shareholders are used, there are no principal differences between the two types of company.
| GENERAL INFORMATION | Total area - 68,895 sq km
Population - 3,550,000
Location - click here to see the map of offshore jurisdictions
Political status - Republic
Capital - Dublin
Official language - English, Irish
Official currency - Euro (EUR)
Time zone - GMT +/-0 |
| Company type | Private Limited Company (Ltd.), Unlimited Company |
| Directors/Officers | Ireland companies require a minimum of 2 Directors, who must be natural persons, considering that at least one of them must be a resident of Ireland.
Each Ireland company must file a Register of its Directors with the Register of Enterprises of Ireland. |
| Shareholders | Ireland companies require a minimum of 1 shareholder, who may be a natural person or a corporate body from any legal jurisdiction.
Each Ireland company must file a Register of its Shareholder/s with the Register of Enterprises of Ireland. |
| Secretary | Ireland companies require a minimum of 1 Secretary, who may be a natural person or a corporate body from any legal jurisdiction.
Each Ireland company must file information on its Secretary with the Register of Enterprises of Ireland. |
| Authorised share capital | Standard authorised capital = EUR 100,000.
Minimum capital, which must be paid on incorporation = 2 EUR |
| Company Names | The name of an Ireland Limited Company must end with the word "Limited" or the suffix "Ltd.".
For Unlimited Company, there are not any requirements for abbreviation after the company name.
Company names containing restricted words such as "Bank", "Insurance", "Assurance", "Building Society", "Asset Management" etc. will not be permitted unless an appropriate national operating licence has been obtained by the company. |
| Beneficial Ownership information | Information with regard to ultimate beneficial ownership must be disclosed to the Registered Agent of the company in Ireland and is held by the agent on a confidential basis. |
| Filing of Annual Return | An Annual Return must be submitted every 12 months after the date of registration. |
| Filing of Financial Statement | A Financial Statement must be submitted every year and must be sent to the Irish Tax Office as well as to Irish Companies Registration Office. |
| Corporate Taxation | Tax rate for Ireland companies (since year 2003) is 12,5%. |
| Tax Treaties | Ireland has concluded double tax treaties with more than 30 countries. |
| Timeframe for incorporation | 10/12 working days. A complete set of company documents can be delivered in 4/5 weeks. |
| Takeover of management & secretarial services for an existing Ireland company | Possible, following verification of Beneficial Ownership and agreement with and discharge of liabilities to previous corporate service provider in Ireland. |
| Description of incorporation documents | Click here for itemised description of company documents. |
| "Ready-made"("Shelf") companies | We are happy to register new company in this jurisdiction in accordance with client instructions. |
| Price of Ireland company | USD 4,940, including incorporation costs, full domiciliary (Registered Agent/Office) costs, Nominee services and legal support services for one year. |
| Cost of annual support services | USD 2,680 per year, including full domiciliary (Registered Agent/Office) costs, annual Government Duty, Nominee services and legal support services for each year. Also, there are additional fees for preparing of financial statement, depending on complicity of the statement. |
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INTERNATIONAL OVERSEAS SERVICES has the following comments: -
As a location for incorporation of non-resident companies, Ireland was extremely popular until 1999, when all Irish companies became liable to Irish tax. Accordingly, those proprietors whose paramount concern was to own the simplest possible, completely tax-exempt vehicle have since then moved their business to other, mainly tax-exempt island jurisdictions or to the USA. In their turn, all those Irish companies that have chosen the option of continuing their business in the form of Irish-resident companies now operate completely effectively in a low-tax environment, with the high prestige associated with a taxable European company. These days, Ireland can be recommended without question as a jurisdiction suitable for entrepreneurs wishing to have a prestigious vehicle for respectable operations in a low-tax environment.
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