Irish Company Formation: Key Requirements
When setting up a company in Ireland, there are several key requirements that must be met. This article outlines the essential information you need to know about forming a private limited company (LTD) or registering an external company branch in Ireland.
Authority to Remove and Appoint Directors
In addition to standard incorporation requirements, the laws of the jurisdiction of incorporation may also provide authority to the board of directors to remove and appoint directors. This is a crucial aspect of company law that must be understood by all stakeholders involved in the formation process.
Required and Optional Officers
A private limited company (LTD) must have at least one director, who is responsible for managing the company’s affairs. The director may also hold other roles within the company, such as CEO or secretary. An external company branch may not require a director if it does not intend to carry on business in Ireland.
Know Your Client Requirements
When forming a company in Ireland, you will need to provide Know Your Client (KYC) information to banks and professional services firms. This typically includes:
- Proof of incorporation/registration
- Up-to-date list of directors
- Identification of the ultimate beneficial owners
- Personal identification of at least one director
- Disclosure of any politically exposed persons
Obtaining a Name
The Companies Registration Office (CRO) approves company names in Ireland. A private limited company (LTD) must include the word “limited” or “teoranta” as the last word of its registered name. An external company branch may use the name of the parent company or adopt a separate name, typically with the appendix “Irish Branch”.
Licenses and Permits
While no general business license is required to operate in Ireland, some industries may require authorization or permits to conduct specific activities.
Amending Charter Documents
To alter the constitution of a private limited company (LTD), a special resolution of the shareholders must be passed. This requires approval from at least 75% of shareholders holding voting rights.
Purchasing and Utilizing Shelf Companies
Shelf companies may be purchased from third-party providers in Ireland, but this is not applicable for external company branches.
Key Contacts
For further information on forming a private limited company (LTD) or registering an external company branch in Ireland, please contact:
[Insert contact details]
By understanding these key requirements, you will be better equipped to navigate the process of setting up a company in Ireland. Whether you are looking to form a private limited company (LTD) or register an external company branch, our expert team is here to guide you every step of the way.
Last modified: 25 June 2024