KEEP stands for Key Employment Engagement Programme. This is an initiative taken in order to facilitate the use of share-based remunerations by SMEs, with an aim to attract employee.
An island country in northwest Europe, Ireland is traditionally known for its vivid scenic landscapes and a cornucopia of folklore. The country has witnessed a shift from an agricultural to industry and service-driven economy from the 1950s. The primary sectors contributing to the majority of its GDP are services, information technology, and tourism. Ireland’s chief exports comprise food products such as potatoes, beef, and lamb, minerals like lead and zinc, machinery and pharmaceuticals. Their imports include oil, automobiles and aircraft components.
Company Formation in Ireland
For setting up a company in Ireland, one can choose from among the following legal entity types.
1. Sole Trader
A Sole Trader or Sole Proprietorship in Ireland can be incorporated by a single member. He/she bears unlimited liability for the debts or obligations of the company. For setting up a sole trader company in Ireland, it is mandatory to appoint a minimum of 2 directors and 1 company secretary.
2. Societas Europaea
A Societas Europaea in Ireland is a European Public Limited Company formed under EU Regulation (Council Regulation 2157/2001) and Statutory Instrument 21 of 2007. This type of business entity can be formed by merger as a holding company or subsidiary, or by conversion from PLC.
3. Company Limited by Guarantee
A Company Limited by Guarantee (CLG) in Ireland is similar to a Company Limited by Shares, except in that the promoters of the former don’t need to acquire shares and are required merely to pay up their respective guaranteed contribution in case the company is dissolved. The type of legal entity is ideal for setting up a charity or non-profit business in Ireland.
4. Limited Liability Company
A Limited Liability Company (LLC) in Ireland is the one where the shareholder's liability, should the company fail, is limited to the amount, if any, remaining unpaid by the shares held by them. Foreigners can own up to 100% of LLC shares in Ireland.
5. Public Limited Company
A Public Limited Company in Ireland is one in which the liability of a member is limited to the amount, if any, unpaid on shares held by him/her. Such a company may have any number of shareholders. Additionally, the nominal value of a public limited company’s allotted share capital must not be less than €25,000, at least 25% of which must be fully paid up before the company can commence any business activity or exercise any borrowing powers.
6. Unlimited Company
In an Unlimited Company in Ireland, the shareholders bear unlimited liability for the debts or obligations of the business. It is required to have at least 2 directors and can have any number of members. Unlike a Limited Company, an Unlimited Company in Ireland is not obliged to disclose its financial information publicly.
7. Limited Liability Partnership
An LLP in Ireland is the one where few members of the company have limited liability for the debts incurred by the firm. The partnership must consist of not more than 20 persons. You must also know that a limited partnership is not a separate legal entity.
Benefits of Company Formation in Ireland
Starting a business in Ireland has the following advantages:
- Since Ireland is a member of the European Union, companies here get free access to the EU markets.
- The corporate tax rate in Ireland is just 12.5%.
- The populace of Ireland is mostly young, educated and skilled – providing for an ideal workforce for anyone setting up a business here.
- Ireland has a low-bureaucracy environment that is very supportive of entrepreneurs.
Who We Are
Business Setup Worldwide is a platform to help you set up a business in Ireland. We can assist you with company incorporation, registration, corporate secretarial services, intellectual property protection, accounting, bookkeeping, and chartered accountants services in Ireland.
Business Setup Worldwide’s proprietary business design techniques, combined with its regional know-how and global reach, enable companies to anticipate changes in customer priorities and the economic market, and then mold their businesses and improve operations to make use of opportunities created by those changes.
Business Setup Worldwide helps entrepreneurs and investors establish their company in Ireland through incorporation, registration and legal consulting services. Our advisors take care of the entire Banking, Visa, Legal, and Licensing formalities, in accordance with the local and international corporate norms. We guide you through your company formation, with your business objectives at the centre of our operations.
Our commitment to professionalism, business-oriented experience across various domains, proactive learning in the ever-changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Business Setup Worldwide and provide you the competitive edge to scale your company. If you are wondering how to set up a company in Ireland, do reach out to us – we’d be glad to assist.