Ireland

Overview

Ireland, the EU member, is a prestigious jurisdiction with moderate taxation. Currency – EUR. Capital city – Dublin, population – more than 4.5 mn people. State language – English and Irish. Nowadays, Ireland is one of the leading EU countries in terms of technological development and financial services.

Until 1999 non-resident companies were exempt from corporate income tax, which facilitated many international companies entering the European market. Also, that contributed to the country’s high pace of economic development. At the moment, Irish 12.5% income tax rate is among the lowest rates in Europe and still attracts international entrepreneurs.

Company type

Irish Limited Company

Share capital

Standard declared capital – 10 000 EUR . Minimum paid-in capital 1 EUR. Finance Act 2006 Abolished Capital Duty. Up to 1000 EUR can be paid-in by cash.

Shares to bearer.

Not allowed.

Registration address

Should be on the territory of Ireland.

Company shareholders

Quantity: minimum – 1. 
Status: physical or legal bodies. 
Residency: of any country. 
Information about shareholders: public and stored in registrar of companies.
Shareholder can serve as director and secretary.
Nominal shareholders: allowed.

Directors

Quantity: minimum 2.
Status: physical bodies.
Residency: at least one of directors must be EU resident.
Information about directors: information is stored with Tax authorities and the register.
Nominal directors: allowed.

Secretary

Quantity: minimum 1 physical or legal body.
Residency: any.
Nominal secretary: allowed.

Submission of Annual Report

Annual report for the first year should be submitted no later than after 18 months from the registration date.

Financial Statements

Financial statements are submitted annualy to the companies register and tax authorities ( Company Tax Return). The audit of financial statements is required under the following conditions (year’s end):

  • - annual turnover more than € 8.8 million;
  • - balance sheet currency (asset, liability) more than € 4.4 million;
  • - average number of employees more than 50;
  • - the company is a parent or a subsidiary.

The book-keeping documentation should be stored at the place of registration.

Company’s stamp - required.

Taxation

Corporate income tax for trading activities of a resident company – 12.5%, for passive incomes (interest, rent, royalty) - 25%. By using international tax treaties the rate can be lowered from 25% to 12.5%. Corporate tax for non-resident companies – 25%. For the company to be counted as resident, it must have features of being governed from Ireland.

Agreements about elimination of double taxation

Agreements about elimination of double taxation are signed with more than 61 countries, including European countries, the US, Russia and CIS countries.

Set of registration documents

  1. Certificate of Incorporation.
  2. Pre - Incorporation Memorandum of Association), (Subscribers).
  3. Memorandum and Articles of Association), (Subscribers).
  4. Written Resolution of directors.
  5. Share Certificate/s.
  6. Combined Company Register.
  7. Stamp (on request).

VAT registration

This service is offered to clients that work with Latvian companies inside the EU, and also for clients that perform export operations in other countries.

The registration procedure takes 30 working days. Monthly and quarterly accountant compiles and submits VAT reports. Cost of compilation of reports is included in yearly company maintenance fee and depends on the number of operations.

We appreciate Your trust and are grateful that You chose us for realising Your ideas.

Contact us: info@fintrust.lv