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Ask the Experts: Sinead Doherty

Irish Business Startup Expert

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Sinead BA, ACCA, QFA is both a qualified accountant and qualified financial advisor. Sinead specialises in helping individuals and companies start up Irish businesses.

Sinead has worked within the small business sector for several years helping small business owners to navigate their way easily through Irish tax, accountancy and company law issues.

www.fenero.ie

00353 18 85 17 35

1. Hi Sinead We are looking to start trading in Ireland. How easy is it to set up an Irish company? Is there any government/regional assistance available for foreign investment? Kind regards, Clare Question from clare breakwaith on 03/02/2010

   Sinead says:

   Hi Clare,
   
   Thanks for your enquiry. In relation to your two questions:
   
   1. HOW EASY IS IT TO SET UP AN IRISH COMPANY?
   
   With the help of the right advisors, it is a very quick, easy and relatively low cost process to set up a company in Ireland. Fenero for example provides an express company formation service which can set up a company in 3-5 days for a cost of only €205 plus VAT at 21%.
   
   After 3-5 days you will have your Certificate of Incorporation which will allow you to register the company with the tax authorities and to set up an Irish bank account. Fenero can provide assistance with both of these which can be particularly useful for our non-Irish resident clients who may not be able to come to Ireland during the early stages. Fenero’s comprehensive hands-on start up service means that everything can be set up and ready to go very quickly, and with minimal inconvenience to our clients.
   
   Irish company law has recently changed to remove the requirement for there to be a minimum of one Irish resident director appointed to every company set up in Ireland. The requirement is now simply that there is only a minimum of one EEA resident director. This easing of company law restrictions makes it easier and quicker again to form a company in Ireland. However, it is important to be aware of the serious tax implications which may result by not appointing an Irish resident director. Again Fenero can provide you with all the information required in relation to this.
   
   There are no restrictions on the residency or nationality of the company shareholders.
   
   2. WHAT ASSISTANCE IS AVAILABLE FOR FOREIGN INVESTMENT INTO IRELAND?
   
   A range of services and incentives, including funding and grants, are available to those considering foreign direct investment in Ireland. Irish State organisations, such as the IDA Ireland and Enterprise Ireland, provide invaluable advice and assistance to companies/individuals from all over the world who wish to set up business in Ireland.
   
   Some of these services available are as follows:
   • Provide funding and grants; for example:
   
   Capital Grants
   o The cost of acquiring fixed assets can be substantially subsidised by capital grants. The categories of fixed assets eligible for assistance are site and buildings purchase/development, and new plant and equipment.
   
   Employment Grants
   o These are available to companies whose presence will create employment within Ireland. The amount of grant paid is linked to the amount of each full-time and permanent job created. Other factors depend on the location of the project and the activities to be undertaken. Employment Grants are the most common form of grant aid.
   
   Training Grants and Research and Development Capability (R&D) Grants
   o This is becoming an increasingly important area for the Irish Government and as a result are offering more and more grants.
   
   • Provide information and statistics on key business sectors and locations within Ireland.
   
   • Introduce potential investors to local industry in Ireland, government, service providers and research institutions.
   
   Fenero Tax & Accountants work alongside organisations such as IDA Ireland and Enterprise Ireland to provide a wide range of tax, legal, and accounting services to inward investors in all sectors and from all countries.