What we do
SIGTAX LIMITED is specialized in the incorporation of companies in Ireland through a quick and easy process, depending on the availability of the documents required for company formation in Ireland.
Why should you choose SIGTAX LIMITED
Our company formation specialists are able to set up the entire incorporation process and manage all the legal and bureaucratic requirements faced by entrepreneurs who want to establish a company in Ireland. We provide the best solutions to make this process as easy, simple and quick as possible for all our clients.
Types of Irish Companies
Private limited companies (LTD)
A private company limited by shares can have at least 1 and maximum 149 members, all with limited liability. Their liability is limited to the full amount payable on their company shares. Therefore, this will vary for each company. The LTD company type may have just one director, but in that case, must have a separate secretary appointed. There is no longer any need for Memorandum and Articles of Association, instead the company has a one-page constitution and has unlimited powers
Designated Activity Company (DAC)
DAC can have between 1 and 149 members and is similar to the old private limited company which was created by the Companies Act 1963 (since repealed by the Companies Act 2014). The main difference between a DAC and a private company limited by shares is that a DAC’s activities are limited by its constitution (i.e. a DAC can only carry out an activity if it is empowered to do so under its constitution). Accordingly, when establishing a DAC, it is important for the founders to ensure that the objects clause contained in the constitution is comprehensive and includes all possible activities the company may engage in. In addition, DACs are not able to dispense with the requirement to hold an AGM and must have at least 2 directors.
Certain insurance undertakings and credit institutions are prohibited from establishing themselves as private companies limited by shares and accordingly typically opt to incorporate as DACs. However, most of businesses choose to incorporate as the more flexible private company limited by shares.
Company Limited by Guarantee (CLG)
As with companies limited by shares, these are separate legal entities, the main difference being that the liability of the members, or subscribers, is limited to an amount they have guaranteed to contribute in the event of insolvency, usually a nominal amount such as €1 each. The company must have at least seven subscribers, and there is no share capital.
Most companies limited by guarantee are not set up for the purpose of making profits and, not having a share capital, they lack any ready mechanism for the distribution of profits among the members.
Public Limited Company (PLC)
A PLC can be a single member company and in contrast to a private company limited by shares there is no upper limit in the number of members of a PLC are liable to the extent of the amount unpaid on their shares, if there are any. A PLC is the most common business structure for a company that intends to seek a listing on a Stock Exchange. The nominal share capital must be at least €25,000 for a PLC.
Limited Liability Partnership (LLP)
Similar to a general partnership, a limited partnership consist of two or more partners that pursue business activities in order to gain profit. While in general partnerships all partners are jointly and severally liable for the debts of the company, in the case of a limited partnership, there are two types of partners – general partners, liable for the obligations and debts of the limited partnership and limited partners, liable to the extent of the contributions they made to the capital.
Steps for company formation
- Prepare shareholder's documents.
- Opening a blocked capital account with a Ireland bank
- Depositing the share capital
- Receiving the capital certificate from the Ireland bank
- Setting up a registered office in Ireland
- Applying for business registration (all the documents are signed by a Ireland notary and then sent to the Register of Commerce)
- Receiving the registration certificate
- The capital bank account becomes a business account for the company
Why should you open a company in Ireland?
- Global Reputation: Ireland is considered an ideal country to conduct business for many entrepreneurs, by large this relates to the local language of English, EU membership, and strong rule of law.
- Tax system: Ireland has one of the most pro-business tax systems in the world. A 12.5% corporate tax rate which is significantly lower that other EU regions. Similarly, the income tax system adopted in Ireland considers a realistic and progressive approach commensurate with your income levels. There are many double taxation agreements established between Ireland and other nations.