1What is a LTD Company
- A legal body (can trade, sue, be sued)
- Owned by shareholders
- Ran by directors
- Must be incorporated to begin
- Must be dissolved to 'close'
2What is a Sole Trader
- Personal scale business
- Yourself + Business/trading name
3LTD Company Advantages
- Limited liability i.e., responsibility is shared across members
- Tax Advantages
- Company name is protected and cannot legally be used by anyone else
4 LTD Company Disadvantages
- Short version of accounts must be submitted annually (available to pub
- May involve audit which incurs expense
5 Sole Trader Advantages
- Lower accountancy fees
- No annual Accounts to be filed
6Sole Trader Disadvantages
- Liability/ responsibility on yourself alone
- Tax liabilities may be higher
- May lack credibility
- Business name is not protected for your sole use
1Is Tax Registration Required?
- The most frequently required taxes to be registered for when setting up are
- Value added tax (VAT) turnover of €37,000 for services, €75,000 for sales
- Tax on Profits (Income tax sole trader, Corporation Tax LTD Company)
- PAYE/ PRSI for your own salary and if you have employees
- Other taxes may apply dependent on company activity
2Are there restrictions to Company Names?
- Please submit your proposed company name to us and we can check it with the CRO and get back to you.
3 What do I need to set up my LTD company?
- At least 1 director
- 1 secretary (may also be director)
- At least 1 shareholder (may also be a director)
- A registered office (all official company correspondence will be sent here)
4Responsibilities of Company Directors/ Secretary?
- Please view the following link for the official information https://www.cro.ie/Post-Registration/Company/Duties-of-Directors-and-Secretaries
5What is share capital?
- Number of shares authorised to be issued to those investing in the company
- Can be increased
- Usual limit of €1,000,000 consisting of 1,000,000 ordinary shares of €1 each.
- The amount of share capital issued initially is genrally 100 shares at €1 each (paid to company by cash usually, can be offset against Formation fees)
- Generally more shares = more control
6How long does the process take?
- Document preparation generally takes us 1-2 working days
- We then meet you in our office appointments can be made Mon-Fri
- Upon submitting signed documents to CRO Ltd company cert takes in general up to 5 working days
- Business name registration cert usually takes up to 10 working days
- We can then apply for tax of which most take 2-3 working days and VAT up to 3 weeks