The so-called Emerald Isle, is located in the North Atlantic, and is separated from Great Britain by the Irish Sea, the St. George’s Channel and the North Channel. It is considered the second most populated island in Europe. It has great vegetation, a pleasant climate with milder winters than in other areas, as well as abundant rainfall. It is more than 45 years since Ireland joined the EC and culturally shares several similarities with England.
Ireland has turned out to be one of the best inexpensive destinations out there today. Opening a business in Ireland offers a number of advantages of expanding internationally that could even save money. If your company requires you to move money between different countries and exchange rates, a good option would be to open a multi-currency business account to avoid a surcharge.
Why is it convenient to open a business in Ireland (being in Spain)
If you comply with your tax obligations in the place where you do business, there will be advantages to doing so. On the other hand, Ireland has become a focus of attention for registering companies. This is because it has one of the lowest tax rates in the world (12.5%). Other of its advantages are the following:
- Ireland has a thriving sector focused on development, investment and research, where the government strongly supports collaboration between academia and industry.
- Intellectual property rights have a solid legal framework.
- Its geographical location makes Ireland easily accessible not only to Europe, but also to Africa and the Middle East.
- Its IT technological infrastructure, as well as telecommunications, offers international connectivity thanks also to its leading optical networks.
- Ireland brings together leading companies in sectors ranging from engineering, through ICT, services, life sciences to digital media and various brands.
In addition, this country has occupied the eleventh position of the 80 countries in the Business Environment Ranking of the Economist Intelligence Unit (“The most attractive commercial locations in the world”) and that it is a politically stable nation, with low bureaucracy and low taxes.
Legal considerations when registering a company in Ireland
When you open a Limited Company in Ireland, all legal requirements must be met. In addition to the company name, there must be an EEA resident director, provide a non-EEA resident bond, at least one shareholder, a business address and the number of shares to be allocated and issued.
For registered companies: submit and file an annual declaration, in addition to the abbreviated accounts to the Registrar of Companies (to avoid fines or even deletion proceedings or the loss of the audit exemption for two years). On the other hand, the First Annual Declaration expires six months after incorporation and the Unlimited Companies may become exempt in this case.
If the volume of the company exceeds 8.8 million euros, it must prepare and present audited accounts. In the case of registered charities, including companies limited by guarantees, most will be required to submit audited accounts. A Corporate Tax return must be filed annually and if the company is registered for VAT purposes, VAT returns will be bimonthly.
Wide range of opportunities to invest and start a business in Ireland
As for the beneficial owners, if they are not EU residents and wish to establish a company in this country, they must have a resident director in their structure or at least establish a non-resident director bond. The non-resident bonus is important because it guarantees that the company has a figure of 25,400 euros. In this way, it offers confidence with respect to completing the necessary presentations before the Finance Commission and the Commercial Registry Office.
In addition to low tax rates, Ireland offers other special tax vehicles, such as Qualifying Investor Alternative Investment Funds (QIAIF). They can be presented in five different formats with the Irish Collective Asset-management Vehicle (ICAV). The latter, for example, has been an ideal alternative for US-based investors as well as related parties.
The Immigrant Investment Program offers a number of investment options allowing approved non-EEA investors and their immediate family members to enter Ireland on multiple entry visas. Always staying up to 5 years, with the possibility of renewal. The Emerging Entrepreneurs Program allows a citizen belonging to the EEA to create a company that shows high initial potential and financing of at least 75,000 euros. In this case you can receive a one-year business visa that can be extended.
There is no doubt that there are multiple options to invest in Ireland and start a business. In addition to what has already been mentioned, there is the option of accessing to open a bank account there. Finally, having the support of a financial advisor or a lawyer specialized in the subject will also be extremely useful.