Are you a new start up or setting up a new company? If so setting up a company is the first and important step. Getting the company set up quickly but more importantly correctly will ensure you are on the right step to running your new business.
We are experienced chartered secretaries and have all the experience you need to ensure you avoid any pitfalls in setting up your company so they do not cause you any issues in the future. Our company pack will give you everything you need to start trading, set up a bank account and register for tax.
If you are ready to form a company click here to complete our Company Order Form
If you need information on how to form a company? Want to set up a Limited Company but not sure what that really means?
Don’t worry if you don’t know where to start, forming a company couldn’t be easier. To register a company first simply choose from one the Company Types below, then just fill out the order form. If you’d like us to check if your company name is available Contact Us Insert Link
If you’re not sure which company type would best suit, just give us a call on 059-91-86776 or send us an email we would be happy to help!
What are the main points to consider when setting up a company?
Company Type
For a detailed guide click here for more information Insert Link
- Private Company Limited By Shares (LTD)
- Most common trading company type
- Designated Activity Company (DAC)
- Used for a specific purpose or a regulated company with a stated objects clause
- Company Limited by Guarantee (CLG)
- Not for profit, charitable or property management companies
- Unlimited Company (UC)
- The only company type that maybe exempt from filing financial statements
- Public Limited Company (PLC)
- Large trading companies
Company Name
A simple yet important task is choosing a company name! CRO have strict rules regarding choosing a company name, The name has to be sufficiently distinguishing from a company that has already been registered or if a company has been dissolved the name is not available for 20 years. Click here for more information or drop us an email and we can check the name might be available. The name cannot be guaranteed until CRO have registered the company and issued the Certificate of Incorporation.
Company Activities
Every company will be carrying out one or a number of different activities. An LTD company will have the capacity of a natural person so it can carry out a wide range of activities. All other company types must be set up for a specific purpose and this must be set out in the company constitution. We will need to know what activities the company intends to carry out so we can choose an appropriate NACE code for the A1 form that will be submitted to the Companies Registration Office. For more information click here
Constitution
The “Constitution” has replaced the old Memorandum and Articles of Association. The company type you choose will depend on the appropriate format of the constitution. LTD companies should be careful about choosing the 1 page sample constitution as it may not contain the provisions it requires such as the authority of directors to allot shares, dis-application of pre-emption rights or authority to communicate with members electronically. I would encourage adopting a more comprehensive constitution so that the company can act as efficiently and effectively as possible.
Directors
The directors are the people who have legal responsibility for the company. An LTD company only requires one director all other company types must have 2 directors. A charitable company must have 3 independent non related directors. If there is only one director the company must have a separate company secretary. For more information on company directors click here
Company Secretary
Every company is required to have a company secretary. As mentioned above if the company only have one director it must have a separate company secretary. Otherwise the secretary maybe one of the directors. A company secretary can be a company. The company secretary has less legal obligations than a director so if you could act as company secretary instead of acting as a director if someone will not have an active role in the company. For more information on company secretary click here
Shareholders / Members
Every company is required to have one member. If the company has share capital LTD,DAC,UC, PLC) the members are the shareholders in the company. The shareholders own the company so it is important to consider who is holding the shares in the company and the number of shares that will be issued to the shareholders. A company can have different share classes with different rights. For more information on shareholders and members click here
Registered Office
Every company is required to have a registered office address. It must be a physical location in the State where legal documents can be delivered and certain documents must be kept at the registered office such as the statutory register and the minute book of the company. For more information on shareholders and members click here
What is a Company Pack and what is the Company Seal used for?
The company pack contains all the legal documentation that you will require to get started:
- Company Constitution
- Certificate of Incorporation
- Minutes of the First Meeting of the Company
- Company Register
- Share Certificate(s)
- The Company Seal
The seal is used when the company is entering into a contract that requires the company to seal the agreement such as a lease.
Business Name
Last but not least…
If the company name you wanted was not available or you want to trade under a different name then you may register a business name. This allows the company to trade under different names or if it has different brands or products. The advantage of a business name is it is easier to get byt be careful as there is little protection for a business name so be aware of someonone passing themselves off as your business. The CRO will issue a digital business name certificate and the bank will require a copy of this certificate to accept payments in the business name. Insert Link
Useful Links
https://www.localenterprise.ie/Documents-and-Publications/10-Step-Guide/
https://www.enterprise-ireland.com/en/Start-a-Business-in-Ireland/Information-Store-for-Start-ups/
https://www.cro.ie/Portals/0/Leaflets/Info%20Leaflet%201%20v8.2%202014%20Act.pdf
Please Note:
Our CLS Insights aims to bring you practical information and news on Company Law and Company Secretarial. We cover the topics that matter to your business and give practical tips and also the benefit our experiences. Please remember this article is a guide and legal advice should always be obtained. If you have any queries please contact one of the team and we would be happy to help.
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