Establishing a Republic of Ireland subsidiary is an excellent way to grow your company in the European Union (EU). The Republic of Ireland offers access to the EU’s 26 other countries, and allows you to freely move goods, capital, and services throughout the region. However, you’ll need to consider various factors before expanding to the Republic of Ireland.
How to establish a Republic of Ireland subsidiary
There are 2 main areas to consider before establishing a subsidiary in the Republic of Ireland: business factors and legal framework.
The Republic of Ireland has a low corporate tax rate, and Industrial Development Agency (IDA) requirements ensure your company will succeed when hiring new employees in the country. The legal framework in the Republic of Ireland differs from other civil law systems in Europe.
Once you decide that the Republic of Ireland is the right move for your company, you’ll need to settle on a type of business. Most companies choose a limited liability company since shareholders’ liability is limited by the amount of any remaining unpaid shares they hold.
The different types of limited liability companies in the Republic of Ireland include:
- Private company limited by shares
- Designated activity company
- Designated activity company limited by guarantee
- Company limited by guarantee
- Public limited company
The incorporation steps differ based on the type of company, but many businesses decide to set up a private limited company by shares by following these steps:
- Secure a European Economic Area (EEA) resident to act as a director of the company. Each director should obtain a Personal Public Service Number or a Verified Identity Number and disclose it to the Companies Registration Office (CRO) in order to incorporate the subsidiary.
- Prepare an application form and constitution (articles of association) of the company.
- Submit all required documentation to the CRO and pay the corresponding registration fee.
Once the entity has been incorporated, a company seal must be obtained and corporate tax, social insurance, and VAT registrations should be completed with the Revenue Commissioner.
Additionally, beneficial ownership registration must be completed by submitting information to the Register of Beneficial Ownership (RBO).
Republic of Ireland subsidiary laws
There are several laws in place that apply to subsidiaries in the Republic of Ireland, from the incorporation phase to its operation. For example, there are 2 different ways to register a company at the CRO:
The CORE (Companies Online Registration Environment) registration system allows you to lodge incorporation papers in print and electronic form. You must submit them in CRO pre-approved format. A CORE account will need to be created to access this system. A Certificate of Incorporation will be delivered after 10 working days of the submission of the corresponding documents.
With the Fe Phrainn system, you’ll need to submit incorporation documents to the CRO for pre-approval. The system will deliver a Certificate of Incorporation within 5 days of filing the corresponding documents.
Irish laws require all companies to have 1 secretary and a minimum of 2 directors. One of the directors is required to be a resident in a member state of the EEA. This requirement does not apply to any company that holds a bond, in the prescribed form, in force to the value of EUR 25,000. The bond must have a minimum period of validity of 2 years.
Additionally, in order to maintain compliance, an annual return must be submitted along with financial statements by the date allocated by the authorities in the Republic of Ireland.
Benefits of establishing a Republic of Ireland subsidiary
Establishing a limited liability company as a subsidiary in the Republic of Ireland offers several advantages. For starters, this type of company has limited liability from the parent company, so any litigation or losses will not impact the entire organization. Plus, the Irish subsidiary can choose to operate under a different managerial framework from the parent company to better align with the local culture and business practices.
其他重要考量
Before establishing a subsidiary in the Republic of Ireland, you’ll need to make sure you have all the resources lined up. Advice from local experts will certainly be required to incorporate, operate, and maintain a subsidiary, which can entail the investment of significant resources.
Instead of investing your hard-earned money and time in establishing a subsidiary, you can partner with G-P. We can help you get started quickly and easily by hiring employees through our established subsidiary in the Republic of Ireland. As your employer of record, we offer ongoing support to make sure you stay compliant.
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