In this scenario, we look at a company looking to set up in Ireland from abroad.

A company may look to set up in Ireland to access the EU market and to avail of our 12.5% corporation rate, but what do they need to consider before doing so?

Filings

The company needs to register the business with the CRO (Company Registration Office). The CRO require annual returns from all Irish companies, regardless if they are trading or not. The first filing is due 6 months after incorporation, and yearly thereon. If an annual return is not filed on time, this can lead to high penalties and the company subject to audit.

An Irish company is also required to file details of their RBO (Registered Beneficial Owner), this includes shareholders owning 25% or more of shares of the company. Each shareholder would require a PPSN (Personal Public Services Number) to be registered.

Taxes

A company setting up in Ireland would need to be seen to have a real and tangible presence here, for Revenue to consider it for the 12.5% corporation tax. Revenue would need to be satisfied the company has a physical location in Ireland, with employees and is present here full time. This includes the majority of their directors being based in Ireland.  This is also a consideration for a VAT number to be issued.

Once registered with the CRO, new Irish companies will have to register for all relevant taxes, for example;

• VAT
• RCT (Relevant Contract Tax)
• Corporation Tax
• Employers PAYE
• Propriety Directors for Income Tax

These taxes should be registered as soon as possible to avoid any fees or penalties from Revenue for non-compliance.

Should you require assistance, contact us on 01 539 7999

The above does not constitute as advise, please seek advice for your own situation from a professional tax advisor.