Until 1992 Ireland was part of the United Kingdom. Dublin after London was officially the second important city of the British Empire. In 1949 Ireland became a Republic and left the British Commonwealth. Northern Ireland is still part of Great Britain though. The Republic of Ireland is a parliamentary democracy. Its constitution is based on the example of Great Britain, Australia and the United States of America. The Republic is absolutely independent, but it is a full member of the EUROPEAN COMMUNITY and therefore - as all the other member states - is subject to the directives of Maastricht.
All the more amazing is a regulation within the Irish legislation, which is permanently criticised by the EC but still is permissible and absolutely legal. It is the so called Tax Free/ Non-Resident-company system of a limited company we are dealing with. This is an exceptional feature which is not subject to the company law but to the tax law. In clear this means: an Irish company is tax-free (in Ireland) if the majority of the shares is held by a foreign Beneficial Owner", if the company is controlled outside (the boarders of) Ireland, and if the company doesnt transact any business in Ireland itself. Non- Resident-Companies neither have to do nor submit any book-keeping there. Nevertheless the tax authorities reserve the right to look at the foreign book-keeping now and then in order to examine if there actually havent been carried out any business transactions within Ireland. An Irish Limited Company is not in charge of any owners but only in charge of name-shares. At the transference a fee of 2% of the shares value is charged.
The choice of name is relatively free and all company names must end with LIMITED, LTD, TEORANTA or TEO. The Tax Free/ Non Resident Company in Ireland must also have a main residence in the Republic of Ireland. Furthermore the company must have at least two directors, whereas only natural/ real" persons are allowed. Moreover at least two shareholders must be registered, whereas there are no restrictions concerning the nationality. The ordinary share can be registered in any amount. We usually register 1000 pounds Sterling.
The first annual general meeting must take place 18 months after the foundation of the company the latest. A transcript of the proceedings must be taken down. All companies must keep registers of directors, secretaries and shareholders and must fill in the annual-return-forms and send them back to the register of companies. An accountant must be present at the annual general meeting, who is licensed by the registrar of companies. We are always ready to help you along as we have had experience for years.
In order to fulfil the legal conditions we immediately provide your new company with Irish directors (nominees) by whom you directly get a General Power of Attorney- which is officially witnessed by a notary, so that you can start your business transactions with your new company completely and unrestrictedly. Moreover we provide you with two shareholders (nominees), who officially hold the laid down 2% of the share capital. In the Irish register of companies there are then therefore Irishmen registered outwardly, who keep their anonymity. Of course you can at your special request be registered as majority shareholder, which actually makes little sense, if it shouldnt be outwardly recognisable that you as well are the owner of company.
As the company must be run from outside in order to get the tax free status we offer you a subsidiary with address and working office service in London which is all included in the price. From there your company is run and this address should as well be given on your letter paper. The business accounts of the Irish Limited should then for the sake of simplicity as well be opened in London. This is included in the price and will be carried out with our help.
The Irish Limited is suitable for many business purposes especially if a siphon off the profits of an already existing independent company should be carried out.
The Irish Limited can of course not be registered for VAT (value added tax) in Ireland, because it is a tax free company. Registrations for VAT can though be carried out through subsidiary companies" of this holding for example on the Isle of man, Jersey or Great Britain.
An exact construction differs from case to case, so that we would in any case recommend some well-directed advice through us. We find the best way for you to make your business even more successful in the future.
So that you can start right away, the following services, documents and papers are included in the price:
Please take any further information in head words from the enclosed DATA -SHEET.
On request we can also have your book-keeping for the English or Irish Limited done here in England. Our staff in the London tax office have much experience in dealing with foreign book-keeping and can handle your instructions purposefully. We have the right programme for you and your business. Simply inform us about your wishes, we will find the best possible constellation.