Location:
Ireland is located west of Great Britain, and the two countries are
separated by the Irish Sea. The area of the island is approximately 32,500
square miles. The capital is Dublin.
Language: The
official business and commercial language is English, but there are many
areas where Irish Gaelic is spoken.
Population:
The population is approximately 5 million.
Political System:
All of Ireland was part of the United Kingdom until 1922 and the start
of the War of Independence, which lasted three years. The result of the war
was a treaty that divided the island into two separate parts: Northern
Ireland, which still is an integral part of the United Kingdom; and the
Irish Free State, which in 1949 became a republic and left the British
Commonwealth.
The Republic of Ireland is
a parliamentary democracy with a written constitution; and the head of state
is the president, who is elected for a maximum of two terms of seven years.
The Republic of Ireland is a full member of the European Community.
Legal System:
It is a common law jurisdiction, and its legal system is similar to that
of Australia, the United Kingdom and the United States. The Irish legal profession
is completely independent and self-regulating.
Taxation: Ireland
has an extensive double-taxation treaty network; however, they do not apply
to Non-Resident companies. Resident companies are taxed at a rate of 40%
on capital gains and income. Non-Resident companies have zero corporation
tax, and they are not required to file accounts with the Tax Authority (the
Tax Authority reserves the right to call for accounts).
Incorporation:
There are a few different types of companies available in Ireland: Private
Limited companies, Public Limited companies, Private Unlimited companies,
and companies Limited by Guarantee either with or without share capital.
Private Limited companies with a share capital is the most common type
of company. A company can be incorporated within 10 working days, and ready-made companies are also available.
To obtain Non-Resident status,
the owners of the company and its center of management should be foreign-based, and the company's income must come from sources outside the Republic
of Ireland.
Requirements for incorporation
are:
All companies must have a registered
office in the Republic of Ireland.
The company can use any name
approved by the Registrar, but permission is required from the Department of Industry and Commerce in order to use words as Co-operative, Co-op,
Society, University, Insurance, Bank or Banker. The name of a Private Limited
company must end with the word Limited, Ltd., Teoranta or Teo. to denote
limited liability.
At least two shareholders, who
may be of any nationality, are required.
Two directors, who must be natural
persons, are required.
The company secretary can be
either a person or a corporation.
An auditor, who is approved by
the Registrar of Companies, must be appointed at every Annual General Meeting.
After the date of incorporation,
the first Annual General Meeting must take place within 18 months. After
the first meeting, the AGM should be held not more than 15 months apart.
The AGM may be held outside Ireland if permitted in the Articles of Association
or authorized by the previous AGM.
Companies are required to file
annual returns and accounts with the Registry. The annual return must be
filed together with a fee of 10 IR pounds, and it must be made up to a date
14 days after the Annual General Meeting. It must include names and addresses
of the shareholders, the directors and the secretary; details of the share
capital; and if there are any charges against the company. (The company
will be fined if it fails to file the annual return and audited accounts).
The company must keep Registers
of Directors, Members and Secretary as well as copies of all annual returns.
A Private Limited company does
not have a maximum authorized share capital, but capital duty is charged
at a rate of 1% on the value of the issued share capital.
Private Limited Companies may
not issue bearer shares.
Summary: Following
are some of the advantages of selecting Ireland as an offshore center:
Zero corporation tax for Non-Resident companies
No disclosure of beneficial
ownership
Excellent communications and
commercial infrastructure
A well-established international
banking system
A member of the European Community
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