Ireland is a large island situated to the west of Great Britain, separated from it by the Irish Sea and is often regarded as being on the very perimeter of Europe. With a land mass of 84,079 square kilometres Ireland it is the 20 th largest island in the world.
Ireland is in fact two independent countries. The larger area forms “The Republic of Ireland” and the smaller area, in the north eastern corner, is part of the United Kingdom.
» Population
The population of the whole of Ireland is approximately 5 million of which 3 million live in the Republic. Roughly one-third of the population live in Dublin and its surrounding suburbs.
» Political Structure
In 1949 Ireland became a Republic and left the British Commonwealth. Northern Ireland remains an integral part of the United Kingdom.
The Republic of Ireland is a parliamentary democracy with a written Constitution. The President is the Head of State elected to a seven year term and may serve no more than two terms. The Parliament is known as the Oireachtas and consists of two houses, a Lower House and the Senate. The lower house called D á il Eireann has 166 members elected by proportional representation for a five year term. The members elect a Taoiseach (Prime Minister) who nominates 15 Government Ministers to the President.
The Senate, or upper house, is known as Seanad Eireann and functions in a similarly manner to the House of Lords in the United Kingdom. It comprises of 60 members. The Senate has powers of consultation and amendment only, and may not veto any proposals emanating from the D á il . It does however have the power to delay legislative proposals and is allowed 90 days to consider and amend bills sent to it from the D á il . The Senate serves for the same term as the D á il .
The Republic of Ireland is a full member of the European Union. Accordingly, Irish citizens have the automatic right to live and work in any member state of the Union.
» Infrastructure and Economy
Ireland is an open, modern, trade-dependent economy. GDP is 10% above that of the four big European economies and the second highest in the EU behind Luxembourg.
The Irish Government’s National Development Plan has invested in major public infrastructure projects such as roads, public transport, water and waste services and childcare. Internal and international transport services are well developed with daily direct flights out of three major airports to major European and US locations.
Over 80 international shipping lines operate out of Ireland’s commercial seaports with regular LO/LO and RO/RO sailings to the UK, USA, and Continental Europe providing access to international markets. With exports accounting for three quarters of national output, Ireland has had to develop a highly efficient distribution network which makes the rest of Europe accessible within hours. Ireland has a very well developed, regulated and sophisticated banking and financial services infrastructure experienced in handling the requirements of overseas companies.
» Language
The English language is the official business and commercial language. However, there are many areas referred to as "An Gaeltacht" such as the Aran Islands, Connemara, Galway and Cork where Irish Gaelic is spoken.
» Currency
The Euro replaced the Irish Punt in 2002.
» Exchange Control
None
» Type of Law
Common Law based on English Common Law.
» Principal Corporate
Legislation
Companies Acts 1963 to 2005.
Company Information
» Procedure to Incorporate An International Company
Submission of Memorandum and Articles of Association, which must state the intended business activity and the appropriate NACE code, together with a Form A1 detailing the first directors, secretary and situation of the Registered Office to be declared in the presence of a solicitor, notary or Commissioner of Oaths in the Republic of Ireland. It is important to note that the Registry will only incorporate new companies that prove they intend to undertake some form of real business in Ireland.
» Restrictions on Trading
Cannot solicit funds from or sell its shares to the public. Required to undertake some business within Ireland.
» Powers of Company
A Company incorporated in the Republic of Ireland has the same powers as a natural person.
» Language of Legislation
and Corporate Documents
English.
» Registered Office
Required
Yes, must be maintained in the Republic of Ireland, this address should be displayed on all letterheads and stationery for the company together with the Incorporation Number and full name of the Directors and Secretary. Care should be taken to include the business address on stationery for the day to day business activities of the company.
» Name Approval Required
No
» Shelf Companies Available
No
» Time Scale to Incorporate
10 working days.
» Name Restrictions
A name that is identical or similar to an existing name. A name that implies illegal activities. A name that implies state patronage.
» Language of Name
Can be in any language using the Latin alphabet. The Registrar may request an English translation if a foreign language name is used for a company name.
» Names Requiring Consent or a Licence
The following names or their derivatives: bank, building society, savings, insurance, assurance, reinsurance, fund management, asset management, co-operative, Chamber of Commerce, society, municipal, group, holding, Irish or their foreign language equivalent.
» Suffixes to Denote Limited Liability
Limited or Teoranta (Irish Gaelic for Limited) or the relevant abbreviations.
» Disclosure of Beneficial Ownership to Authorities
The identity of the beneficial owners of an Irish Company may remain confidential if corporate shareholders are engaged to act as the shareholder on behalf of the ultimate beneficial owners. This confidentiality is maintained as long as the company and its ultimate beneficial owners are not involved in any criminal activity.
Compliance
» Authorised
and Issued Share Capital
There is no capital duty payable on the authorised capital. There is a 1% capital duty payable on the issued share capital. There is no maximum authorised capital. The minimum issued capital is two shares of par value.
» Classes of Shares
Permitted
“Ordinary” and “Preference” shares. Preference shares provide a benefit over and above those available to the holder of ordinary shares. In most cases the preference will relate to voting rights and/or payment of company dividends depending on the provision of the Memorandum & Articles of Association...
» Taxation
The corporate tax rate is currently 12.5% on trading income and 25% on non trading income.
» Double Taxation Agreements
Ireland has a very extensive network of double tax agreements. The treaty countries include: Australia, Austria, Belgium, Canada, Cyprus, Denmark, Finland, France, Germany, Italy, Japan, Korea, Luxembourg, Netherlands, New Zealand, Norway, Pakistan, Portugal, Russian Federation, South Africa, Spain, Sweden, Switzerland, USA, United Kingdom and Zambia.
» Licence Fees
None
» Financial Statement Requirements
Audited accounts are filed with the annual return. Annual accounts must be filed with the tax authorities.
» Directors
The minimum number of directors is two, one of who should be resident in Ireland. Directors must be natural persons.
If a local director is not appointed a €25,395 bond must be paid up to satisfy Section 43(3) of The Companies (Amendment) (No.2) Act 1999. The bond is valid for a minimum period of 2 years, commencing no earlier than the occurrence of the event giving rise to the requirement for the bond.
From 18th April 2001 the maximum number of directorships that a director may hold is limited to 25.
» Company Secretary
A company secretary is mandatory and occupies and has a direct legal responsibility to maintain company records, file annual returns and/or carry out any other functions that may be set out within the Memorandum & Articles of Association. The Secretary can be a natural person or body corporate and need not be resident in the Republic of Ireland.
» Shareholders
The minimum number of shareholders is one, although our standard Memoranda and Articles of Association provide for two shareholders.
» Company Seal
Irish Law demands that all limited companies have an official seal.
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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.
