Registering A Business
Congratulations on starting your own business!
The first port of call when setting up your business? Get in touch with your Local Enterprise Office - they are a wealth of free information and help for anyone starting up a business in Ireland. Whether you're already employed, unemployed or a foreign national, there are many grants and courses available to help you make your business a success.
The next step for any serious entrepreneur is registering their business. You'll have to decide what category of company suits you, any partners you may have and your approach to risk in the business world. We highly recommend getting in touch with a solicitor or an accountant for advice with this (you're going to need an accountant in the long-run anyway!)
Essentially, there are three categories to register as: sole trader, partnership or a limited company.
Sole trader - Setting up as a sole trader is pretty easy, but if the business doesn't work out, your creditors can come after your personal assets.
Partnership - The business is run by 2 or more partners, all partners are responsible for running the business and any debt that may occur. If going in to a partnership, it is essential to get a partnership agreement created by a solicitor.
Limited company - A limited company means your business is a separate legal entity - creditors can only claim assets of the company if times get tough.
Where to Register a New Business in Ireland?
You'll need to register your business name with the Companies Registration Office, they charge between €20-€40 per application. You'll need to print off a signature page and return it to their offices to finalise the procedure. You'll then get a certificate of registration.
Once you have this, you can now register for tax.
How to Register for Company Tax in Ireland?
You will need your new business registration details from your certificate when making your tax application.
Depending on the type of company you have, there's a form to fill in. Again, depending on the type of company you are and the nature of your business will influence what tax you will have to pay. You can register for Corporation Tax (CT), Employer Pay As You Earn (PAYE), Value-Added Tax (VAT) and Relevant Contracts Tax (RCT) online.
After registration, you can then file all your tax returns, make payments and view your current status online at www.ros.ie.
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