Company + bank account in Ireland: all pros and cons
Ireland is one of the leading states in Europe. Due to the advantageous conditions of opening and managing accounts, the banking system is attractive for international companies. Hence the question of how to open an account in Ireland is relevant.
Despite the fact that the country is not classified as an offshore zone, the taxation system is relatively advantageous. Many businessmen are eager to buy a company in Ireland, as the economy is developed and traffic flows across the territory. Establishing a company in stages is similar to opening a firm in other EU countries.
Features of opening an account
You can buy an account in Ireland in a short period of time. To do this you need to collect the necessary documentation. The list of documents may vary depending on the bank's requirements. For more information about creating a bank account, please contact our specialists at IT-OFFSHORE.
The country's banking system has low rates compared to other financial institutions. Account opening is available for private and corporate clients. Personal accounts are opened with local banks mainly for residents.
What banks to open an account with:
- ACC Bank - ACC Bank has a high level of data protection, the term of account creation can take up to 90 days. It is possible to open a personal and corporate account;
- AIB Group - it is possible to open any type of account for residents. Low lending rates apply. There are services for remote account management via online bank;
- Bank of Ireland -an account may be opened for residents and non-residents on nearly equal terms;
- Ulster Bank - works only with citizens of the country and firms that are registered within Ireland. The level of confidentiality is relatively high;
- Banking 365 Online - is a financial institution working with the client remotely through the network.
There are special territories in the country that carry the status of offshores. To use an offshore account, the managers of financial institutions are required to provide financial reports to the company. This way, it is possible to avoid working with prohibited areas of business.
Establishing a firm in Ireland
Before registering a company in Ireland, we suggest that you familiarise yourself with the main legal forms. The most common form is LP. It is also possible to establish a partnership as well as a foreign company. The average registration time takes up to 10 days.
It is a prerequisite that you have a legal address in the country. You must also maintain accounting records as well as conduct audits on a regular basis. The state supports small businesses; small companies can prepare reports under a simplified scheme. The company must have at least one resident.
Data about the company are open, and you can get it by sending a request to the registration authority. The name of the company must be unique. LP registration requires at least one director, secretary, shareholder. If the general director of the partnership is a natural person, it is not required to submit declarations. A nominal service may be used.
The benefits of incorporating a company in Ireland
Establishing a company in Ireland is relevant for a number of reasons. The situation in the country is stable on the economic and political scales. The conditions are close to those that apply in offshore areas.
The country has concluded agreements on avoidance of double taxation with some states. There is also no currency control. The state is respectable, and opening a company in Ireland will improve the reputation of the firm.
Innovations in corporate law
At the end of 2019, changes were made to the Irish corporate law. The adjustments relate to the opening of a company in the form of a partnership. New mandatory requirements for non-residents of the country were incorporated.
According to experts, the new conditions are associated with tighter control over the investment business in the country. Therefore, every businessperson who plans to establish a business in the country and open an account must prove the seriousness of his or her intentions.
The general partner of the company, who is not a resident, must obtain a permit to establish a partnership from the relevant authorities. If the general partner is an entity that is not a resident of Ireland, a branch office in the jurisdiction must first be established.