Offshore in Ireland: the advantages of opening a company
If you are looking for a country to open an offshore company, consider Ireland, one of the best countries for doing business. The jurisdiction is notable for its high business reputation, economic and political stability. Close contacts with mainland Europe offer great opportunities for international business. It has a low income tax of 12.5%. There is no tax for profits earned outside the country if specific conditions are met. More details about opening an offshore company in Ireland in 2022 will be presented by IT-OFFSHORE specialists.
Advantages of business in Ireland
Ireland is a part of the EU that offers great prospects for international businesses. It is also the only country that has a land border with Great Britain, which has one of the most developed consumer markets in the world.
The country has programs to support growing businesses and startups, including domestic grants. The tax credit for research and development is 25%. The likelihood of a subsidy depends on the value of the products, where the company is located, and the number of jobs created.
If you are registering a private limited liability business, you need a physical office where the seal must be located. There are no citizenship requirements for a secretary, director or auditor, although one of the directors must be a resident of the European Economic Area.
To open a company requires a minimum package of documents:
- receipt of the registration fee;
- copy of passport certified by a notary;
- details and address of the beneficial owner;
- memorandum of the company specifying the activities it will engage in;
- Articles of Association indicating the internal management structure;
- Form A1.
Bank account opening for company registration is not required and the minimum charter capital requirement is 1 euro.
Terms of business registration
The incorporation of an offshore company in Ireland in 2022 is fast. It takes 1.5 working days from the date of filing all documents.
Possibility of changes in the company structure
Once the company is incorporated all subsequent changes (new shares, change of directors, and amendments to articles of incorporation) can be made with ease at the company registration office. There is no need to go to the notary or to re-issue documents as in continental Europe.
Other advantages of business registration in Ireland
- High business reputation;
- Beneficiaries can maintain confidentiality;
- Small businesses are exempt from the requirement of an audit;
- Low level of bureaucracy;
- Highly skilled workforce;
- English is the official language;
- Ownership of a business can be transferred to more people. Employees may also own shares.
Taxes in Ireland
Ireland can not be called completely offshore, because taxes must be paid. Nevertheless, the rates are low:
- The tax on profits from trade in Ireland is 12.5%.
- A zero rate for foreign dividends.
The Republic has signed a double taxation treaty with many countries around the world, and this must also be taken into account in accounting.