3 Reasons Why Sellers Prefer to Register Irish Companies

Republic of Ireland
Ireland is a parliamentary republic in Western Europe, bordered by the Atlantic Ocean in the west and the Irish Sea in the east, with the United Kingdom across the sea, it is the gateway from North America to Europe, Ireland is known as the "Emerald Isle".
Apart from that, Ireland is a highly developed capitalist country, a permanent neutral country, a member of the European Union, the Organization for Economic Cooperation and Development, the World Trade Organization and the United Nations, and has earned the reputation of being the "Tiger of Europe" because of its economic development.
Preferred Ireland
Why do so many sellers prefer to register their company in Ireland:
1. Ireland is an open economy. It has a strong high-tech industry, and information and communication technology and biomedical technology are Ireland's key development and export industries. Ease of doing business is one of its major advantages, and it can respond quickly to the needs of enterprises.
Despite its small size, Ireland enjoys all the benefits of being an EU country and is uniquely suited to businesses wishing to set up in Ireland!
2, tax haven - low tax rate. Regardless of the tax in which country is unavoidable, just different countries have different tax rates, so many cross-border sellers in order to reasonably comply with the high tax avoidance, most of them will choose to register an overseas company to circumvent the way.
3. Self-declaration. Cross-border e-commerce sellers of Irish enterprises can declare EU VAT independently, and will not be withheld and paid by e-commerce platforms.
After comparison, most countries in the European Union, corporate tax ranges from 30-40%, while Ireland's income tax on corporate profits is a uniform 12.5%, and there is no local taxation of enterprises, such as counties and municipalities, which is extremely rare in the developed countries.
As a result, many businesses are attracted to registering an Irish company.
Key Points for Registering an Irish Company
I. Information Required for Company Registration in Ireland
1. A clear color scan of the ID card or passport of the shareholder or director;
2. A clear color scan of the address proof in the last three months;
3、Company name (limited ending English name, can be prepared two or three one-time search);
4. Main scope of business;
5、Registered capital (no minimum registration limit, no need to pay, recommended 100 euros);
6. Invoices from public utilities, such as water, electricity, gas, or other bills, for the last three months for the corporation and its directors.
PS: Registration takes about 1 month.
II. Points to note
1. Type of business
There are five types of companies: limited liability company, unlimited liability company, limited liability company, branch company and partnership. Investors usually use limited liability company as an investment entity, and its advantage is that the liability of the shareholders will be capped by the total amount of shares subscribed.
2. Company Name
Check with the Companies Registry (CRO) to see if the proposed name is usable, the company name must not be the same or similar to any other company, and approval must be obtained from the relevant government agency for businesses of a particular nature, such as banks, insurance, schools etc.
3. The shareholders, directors and company secretary of the proposed company
When forming a company, the limited liability company must have at least one shareholder, one director and a company secretary. There is no restriction on the nationality of the shareholders, so a Chinese company or a Chinese natural person can become a shareholder of an Irish company directly.
Note: At least one of the Directors should be an EEA resident and if the above conditions are not met, the Company will have to pay a lower rate for the insurance bond for non-EEA residents.
4. Amount of equity to be invested
The amount of shares to be invested in a limited liability company can be confirmed by the investor, e.g. as low as one euro, without the need to inject additional capital into the company.
5、Company registered address
The proposed company must have a physical address in Ireland, which is recorded with the Registrar of Companies.
6. Appointment of auditors
The company must appoint an auditor, who is obliged to submit audited accounts publicly on an annual basis, and who is responsible for auditing the accounts of the company prepared by the board of directors and reported to the shareholders of the company.
7、Open a bank account
After registering an Irish company, you will need to open a bank account, which can be operated remotely without the need for shareholders or directors to travel to Ireland.
Write at the end:
If you are looking to invest or register a company in Ireland, Green Circle can handle and help you with your cross-border business including but not limited to:
1. VAT filing service;
2. European product compliance;
3. Trademark registration;
4. Company registration;
5、Outside Patent Registration.
Seller friends who need it, welcome to chat!