Starting a new company

srdb20

Hi lads,

Not sure if this is the right place (Mods please feel free to move)!

Im looking to start up my own company, so i can act as a contractor.

I was wondering if any one here new the procedure and likely costs involved in doing so.


Cheers

Sposs

You will need to register the Company name www.cro.ie

and register for VAT www.revenue.ie

srdb20

Does that mean i can keep my job i have currently and do contracting work also?

kjt

You might find this helpful.

AARRRGH

Sposs wrote:

You will need to register the Company name www.cro.ie

and register for VAT www.revenue.ie

Well, he doesn't have to register for VAT.

You only need to register a company name if you want to trade as something other than your own name.

(not trying to be an ass Sposs - I'm just saying these things are optional.)

I vaguely remember reading something along the lines of if you earn under 100k you're better off being a sole trader for tax reasons.

nesf

dublindude wrote:

I vaguely remember reading something along the lines of if you earn under 100k you're better off being a sole trader for tax reasons.

That part is important. If you are going to be doing service work like contracting where its your time and not a product you are selling then you are better off as a sole trader tax wise.

Regardless, get yourself a good accountant. They are worth their weight in gold when you're working on your own (or so I've been reliably told).

PRman

Hi,

If your'e starting a new company there is a lot you need to do, so your better off getting a company formation agent. They can do everything for you i.e. check the name, register the company, order the company seal, etc. Costs are normally around 400-500 for a reputable formation agent. I have used 'Company Bureau' <snip> and found them extremely helpful, and their cheaper than CFI who are the largest formation agent. Best of luck with your business! It's tough starting out!

regards

AARRRGH

PRman wrote:

Hi,

If your'e starting a new company there is a lot you need to do, so your better off getting a company formation agent. They can do everything for you i.e. check the name, register the company, order the company seal, etc. Costs are normally around 400-500 for a reputable formation agent. I have used 'Company Bureau' www.companyformations.ie and found them extremely helpful, and their cheaper than CFI who are the largest formation agent. Best of luck with your business! It's tough starting out!

regards

You do know all your posts (bar one) have been pimping this company formations place? Makes it kind of obvious who's the owner...

Sposs

Sling your Hook or pay to advertise by contacting admins@boards.ie

pclancy

IMO dont bother with forming a company if its just going to be you doing contract work. You dont need to reg for VAT unless you're going to do more then 25K of work. Stay small and simple. Find yourself a decent accountant if you reckon you're going to be doing enough work to warrant registering for VAT but be cafefull as accountants can be very expensive. Go into your local enterprise board for free advice instead.

Start small, read all the info you can and keep all your receipts etc.

Good Luck!

stormin

I run my own Limited Company for contracting. I set the whole thing up myself after a very small amount of research and it was a doddle. Cost bugger all.

Registered for VAT as I was contracting as my primary income. I have just filed my own Annual Returns and it was also easy.

Read the documentation that CRO provide. It's very good and don't be afraid to phone and ask CRO or Revenue about anything.