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Advice on starting business for EU foreign resident

  • 01-01-2009 2:23pm
    #1
    ciaobellaciao1
    Closed Accounts Posts: 63 ✭✭


    A Happy New Year to all boards.ie members!

    My New Year's resolution is to make and save some money! So, my questions are business-related!

    I am currently weighing up the pros and cons of setting up shop in Ireland I'm sure the Irish government will be happy to hear that! ;-) versus setting up a company here in Belgium, where I am resident. (Taxes are very high here and setting up a business seems more complicated than in Ireland.)

    I have previously worked as a freelancer based in Ireland (spending more than half the year in the country), but am now fully resident in Belgium so unfortunately I am now no longer entitled to that status. Yet I continue to work as a freelancer and receive income (not large sums).

    It is possible for me to find a partner (a family member), who is an Irish resident, to set up the company with me. All the business concerned takes place by email, so physical presence in Ireland would not be necessary.


    My questions are:

    1. What would be the best options for setting up a company in Ireland (partnership, Ltd., etc.)?
    2. Where can I go for the best advice on setting up a company without being ordinarily resident in Ireland?
    3. Since I am officially resident in a European Union country, I would have to declare any additional income here. Is there any way of avoiding declaring additional income earned outside the country where I am living?


    Any additional advice would be most welcome! :-)


Comments

  • #2
    R3al
    Closed Accounts Posts: 303 ✭✭R3al


    ciaobellaciao1 wrote: »

    My questions are:

    1. What would be the best options for setting up a company in Ireland (partnership, Ltd., etc.)?
    2. Where can I go for the best advice on setting up a company without being ordinarily resident in Ireland?
    3. Since I am officially resident in a European Union country, I would have to declare any additional income here. Is there any way of avoiding declaring additional income earned outside the country where I am living?

    1 & 2. this depends on the type of business and expected revenue, the clearest advantage of say a limited company over a sole trader or partnership would be the low corporate tax in Ireland (12.5%) and the fact that a company is a separate legal entity. However at least one of the company directors would need to be resident in Ireland and you would need an Irish address as the registered office. The CRO website is a good place to start researching your options, See leaflet 1 "company incorporation" at http://www.cro.ie/en/downloads-information-leaflets.aspx

    You might also have a look at www.startingabusinessinireland.com

    3.You would have to speak to an accountant to get the best advice on your last question


  • #3
    Sonnenblumen
    Registered Users, Registered Users 2 Posts: 5,834 ✭✭✭Sonnenblumen


    Why for instance would you want to set up an email operation in Ireland and not your country of residence? Why do you need Irish assistance and why do you think the Irish Gov would be interested??

    Are you even an EU citizen?

    All sounds like a potential scam operation to me!


  • #4
    ciaobellaciao1
    Closed Accounts Posts: 63 ✭✭ciaobellaciao1


    Sonnenblumen wrote: »
    Why for instance would you want to set up an email operation in Ireland and not your country of residence? Why do you need Irish assistance and why do you think the Irish Gov would be interested??

    Are you even an EU citizen?

    All sounds like a potential scam operation to me!

    No, it's not a scam. I have a family member who is involved in the same business as me, so I'm thinking of asking her to be a director.

    Yes, I am an EU citizen. I'm Irish but resident in another EU country which has very high tax rates for setting up a business.


  • #5
    ciaobellaciao1
    Closed Accounts Posts: 63 ✭✭ciaobellaciao1


    R3al wrote: »
    1 & 2. this depends on the type of business and expected revenue, the clearest advantage of say a limited company over a sole trader or partnership would be the low corporate tax in Ireland (12.5%) and the fact that a company is a separate legal entity. However at least one of the company directors would need to be resident in Ireland and you would need an Irish address as the registered office. The CRO website is a good place to start researching your options, See leaflet 1 "company incorporation" at http://www.cro.ie/en/downloads-information-leaflets.aspx

    You might also have a look at www.startingabusinessinireland.com

    3.You would have to speak to an accountant to get the best advice on your last question

    Thank you very much for the links to those sites.


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