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new business

  • 04-04-2009 3:27pm
    #1
    pool fan
    Closed Accounts Posts: 109 ✭✭


    hi, how do i go about setting up a new company and registering it? How long will it take before i get my vat number and company number? will this cost me much to set up?

    I have a chance to import goods from italy and sell them here and be service agent for them. I am going to start it and try build it up while still working in my current job and hopefully it will take off and ill be able to work full time at it.

    thanks
    pat


Comments

  • #2
    forbairt
    Registered Users, Registered Users 2 Posts: 3,594 ✭✭✭forbairt


    There are a few ways you can go about setting up a limited company.

    1: go to www.cro.ie and follow the instructions there.
    (Not entirely sure of cost probably 100 - 200 euro)

    2: Go to a formations company that will do all the paperwork for you
    (Again not entirely sure of cost probably 300 - 500 euro)

    Once you've got your limited company set up then you can apply for VAT (at least this is my understanding)

    You could just go the sole trader route as well which might / might not save you a lot of hastle


  • #3
    adrian.s
    Registered Users, Registered Users 2 Posts: 171 ✭✭adrian.s


    If you're just going to test out the water so to speak by importing and selling the furniture, would it not be best to just go the sole trader route? If you set up your company, you need to go the route suggested in the previous post. Then you have the hassle of opening a bank account before registering with revenue.

    There's also the ongoing costs of managing the company such as accountancy fees, cro filings etc.

    To get started, maybe just register a business name with the CRO (€20) and go the sole trader route. If you find things getting busy and you feel like taking it more serious, company registration can follow.

    Hope this helps,

    Adrian.


  • #4
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭swanvill


    Hi,
    I would recommend that you register as a sole trader as suggested above. You would only create a company if you feel you are going to need to limit your liability which you should not worry about once you pay everybody what they are owed and have adequate insurance to cover any accidents. One advantage of being a sole trader is if you happen to make a 'loss on paper', you can write this loss off against your PAYE income tax bill & obtain a refund.

    If you want further information please pm me.

    Regards

    Swanvill

    PS read the following thread http://www.boards.ie/vbulletin/showthread.php?p=59356436#post59356436 regarding advantages /disadvantages of Sole trader v Ltd Liability. But in the beginning I would always recommend sole trader.


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