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fundung a startup

  • 13-10-2009 10:44pm
    #1
    halfthetrack
    Closed Accounts Posts: 25 ✭


    i want to fund my start up by giving it a directors loan, is there any formalities I have to go through to give a directors loan? or just transfer money in from my personal account, can i take the loan ammount back tax free at anytime, thanks in advance


Comments

  • #2
    gizmoiddy
    Closed Accounts Posts: 6 ✭gizmoiddy


    halfthetrack wrote: »
    i want to fund my start up by giving it a directors loan, is there any formalities I have to go through to give a directors loan? or just transfer money in from my personal account, can i take the loan ammount back tax free at anytime, thanks in advance

    Check with your accountant but mine just told me to write a cheque from my personal account and lodge to the business account.

    Once there's money in the business account you can write a business cheque and lodge it back into your personal account.


  • #3
    halfthetrack
    Closed Accounts Posts: 25 ✭halfthetrack


    thanks fror the quick reply gizmoiddy


  • #4
    Cgm
    Closed Accounts Posts: 18 ✭Cgm


    Yes that is fine. It is when the money is going in the other directions which causes the problem ie a loan from the company to the director which is illiegal.


  • #5
    Sposs
    Registered Users, Registered Users 2 Posts: 2,472 ✭✭✭Sposs


    You will also be able to claim nearly half what you invest back from revenue , using the seed capital scheme - http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm , your accountant can sort this out for you.


  • #6
    halfthetrack
    Closed Accounts Posts: 25 ✭halfthetrack


    hi Sposs have you any experience of the seed capital scheme, im leaving full time emplyment the business is a franchise will this affect my qualification for the scheme


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  • #7
    Sposs
    Registered Users, Registered Users 2 Posts: 2,472 ✭✭✭Sposs


    No , it applies to anyone who invests money into a new business. You can claim back up to 46% (i think) of whatever you have invested in your new venture. However you do have the leave the money you have invested in the company for at least 5 years.

    Meaning that you can't get the tax back and then withdraw your investment straight away, which is to be expected.

    It was designed by the government in the last budget to increase people investing in new companies.


  • #8
    Cgm
    Closed Accounts Posts: 18 ✭Cgm


    There are only certain qualifying trades that meet the criteria ie manufacturing of goods, internationally traded goods etc. It is quite restrictive you should check revnue guidelines to see if you can avail.


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