Company formation question

dromdrom

Can any recommend the cheapest and most efficient company formation service? Also just wondering what roughly would be the annual accountancy charges for a small start up company with a turnover of roughly 75-100k (am off to meet the accountant next week and want to get a ballpark figure). Any help would be greatly appreciated.

dbran

Hi

There are many company formation agents around offering different packages so you should shop around.

As regards accountancy fees, a lot will depend on how much of a service you require and if you are willing to tackle some of the work yourself eg bookkeeping.


Kind Regards


dbran

dromdrom

Thanks DBran (sent you back a PM there although not sure if it sent). One of the main things I have found when setting up a company is that when I went into my CEB there was plenty of "business coaching" and "business plan strategy" and very little advice on things like company formation, tax and prsi implications, and costings for professional services. My CEB had plenty of people sitting around the office with lots of buzz words on the walls but very little in solid actionable advice.

Budget Marketing

Hi drom,

I have always in setting up a company had my solicitor take care of it, I never looked too deeply into the matter, so maybe it is possible to get a company up and running for cheaper, but i think it cost me the guts of €1k to have a ltd. company up and running.

Of course you could depending on the nature of the business trade as a sole trader and register a business name for a cost of about 20-40 euro.

Although I recommend you incorporate the comapny as a ltd. company from the start.

Rob

ElaineSandra

Budget Marketing, Can I just ask why you would go Limited from the start..? This is a genuine questions, as you know I am looking at setting up a booking business, and I have had both options being sole and Ltd, suggested to me, and all for very good reasons. But why do you think Ltd is the way to go from the start ..? Your oponion would be valued. thanks. es

ElaineSandra

dromdrom, I agree with you about the CEB. They are great and have been a great help to me, however I have found a lot of Faffing about and sometimes no solid answers to questions. Having said that, they are a great resource, to help you along, but I think we have to do 99% of the work, they just are a helping hand...and someone to bounce ideas off, and help you talk your business out...

Budget Marketing

ElaineSandra wrote: »

Budget Marketing, Can I just ask why you would go Limited from the start..? This is a genuine questions, as you know I am looking at setting up a booking business, and I have had both options being sole and Ltd, suggested to me, and all for very good reasons. But why do you think Ltd is the way to go from the start ..? Your oponion would be valued. thanks. es

Hi Elaine,

As i said in the post it largely depends on the nature of the business. Basically as im sure you know with a limited company formation you are not personally liable for debts son in the vast majority of cases it is best to go with a limited status (in my opinion)

Some would argue that with a limited however you would in the longterm be required to pay corp tax so you should go soletrader, but on the same note savings in tax can also be made given the fact that profits can somewhat sit in the ltd company and all profits not be taken all out as a wage as in a ltd company. (or something like that i leave my accountant deal with it)

But yes i think for the peace of mind a ltd company is better once you are sure that you want to take the plunge.

All the best

Rob

Accountancy

A limited company is not always the best idea. You need to speak to your accountant and come to an informed decision with their help.

To be clear a limited company does not mean that you will not be personally responsible for debts.

The days of a limited company meaning limited liability for an individual are over. TG

PaulPinnacle

dromdrom wrote: »

...when I went into my CEB there was plenty of "business coaching" and "business plan strategy" and very little advice on things like company formation, tax and prsi implications, and costings for professional services.

I think that much of the advice you receive, as with any service, will be totally dependant on the person you happen to speak to. Some will have great knowledge in certain areas and less so in others.

For company formation, tax, prsi, vat, etc. you really need to speak to an accountant rather than free advice from someone (lacking in the specific expertise) in a CEB. Most, nearly all, accountants offer a free initial hour long consultation. This not only provides some great free advice, but gives you a great base on which a decision to use that accountant or not can be made. Getting quotes from a number of firms can ensure you're getting good value for money (or if you search around on forums you can normally get a 'ballpark' idea of the costs involved to help give a starting point. It's very much 'ballpark' as it will depend on the number of transactions/etc etc not just the turnover, but if all else is in order you're probably looking at an annual return fee of approx €1.5k-€2.5k [higher or lower depending on the specifics]).

+1 with Accountancy there. There are many scenarios where going with a limited company just isn't worth the additional costs/paperwork/obligations and is defiantly the wrong decision. In other scenarios, it can provide far more efficient tax set up and provide far more benefits than negatives. It all depends on the specifics of the business and should be a decision made on professional advice.

There are numerous formation agents available that will do 'most' of the work (registration with the CRO, drafting of the mem & arts, provision of the company seal, etc etc) for ~€300. I've previously dealt with Geri Dineen (www.getregistered.ie) and would have no hesitation in praising her services. Continually went above and beyond to be of help.

dormant_co_acc

I would recommend ICC formations - only €199 incl Vat. I use them to incorporate any companies I need.

http://www.iccformations.ie/

Budget Marketing

Accountancy wrote: »

A limited company is not always the best idea. You need to speak to your accountant and come to an informed decision with their help.

To be clear a limited company does not mean that you will not be personally responsible for debts.

The days of a limited company meaning limited liability for an individual are over. TG

Hi TG,

What do you mean by this?

As far as i am aware once you have not been trading recklessly and have not signed any personal guarentees, then a limited co. mean that as an individual you are not liable for debts if the busines fails.

Rob

dormant_co_acc

Hi Rob

A limited company doesn't get much nowadays without signing personal guarantees. Apart from banks, even a lot of suppliers are looking for personal guarantees from new customers.

Apart from the issue of limited liability, there are other advantages to being a sole trader, mainly being significantly less administration and accountancy fees.

Dave

dromdrom

Hi guys,
Thanks for all the help, was working hard at the day job all day and didn't get a chance to check boards. TBH after looking through everything am going to download somebody else's memorandum and articles from CRO website that I know are in the same line of work and amend as needed and just send in the company reg myself, money is tight and it is an interesting process researching it. On the whole LTD. company thing for the line of business I am going into it is a pre-requisite for a lot of the work.

hinault

dormant_co_acc wrote: »

I would recommend ICC formations - only €199 incl Vat. I use them to incorporate any companies I need.

http://www.iccformations.ie/

Second that.

ICC are excellent in my experience and prompt.

Cormac01

Online search is the best place from where you can get the cheapest and most efficient company formation services near your area. Company formation and the registering of a company is a complex task which demands the aid of a professional in order to achieve your businesses objectives.

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company formation