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How much to set up a company?

  • 05-09-2011 9:40pm
    #1
    Registered Users, Registered Users 2 Posts: 433 ✭✭


    Hi everyone,

    I have numerous ideas to set up companies. The industry isn't really relevant as I have ideas and contacts in many different industries that I am willing to set up in.

    My main issue is how much it costs to set up and maintain a company. This is because my father is really dissuading me from setting up a company. I think it's because his successful construction company has turned unsuccessful during these tough economic times that we are having.

    If I were to set up a small media company, working from my laptop in my bedroom, and I don't earn much income, I can't get taxed right? And are taxes and fees a big problem for businesses in general?

    I know I am asking very general questions, but I'm predicting that my small media company won't make much for a few months anyway.

    Thanks everyone


Comments

  • Registered Users, Registered Users 2 Posts: 7,740 ✭✭✭mneylon


    Do you mean "business" or "limited company"?

    The cost of setting up a "business" is significantly lower than that of setting up an LTD

    Regardless of how much you earn you will have tax liabilities

    It might be worth your while to talk to your bank, or an accountant (or both)


  • Registered Users, Registered Users 2 Posts: 106 ✭✭business bloomer


    Hey, if you start as a sole trader it costs you 20eur to register the company. Obviously you're going to pay tax on your income if it is higher than the minimum one. Check http://www.citizensinformation.ie/en/employment/types_of_employment/self_employment/setting_up_a_business_in_ireland.html for more info! Best of luck


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    The actual cost of setting up a company - registering with the CRO - will cost approx €200 to €250 per company on average (but, some will do the job for a deal less - i.e. come back to me in a month and I'll be set up to do it :))

    Cost for companies have changed in the last few years. Before every company had to be audited and that increased the accounting cost significantly. Now, the vast majority of companies are audit exempt. You can fall into an audit requirement if you don't follow certain rules, which bring me to the next cost.

    There is a time cost - with companies you'll have extra filing responsibilities such as the annual B1 form. Nothing major, but a consideration.

    There are of course benefits to forming a company, but it it's only a part-time/hobby job with little or no exposure to creditors then there may be no need to form a company.

    As to other business set up costs i.e. computer etc. You'll be the best person to answer that.

    Re taxes - as the saying goes (roughly) there's nothing worse than having to pay taxes, except not earning enough to have to pay taxes.

    Your tax situation may differ depending on whether you form a company or are self employed. But if the profits are small and you take them all out there will be very little difference.


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Hey, if you start as a sole trader it costs you 20eur to register the company.

    €20 to register a company? Do tell...


  • Registered Users, Registered Users 2 Posts: 2,257 ✭✭✭MrFrisp


    smcgiff wrote: »
    €20 to register a company? Do tell...



    Hi smcgiff...

    This should help......

    http://www.cro.ie/ena/downloads-business-name.aspx

    http://www.cro.ie/ena/downloads-company.aspx


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  • Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    Hey, if you start as a sole trader it costs you 20eur to register the company. Obviously you're going to pay tax on your income if it is higher than the minimum one. Check http://www.citizensinformation.ie/en/employment/types_of_employment/self_employment/setting_up_a_business_in_ireland.html for more info! Best of luck

    smcgiff wrote: »
    €20 to register a company? Do tell...
    SexyGuy wrote: »


    Thats a business name not a company, two very different things.


  • Registered Users, Registered Users 2 Posts: 2,257 ✭✭✭MrFrisp


    J.Ryan wrote: »
    Thats a business name not a company, two very different things.


    Isn't the second link the one he is looking for?? :o

    I was just offering options,that's all.


  • Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    Second one is a start, but smcgiff was being sarcastic in relation to the previous post,.


  • Registered Users, Registered Users 2 Posts: 2,257 ✭✭✭MrFrisp


    J.Ryan wrote: »
    Second one is a start, but smcgiff was being sarcastic in relation to the previous post,.



    Ahh fair enough...

    Thanks....:D


  • Registered Users, Registered Users 2 Posts: 1,635 ✭✭✭TylerIE


    Hi everyone,

    I have numerous ideas to set up companies. The industry isn't really relevant as I have ideas and contacts in many different industries that I am willing to set up in.

    My main issue is how much it costs to set up and maintain a company. This is because my father is really dissuading me from setting up a company. I think it's because his successful construction company has turned unsuccessful during these tough economic times that we are having.

    If I were to set up a small media company, working from my laptop in my bedroom, and I don't earn much income, I can't get taxed right? And are taxes and fees a big problem for businesses in general?

    I know I am asking very general questions, but I'm predicting that my small media company won't make much for a few months anyway.

    Thanks everyone


    You can set up a Limited Company which is treated legally as a seperate entity to you. In law its essentially anot her person, although like an parent with a child, if the company does something wrong, you may be held responsible. Your company will be obliged to register with revenue and to keep good accounts.

    Or you can set up a business in that you run a business as "John Smith" doing media from your bedroom. If doing so you are generally oblidged to register with Revenue as a sole trader (theres some limited exceptions). If you register with revenue it doesnt mean you will end up paying tax, but you are obliged to tell them your profits each year. This would require you to keep a good set of accounts.

    Citizens information has a brief overview.

    If there is any possibility your business would be earning more than a few thousand profit in a year, or that you will be dealing or providing services to groups who will require an invoice or will be paying by cheque or bank transfer its essential that you ensure you are registered with revenue. Even if not, its still highly advisable to be legitimate rather than risking otherwise.

    You can open a business account with Bank of Ireland (in your own name without any obligation to register for tax or anything) and with that you get a business start up package that includes a free one hour consultation with an accountant. Perhaps your tax concerns could be briefly discussed there?


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  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    J.Ryan wrote: »
    Second one is a start, but smcgiff was being sarcastic in relation to the previous post,.

    Ah, sarcastic is a bit harsh, lazy more like. :)


  • Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    smcgiff wrote: »
    Ah, sarcastic is a bit harsh, lazy more like. :)

    Asking where the previous poster could set up a company for €20.00, sarky more so.


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    J.Ryan wrote: »
    Asking where the previous poster could set up a company for €20.00, sarky more so.

    No point derailing the thread, but by saying Do Tell, I was open to the possibility there was something I didn't know.


  • Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    The cost of setting up (registering) a company is the CRO fee - 20 euro, and the cost of having company articles and memorandum, Form A1 prepared and submitted. If you are able to do it yourself, there is nothing to stop you. But you should consider carefully whether you are able to produce those legal documents. And before any of that, you should ask yourself WHY do you want a limited company? On a small scale there are few advantages over being a sole trader, and many drawbacks.
    That's my tuppenceworth anyway.


  • Registered Users, Registered Users 2 Posts: 1,635 ✭✭✭TylerIE


    mari2222 wrote: »
    The cost of setting up (registering) a company is the CRO fee - 20 euro, and the cost of having company articles and memorandum, Form A1 prepared and submitted. If you are able to do it yourself, there is nothing to stop you. But you should consider carefully whether you are able to produce those legal documents. And before any of that, you should ask yourself WHY do you want a limited company? On a small scale there are few advantages over being a sole trader, and many drawbacks.
    That's my tuppenceworth anyway.



    Registering a company is €100 for manual submissions, €50 for disc but thats only available in certain circumstances. Plus your memorandum and articles.

    A business name is €20. What disadvantages do you see with a ltd company?


  • Registered Users, Registered Users 2 Posts: 72 ✭✭Mr Moxie


    Hi everyone,

    I have numerous ideas to set up companies. The industry isn't really relevant as I have ideas and contacts in many different industries that I am willing to set up in.

    My main issue is how much it costs to set up and maintain a company. This is because my father is really dissuading me from setting up a company. I think it's because his successful construction company has turned unsuccessful during these tough economic times that we are having.

    If I were to set up a small media company, working from my laptop in my bedroom, and I don't earn much income, I can't get taxed right? And are taxes and fees a big problem for businesses in general?

    I know I am asking very general questions, but I'm predicting that my small media company won't make much for a few months anyway.

    Thanks everyone

    Some good solid advice given here, particularly from TylerIE.
    In my opinion you only need to be a sole trader for the moment.
    I would register the business name with the Companies Registration Office on their website cro.ie and also check out core.ie and also register yourself with the Revenue Online Service at ros.ie you will most of the info you need to learn about the obligations of owning your own business. Business bank account is a great idea, they offer some training also, lean hard on them for advice!


  • Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    TylerIE wrote: »
    Registering a company is €100 for manual submissions, €50 for disc but thats only available in certain circumstances. Plus your memorandum and articles.

    A business name is €20. What disadvantages do you see with a ltd company?

    Sorry - the fees probably changed - thanks for correcting; disadvantages I see to a "limited company" for small operators is the complexity of paperwork; the burden of compliance with regulations imposed on companies even if these were principally designed for "big" companies; the requirements to file with CRO as well as Revenue. In general, a sole trader has less onerous filing requirements/paperwork, which should be easier to manage.


  • Registered Users, Registered Users 2 Posts: 72 ✭✭Mr Moxie


    mari2222 wrote: »
    Sorry - the fees probably changed - thanks for correcting; disadvantages I see to a "limited company" for small operators is the complexity of paperwork; the burden of compliance with regulations imposed on companies even if these were principally designed for "big" companies; the requirements to file with CRO as well as Revenue. In general, a sole trader has less onerous filing requirements/paperwork, which should be easier to manage.

    Hi mari2222

    I am a sole trader, I registered/filed the business name with cro by registering online to use the Companies Online Registration Environment (core.ie). It is a great service and easy to use.
    I also registered with Revenue Online Service ros.ie so that I could carry out all my requirements online, its a little daunting at first but not very difficult to navigate. I would recommend it to sole traders, basically you are registering your PPS number (not business) as being self employed, there is also great info on the site re being self employed.
    As far as I know it doesn't matter if you ever return to employment as your employer will be registering you as employed.

    Are these some of the requirements you mentioned?


  • Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    Mr Moxie wrote: »
    Hi mari2222

    I am a sole trader, I registered/filed the business name with cro by registering online to use the Companies Online Registration Environment (core.ie). It is a great service and easy to use.
    I also registered with Revenue Online Service ros.ie so that I could carry out all my requirements online, its a little daunting at first but not very difficult to navigate. I would recommend it to sole traders, basically you are registering your PPS number (not business) as being self employed, there is also great info on the site re being self employed.
    As far as I know it doesn't matter if you ever return to employment as your employer will be registering you as employed.

    Are these some of the requirements you mentioned?

    Hi Mr Moxie
    Yes, as a sole trader you need to keep Revenue informed, but if you were a limited company you would have to keep Revenue posted and also keep the CRO posted with your accounting information. And if you were unfortunate enough to be a limited company and missed your CRO filing deadline, you would be obliged to get your accounts audited for two or three years which would be costly.

    If you are working for yourself I think it is easier to do what you are doing, and trade as a sole trader.


  • Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    Mr Moxie wrote: »
    Hi mari2222

    I am a sole trader, I registered/filed the business name with cro by registering online to use the Companies Online Registration Environment (core.ie). It is a great service and easy to use.
    I also registered with Revenue Online Service ros.ie so that I could carry out all my requirements online, its a little daunting at first but not very difficult to navigate. I would recommend it to sole traders, basically you are registering your PPS number (not business) as being self employed, there is also great info on the site re being self employed.
    As far as I know it doesn't matter if you ever return to employment as your employer will be registering you as employed.

    Are these some of the requirements you mentioned?


    Hi again Mr Moxie

    I meant to say that there are some good posts on the Accountancy forum that relate to sole trader accounts and so on, dont know if you had a chance to browse them for some tips.

    Mari2222


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  • Registered Users, Registered Users 2 Posts: 769 ✭✭✭EIREHotspur


    mari2222 wrote: »
    .... disadvantages I see to a "limited company" for small operators is the complexity of paperwork; the burden of compliance with regulations imposed on companies even if these were principally designed for "big" companies; the requirements to file with CRO as well as Revenue. QUOTE]

    Complexities howso?
    Are you talking about VAT every two months or what?

    As I am in a Tech field I see the advantages of setting up as a company so as to offset Tech equipment as part of my Business expenses and therefore not having to buy what I would be buying anyway from a wage.


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    As I am in a Tech field I see the advantages of setting up as a company so as to offset Tech equipment as part of my Business expenses and therefore not having to buy what I would be buying anyway from a wage.

    You wouldn't need to form a company for that, just register as a business and have the equipment invoices addressed to the business.

    I'm not 100% sure, but are people here confusing setting up and registering a business and the formation of a company :confused:


  • Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Complexities howso?

    See for yourself over on the CRO site, administering compliance for a Ltd Company is a whole different kettle of fish to a sole trader:
    http://www.cro.ie/ena/post-registration-company.aspx

    Most particularly around the requirements for preparing and filing annual accounts:
    http://www.cro.ie/ena/annual-return-small.aspx

    Also, from the tax point of view, every year you've got a Corporation Tax return to submit for the company AS WELL AS an income tax return for the individual(s) who formed it.


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    smcgiff wrote: »
    The actual cost of setting up a company - registering with the CRO - will cost approx €200 to €250 per company on average (but, some will do the job for a deal less - i.e. come back to me in a month and I'll be set up to do it :))
    Or do it yourself, OP.

    I'm in the process of setting up my own limited company with a friend at the moment.

    In terms of setting up the company, it's cost me €50. It is not difficult.


  • Registered Users, Registered Users 2 Posts: 155 ✭✭Muas Tenek


    Filing an A1 form with CRO (new company) costs €100 on paper filing or €50 online (CORE) but don't forget that once a company is registered with the CRO an annual B1 form must be returned by the NARD (Next Annual Return Date) accompanied by audited accounts (which must be supplied with the Auditor Registration Number) so expect NARD fees of €40 (paper) or €20 (CORE) plus auditor charges as an annual charge.
    Also if it is an application to form a limited company (PLC) the A4 form also costs €300


  • Registered Users, Registered Users 2 Posts: 7,740 ✭✭✭mneylon


    later10 wrote: »
    Or do it yourself, OP.

    I'm in the process of setting up my own limited company with a friend at the moment.

    In terms of setting up the company, it's cost me €50. It is not difficult.

    Setting up a business isn't the same as setting up a company.
    One of the other posters listed the various forms that are needed and their costs, so if you've only spent 50 euro so far it sounds like you've missed a few ..


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    later10 wrote: »
    Or do it yourself, OP.

    I'm in the process of setting up my own limited company with a friend at the moment.

    In terms of setting up the company, it's cost me €50. It is not difficult.

    Mmm - unless your friend has registered with the CRO and has paid to have a Memos and Arts templates set up it cannot be done for €50 even online.

    If so well and good, but that isn't going to be open to everyone else. Your friend should also be able to tell you the other mandatory cost outlay you'll need to incur to keep within company law.

    How did you get on preparing the Memo and Arts?


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    smcgiff wrote: »
    Mmm - unless your friend has registered with the CRO and has paid to have a Memos and Arts templates set up it cannot be done for €50 even online.

    Why would we have paid someone to set up the M&As for us? We've used a number of different sources to get it together, including one in which I myself was a previous director and another of my partner's; for the type of activity in which we are engaging, one would find that M&As vary very little.

    But you're right. Now that i think of it the stamp costs in the region of €20 each? It must be closer to, gosh, an entire €70 spent by now. Hmm.
    smcgiff wrote: »
    The actual cost of setting up a company - registering with the CRO - will cost approx €200 to €250 per company on average (but, some will do the job for a deal less - i.e. come back to me in a month and I'll be set up to do it )

    You're a company formation 'professional' yourself are you? What does one have to do to call themselves a company formation professional?

    Look, there is plenty of free professional advice out there in setting up a company OP. You need to be reasonably careful about the specifics of what type of business you will be engaging with in your objects clause, but other than that I would consider it a very straightforward affair.


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    Blacknight wrote: »
    One of the other posters listed the various forms that are needed and their costs, so if you've only spent 50 euro so far it sounds like you've missed a few ..
    Missed a few... needless expenses?


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  • Registered Users, Registered Users 2 Posts: 1,635 ✭✭✭TylerIE


    later10 wrote: »
    Why would we have paid someone to set up the M&As for us? We've used a number of different sources to get it together, including one in which I myself was a previous director and another of my partner's; for the type of activity in which we are engaging, one would find that M&As vary very little.

    But you're right. Now that i think of it we have got a draft template that I think costs in the region of €10? It must be closer to €60 spent by now.


    Did you not have to pay the CRO €100 for filing?

    IIRC The €50 fee only applies in very limited circumstances.


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    TylerIE wrote: »
    Did you not have to pay the CRO €100 for filing?

    IIRC The €50 fee only applies in very limited circumstances.

    The company did, between both directors. I said filing it cost me €50, since I am only one of the mandatory minimum of two directors. If we had paid a company formations agent, which as far as I can see is a title meaning precisely nothing, we would have had to have spend at least two or three times that amount each, it wouldn't be unusual to pay up to €500 for the pleasure.

    Do people really find it so hard to understand how easy it is to establish different forms of limited companies in this jurisdiction:confused:


  • Registered Users, Registered Users 2 Posts: 1,635 ✭✭✭TylerIE


    later10 wrote: »
    The company did, between both directors. I said it cost me €50, since I am only one of the mandatory minimum of two directors. If we had paid a company formations agent, which as far as I can see is a title meaning precisely nothing, we would have had to have spend at least two or three times that amount each.

    Do people really find it so hard to understand how easy it is to establish different forms of limited companies in this jurisdiction:confused:

    Some people prefer to get a third party to do it and value the time involved at more than the €100 extra it would cost...

    Also arent they formed quicker if filed by a disc filer?

    Like a lot a things its easy if you know how. If your starting one new business, most people would feel their time would be better spent working on the businesses core issues, not finding or learning how to prepare a memorandum and articles.

    It suits some people, others not. I wouldnt pay a formations agent €400, but less than €200 and Id be tempted.


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    TylerIE wrote: »
    Also arent they formed quicker if filed by a disc filer?
    In theory there is about a maximum ten day difference, in our case it certainly took less than that.

    Paying just over €100 and paying €300-500 should be a significant cost differential for most start ups to seriously examine and query whether the cost is justified.

    If a company is operating in more complex business activities. then maybe consider using a professional, i.e. a solicitor, otherwise if you are a garden variety template business, spend about €10 downloading a few recent other M&As for your type of limited company and notice the similarities.

    Then get some of the free government sponsored professional advice which exists out there, and seriously consider setting up your limited company yourself.

    Start as you mean to go on; this is not the economic climate for unnecessary and superfluous business expenses especially in relation to these very questionable and unregulated start up assistance companies. If you're really that concerned, use a solicitor.


  • Closed Accounts Posts: 206 ✭✭LH2011


    i got companies setup for €270 which included

    company seal
    minute book
    numerous bound copies of M&A's
    first AR prepared

    yes it is easy to setup a company yourself but i found it handier to use someone who has many years experience of setting companies up.


  • Registered Users, Registered Users 2 Posts: 401 ✭✭JD Dublin


    I have seen a few people set up their own company by going in to the Companies Office and doing the paperwork themselves. The cost tends to be around 100-120 if you do it that way.

    The lowest anyone seemed to get by going to someone else to set up a company was 270. ( previous poster refers to this price ). The absolute lowest I can get is 199 including VAT, and we set up 10 - 20 companies a year so get good trade discount from a companies formation agent.

    Therefore you are saving yourself a day of work by not having to traipse to the Companies Office and experience the learning curve you have in relation to setting up a company yourself if you use an agent.

    If you can't earn 150 a day ( time saved ) working for someone else then........ thats another question.

    By the way someone that goes in to do it themselves can make a hash of it, thereby wasting time... and so on - so you have that risk too.


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  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    later10 wrote: »
    The company did, between both directors. I said filing it cost me €50, since I am only one of the mandatory minimum of two directors. If we had paid a company formations agent, which as far as I can see is a title meaning precisely nothing, we would have had to have spend at least two or three times that amount each, it wouldn't be unusual to pay up to €500 for the pleasure.

    Do people really find it so hard to understand how easy it is to establish different forms of limited companies in this jurisdiction:confused:

    You're still forgetting a mandatory outlay - LH2011 has it in his list though.

    I mentioned the M&A in the context of getting the job done for €50 in total.

    You can of course draw up your own M&A - it's not rocket science if you know exactly what you want. But, a number of companies found themselves in court for acting Ultra Vires.

    You came on here saying the whole thing could be done for €50, and then said it would likely cost you 10 times more. Wrong on both counts.


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    smcgiff wrote: »
    You can of course draw up your own M&A - it's not rocket science if you know exactly what you want. But, a number of companies found themselves in court for acting Ultra Vires.
    Hiring a 'company formations agent' or some other such rubbish doesn't preclude a company from ending up in court for ultra vires, because I can call myself a company formations agent, my 97 year old Grandma can call herself a company formations agent, and so can her blind parrot. It means nothing.

    If the OP is seriously worried about ultra vires, he needs to hire a professional i.e. a solicitor.
    You came on here saying the whole thing could be done for €50, and then said it would likely cost you 10 times more.
    Look, according to an earlier post you're in the business of helping people set up companies for a fee. So surely you have an interest in suggesting it is more difficult than it is.

    Also, I haven't said it would "likely cost you ten times more". I hope you write up M&As more carefully than you read posts.


  • Closed Accounts Posts: 206 ✭✭LH2011


    setting up a limited, company, in many cases for a formations agent is a cut and paste job in word. ( M&A's)

    the thing is, if you already know someone, who set up a single member company , then its easy enough to setup a similar company using samples of the documentation that they filed, with the cro, and file it yourself.


    i went with the agent, as i didn't want to leave anything to chance...


  • Closed Accounts Posts: 1 uncommondeal


    Most of the reply to this question are right. Another simple way to setup a company is to do it on the internet. There are few website companies that will do this for you with small fee. I set up my company like that. :)

    Thanks


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    @later10 i'm firmly of the belief that most people will get great benefit by spending a little extra and going with an experienced agent - most self registered get rejected at least once and can significantly delay set up. Going by the information and cost supplied i'd guess you are not fully compliant.

    Saying there are agents out there charging 500 euro is a bit like saying don't bother buying a car get a bike instead as some car manufacturers charge a million for a car.

    You've been on the back foot ever since you said it only cost 50 euro to set up a company which is clearly wrong.

    I'd disagree with the comments that agents simply copy and paste, while that's what later10 did it's unlikely a business dependant on its good name would be so cavalier. While 90% will be the same to ensure the more obscure powers are covered - the m&a will need to be specific about its primary objective and the company law most suited to it. I'm a chartered certified accountant and have covered very divergent m&a's.

    I'd also be of the opinion that accountants are more likely, similar to tax law, going to be more familiar with company law than a solicitor.


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  • Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    I used www.companysetup.ie in the last few months, was very happy with the service and value.


  • Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Kinetic^ wrote: »
    I used www.companysetup.ie in the last few months, was very happy with the service and value.

    A good recommendation - a comprehensive service and a good price considering it includes the company seal - but could still be done cheaper. Although it looks like this company has vast experience which is something also in its favour.


  • Closed Accounts Posts: 337 ✭✭thecleverone


    Filing an A1 form with CRO (new company) costs €100 on paper filing or €50 online (CORE)
    This is half right. You cannot register a new company on CORE. The €50 filing fee applies to CRODISK filing.
    but don't forget that once a company is registered with the CRO an annual B1 form must be returned by the NARD (Next Annual Return Date) accompanied by audited accounts (which must be supplied with the Auditor Registration Number) so expect NARD fees of €40 (paper) or €20 (CORE) plus auditor charges as an annual charge.

    Again, half right, half wrong. Most companies now can avail of the audit exemption which means they can file abridged accounts. Audited accounts must only be filed if a company has missed its annual return date (+ 28 days concession) or if they have turnover / employees over a certain high threshold.


  • Banned (with Prison Access) Posts: 268 ✭✭overthenest


    folks,

    just say i was to set up a web site offering a product at a low cost. it was a one man show, firstly would it cost much to set up the web site and how would i recieve payment and secondly would i have to register as a company?

    many thanks in advance for your help.:confused:


  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭reni10


    Why not just use:
    http://www.registeracompany.ie/pricing/

    Costs €175 including CRO fee.

    Why would you do it any other way?


  • Registered Users, Registered Users 2 Posts: 293 ✭✭YouBuyLocal


    reni10 wrote: »
    Why not just use:
    http://www.registeracompany.ie/pricing/

    Costs €175 including CRO fee.

    Why would you do it any other way?

    Because they are registered in New Zeakand and are not solicitors regardless and use templates. If anyone was going to go with them to save cash then you might as well do it yourself by getting two templates for 10euro from a legal stationers.

    After investigating I realised that there was absolutely nothing safe about going with this type of company, nothing. They pretend they are specialists but are afraid - for good reason maybe, but it shows how useless they are and how little they actually do for their 200-500euro - of using anything other than templates when you ask for anything more complex, like issuing two slightly different types of shares.

    Company registration is the biggest cod, I am disappointed at how many people advocate it for the purposes of safety. The convenience is one thing, thats grand if you have the cash, but for safety!?! BS, they are not solicitors, they use templates like you get in legal stationers and you basically tell them everything they need to put in. They don't do anything except the work of a secratary.


  • Closed Accounts Posts: 11,299 ✭✭✭✭later12


    Just saw this
    smcgiff wrote: »
    @later10 i'm firmly of the belief that most people will get great benefit by spending a little extra and going with an experienced agent - most self registered get rejected at least once and can significantly delay set up. Going by the information and cost supplied i'd guess you are not fully compliant.
    That's a pretty inappropriate and unjustified inference to make. This isn't my first company, and we are perfectly compliant with company law.
    You've been on the back foot ever since you said it only cost 50 euro to set up a company which is clearly wrong.
    'On the back foot'?

    It had only cost me about €50 to establish when I wrote that. That's because there has to be a minimum of two subscribers/ directors (in my case, there are indeed two) to form a company, and that is in compliance with the legal requirement. But I did not say it costs €50 to form a company.

    Your attention to detail appears a little lacking.
    I'd disagree with the comments that agents simply copy and paste
    Oh come off it. You think 25 page M&As are all individual labours? The opening paragraphs relate to the company's operations, the rest tends to be a copy and paste job.

    Again, if I were calling myself a company formations agent you'd be advising people to use the services of people like myself, despite the fact that such 'agents' are wholly unregulated individuals. Just because I'm a director you take the position that I must not know what I am doing! That's entirely irrational.


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