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Starting a business

  • 05-06-2013 8:04am
    #1
    Yoi_Hanagata
    Registered Users, Registered Users 2 Posts: 16 ✭


    Looking for advice please...

    I am starting a buisness about software development and services. I don't have any projects confirmed yet but I need to have a buisness name to intrduce my services. is it ok to register a buisnes name without setting a company? should I register a company at this stage or should I wait to until I start getting projects? any advice about how to register a business name?


Comments

  • #2
    aristotle25
    Registered Users, Registered Users 2 Posts: 696 ✭✭✭aristotle25


    Yes you can register a 'business name' with the CRO and trade as a sole-trader (you need to register as that too with revenue).

    You do not need to register for VAT if you expected income is less than a certain number (think it is about 50k p.a.).

    You should understand the limited liability that a company gives you and that a sole trader does not give you. A sole trader status is probably ok but there are cases where companies will only deal with a company rather than a sole trader.

    An accountant will help you and you need to do more research before diving into creating a company or as a minimum you need to understand tax returns etc. Again talk to an accountant.


  • #3
    Arjuna4
    Banned (with Prison Access) Posts: 9 ✭Arjuna4


    You are saying that you don't have the projects confirmed right now..
    Software development and services business have huge clients in the market with a lot of competition

    So you have to prepare to yourself for showing results to your clients to get more deals..


  • #4
    Mongarra
    Registered Users, Registered Users 2 Posts: 1,119 ✭✭✭Mongarra


    The Companies Registration Office (CRO) deals with Business name registration. You can log on to www.core.ie and register as a user, then complete the business name form RBN1. You will get a printout and you send it with a €20 cheque made payable to the "Companies Registration Office" (not the shortened name CRO - they are fussy about that). They will send you a certificate of registration of the name and you should display this at your place of business.

    Although it is not a Limited Company it is still the CRO that deals with the registration.


  • #5
    Yoi_Hanagata
    Registered Users, Registered Users 2 Posts: 16 ✭Yoi_Hanagata


    Thanks everyone...


  • #6
    Yoi_Hanagata
    Registered Users, Registered Users 2 Posts: 16 ✭Yoi_Hanagata


    Arjuna4 wrote: »
    You are saying that you don't have the projects confirmed right now..
    Software development and services business have huge clients in the market with a lot of competition

    So you have to prepare to yourself for showing results to your clients to get more deals..

    ok...Thanks for the advice...


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  • #7
    Yoi_Hanagata
    Registered Users, Registered Users 2 Posts: 16 ✭Yoi_Hanagata


    My main concern is that If it is enough to have a buisness name with the CRO without registering as sole trader or ltd company until I get a projects and start making money....

    would that be legal ? I do not want to get trouble with the revenue


  • #8
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    Yoi_Hanagata wrote: »
    My main concern is that If it is enough to have a buisness name with the CRO without registering as sole trader or ltd company until I get a projects and start making money....

    would that be legal ? I do not want to get trouble with the revenue

    1) fill in RBN1 form to register biz name
    2) fill in TR1 form to register as sole trader
    3) if turnover exceeds an amount in a month which suggests you'll do 37.5k+ in a year, register for VAT. If not, don't
    4) pay revenue income tax in October 2014 for 2013 and 2014

    Boom. You're now fully compliant.

    The details as to whether you register for VAT and a limited company etc ones that may have a functional effect on your business. But from a compliance standpoint the above is all you need to do.


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