Becoming a director of a newly formed private limited company - social welfare

sb92

Hello,

I would like to know if being registered as a company director in a newly registered private limited company would affect my long term unemployment benefits?

I need to know if the company is unsuccessful will I be able to continue with my benefits?

There are 3 directors in the new company and one of them is 100% shareholder which is not me, all 3 of us have decided not to take a salary for at least 3 months of being in business to allow a build up of working capitol so that when we do take a salary the company could still sustain itself.

But if it is not successful after three months we may call it a day and none of us will have made a penny.

Do I need to declare to the social welfare office that I am now a director even though I am not making any additional income?

ted1

sb92 wrote: »

Hello,

I would like to know if being registered as a company director in a newly registered private limited company would affect my long term unemployment benefits?

I need to know if the company is unsuccessful will I be able to continue with my benefits?

There are 3 directors in the new company and one of them is 100% shareholder which is not me, all 3 of us have decided not to take a salary for at least 3 months of being in business to allow a build up of working capitol so that when we do take a salary the company could still sustain itself.

But if it is not successful after three months we may call it a day and none of us will have made a penny.

Do I need to declare to the social welfare office that I am now a director even though I am not making any additional income?

If your not taking a salary , does that mean you are working there and thus not available for work ?

sb92

ted1 wrote: »

If your not taking a salary , does that mean you are working there and thus not available for work ?

I'm not committing any amount of time to it, its not like I'm doing 9-5 Monday to Friday.

I am fully available for any work in the mean time, this is like a side project that can be dropped any time. I will literally be only doing some work for my nephews company maybe one day a week. And if the company is successful I will look to start working there full time.

But what I want to know is that if I am legally registered as a director but not working do I lose my social welfare payment?

Avatar MIA

sb92 wrote: »

I'm not committing any amount of time to it, its not like I'm doing 9-5 Monday to Friday.

I am fully available for any work in the mean time, this is like a side project that can be dropped any time. I will literally be only doing some work for my nephews company maybe one day a week. And if the company is successful I will look to start working there full time.

But what I want to know is that if I am legally registered as a director but not working do I lose my social welfare payment?

You should declare the one day you are working in the company. Being a director in itself does not disqualify for SW.