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Company Formation

  • 12-01-2021 10:24am
    #1
    Registered Users, Registered Users 2 Posts: 394 ✭✭


    For those of you working in Practice - Do you use an external company formations business for forming limited company's for clients or do you complete the process in house?

    It would appear that the process has been simplified in recent years following the Companies Act 2014 which now allows for a one page company constitution in place of the traditional memo & articles of association. The only additional benefit I can see of using a company formations business is that they will provide a company seal. Anything else I'm missing here?


Comments

  • Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    For those of you working in Practice - Do you use an external company formations business for forming limited company's for clients or do you complete the process in house?

    It would appear that the process has been simplified in recent years following the Companies Act 2014 which now allows for a one page company constitution in place of the traditional memo & articles of association. The only additional benefit I can see of using a company formations business is that they will provide a company seal. Anything else I'm missing here?

    I don't do them myself, but someone I work with says cost benefit makes outsourcing a better use of their time.

    I suppose it depends on how much the cost is vs. time it takes/value of that time.

    In a decent sized firm, a more junior individual can probably the leg work from in house templates at little cost, but if you are in a small firm it might just be easier to get a specialist to do it for a fee.


  • Registered Users, Registered Users 2 Posts: 624 ✭✭✭gudede


    We get an external consultant to complete same. Overall, it’s cheaper to get the consultant to complete it.


  • Registered Users, Registered Users 2 Posts: 209 ✭✭ulster


    For those of you working in Practice - Do you use an external company formations business for forming limited company's for clients or do you complete the process in house?

    It would appear that the process has been simplified in recent years following the Companies Act 2014 which now allows for a one page company constitution in place of the traditional memo & articles of association. The only additional benefit I can see of using a company formations business is that they will provide a company seal. Anything else I'm missing here?

    Sorry to hijack this thread but I set up a LTD company recently....

    Does the Company Seal have to be put on accounts for Revenue and/or the CRO?


  • Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    ulster wrote: »
    Sorry to hijack this thread but I set up a LTD company recently....

    Does the Company Seal have to be put on accounts for Revenue and/or the CRO?

    No, you are uploading a pdf for the CRO these days. The B1 signature page has to be signed, and returned physically, no seal necessary. Never give actual accounts to revenue, it's all entering an excerpt in the CT, or uploading xbrl now.


  • Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    ari101 wrote: »
    No, you are uploading a pdf for the CRO these days. The B1 signature page has to be signed, and returned physically, no seal necessary. Never give actual accounts to revenue, it's all entering an excerpt in the CT, or uploading xbrl now.

    The B1 no longer required to be returned physically since December 2020. Can scan and upload a copy through core now.


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  • Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    The B1 no longer required to be returned physically since December 2020. Can scan and upload a copy through core now.

    One good thing from Covid! You can tell I've been leave; not looking forward to getting my head around all the changes when I get back ;) I've avoided all the Brexit stuff so far :eek:


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