Creating a company - someone else is shareholder?

NotAnotherOrange

Just wanted to clarify something.

An accountant helped me set up a new business (basically handled everything). It's just a way to be a bit more tax efficient as I'm moving from being a sole trader.

The company is set up but on the paperwork it says that the company has 100,000 shares at 1 euro each and that someone else (not me) has taken 100% of the shares. The accountant says they will be transferred to me in order to speed up company creation.

Is that normal?

The company email address on the new company incorporation form that I took off CRO is also not mine, it's listed as someone else.

I've never set up a business before and have no real reason to question the accountant but wanted to double check that all these things can be changed to me now that the business is setup.

zig

Yes this is pretty normal, I am not sure why it tends to be done this way but Ive been involved in 2 limited companies being set and they started out as owned by the accountant who set them up.

But you shouldn't be waiting too long for it to change, if you are you can ask them what's up.

NotAnotherOrange

https://www.boards.ie/discussion/comment/118517925#Comment_118517925

Great, thanks!

I've now been sent some certificates for the 100 shares which say "cancelled" on the original and now have my name on the 2nd one so hopefully that's okay.

Just waiting for another week or so and I'll pay for a report from CRO to see what that says.

ThreeGreens

The report in the CRO won't say anything. Don't waste your money paying for it.

Your share certificate is the proof that you own the shares.

The next thing to appear in the CRO will the the annual return made up to a date 6 months after incorporation of the company (and you've 56 days after that to file it). You'll have to sign it. It will list the shareholders on that date. Since you're signing the form, make sure that the shareholders are correct!

silver2020

You've bought a "shelf company".

Basically it has been registered by a company formation company and it simply speeds up the process.

Very normal.

The other way is to do a full registration from scratch. It will be cheaper, but can take several weeks. Hence most people simply buy a shelf company and change the shareholders and directors.

NotAnotherOrange

https://www.boards.ie/discussion/comment/118549200#Comment_118549200

Thanks!

Think it's all sorted now!

https://www.boards.ie/discussion/comment/118539772#Comment_118539772

Great thanks!

I got a certificate saying I owned 100 shares and another one saying that 100 shares had been cancelled for someone else so hopeully that's okay

alexpor

Yeah, Shareholders are called the members of a company. Under the Companies Act, 2013, any individual can turn into an investor and an individual could mean an individual, body corporate, an affiliation, or an organization regardless of its consolidation. Do you imply that Shares address value proprietorship in an enterprise or monetary resource, possessed by financial backers who trade capital as a trade-off for these units? Most organizations have shared, yet just the portions of public corporations are found on stock trades. The first step towards creating a business is Business Entity Search is a brainstorming process to provide a business name.