Setting up a private company in name?

dwayneburke

Hi

I need to setup a private company in name i.e. have it on the shelf for when we need to use it. I also want to attach a business name to it.

I have my own reasons for doing it like this but im wondering is there anywhere that would be a ONE-STOP SHOP to help me out? i.e. a formation template that could be used. Myself and another person can be directors if necessary.

This is really just to prove to a third party we have an intention of setting up a said company in the future....


Tks

a_ominous

Some things to be aware of if setting up a company: you will need to make annual returns, otherwise you will incur late fees and penalties. The CRO is much stricter on this than in the past. Failing to meet these requirements could result in being struck off and being prevented from becoming a director for 5 years.
Annual returns require audited accounts. Summary accounts will do for a small company (can't recall the monies involved, but a dormant company qualifies). This will cost 500-750 per annum. You will have corporation tax forms to complete. Don't register for VAT or PAYE: just more crap to deal with.

Setting up should cost from 300-500 for a pro-forma company. Most accountancy firms should be able to do this. I wouldn't recommend the crowd I used a few years ago. I did speak to an accountant on Baggot St as well. Can't recall exactly why I decided to go with others.

When registering the company, you will have to have 2 directors minimum.

An alternative might be to register a business name which costs something like 50 yoyos. Sole traders, etc. can do this to. I'm not sure how you can transfer the registered name to a company if you do start to trade, but I'm sure it's easy enough. AFAIK in the dark old days, Quinnsworth was the trading name of Power Imports Ltd.

Victor

Look up "company formations" - I imagine those firms could set you up pretty much overnight.

antoinolachtnai

Just get an accountant. They all have deals with a company formation place. You will probably need the accountant anyway at some stage.

a_ominous

Found this link

Don't take this as an endorsement or anything. Just FYI.

legaleagle

Hi

Unfortunatley the concept of a "shelf company" no longer exists, as new provisions of the Company Law Enforcement Act 2001, require that a company carry on a business in Ireland from the date of formation. Therefore, it is not possible to walk into a company formation shop and ask for a company off the shelf. That said, if you want a company it can be incorporated in 5 days under a system called CROdisk with the CRO, alternatively the normal incorporation timeline is 10 working days. The 10 day incorporation is also cheaper. You must have two directors (one must be an irish citizen) and a company secretary (who may be one of the directors). If you do not trade within the first 12 months, then there will be no need for many filings, and it is just necessary to inform the CRO that you have not traded.

In relation to a business name, a person is required to register under the Register of Business Names Act,1963 if he/she is trading under a name which is different to his personal name. You may transfer your business name to the company, if that name is not already registered with the CRO.

If you want further advice or if you need a company incorporated, drop me a line and I will explain things a little more in dept.

All the best
D