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

  • 28-02-2016 07:59PM
    #1
    sb92
    Registered Users, Registered Users 2 Posts: 22 ✭


    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?


Comments

  • #2
    ted1
    Registered Users, Registered Users 2 Posts: 24,109 ✭✭✭✭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 ?


  • #3
    sb92
    Registered Users, Registered Users 2 Posts: 22 ✭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?


  • #4
    Avatar MIA
    Closed Accounts Posts: 6,748 ✭✭✭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.


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