Advice on registering a company

deano2727 · 13-09-2020 12:25pm #1

Hi all,

I am looking to register a limited company. I am really unsure about what way to do it, and what services I need. I will give some background information so you can give me the best advice.

I will be the only director of the company. I will be carrying out digital marketing services. I will not be in the country most of the time. I know very little about the secretarial/accounting side of things. Even though I don't live in Ireland most of the year, I have a registered address where someone will be present year round.

So basically, I'm not sure if I should do it myself through the CRO or make use of one of the company formation services available. I'm also unsure whether I should pay for a company secretary and registeted business and trading offices, given that I will be out of the country 80% of the year.

I'm not too sure on the importance of the above, as most of the information on these topics are provided by the same companies trying to sell that service. I'm not against paying for them, I just want to know if they are necessary. Particularly with regards to my situation.

Cheers.

mneylon · 14-09-2020 2:12pm

Why do you want to register a limited company?
It's more cumbersome than being a sole trader.

There are multiple companies offering company secretarial services as well as "off the shelf" company formations

14-09-2020 2:29pm

deano2727 wrote: »

Hi all,

I am looking to register a limited company. I am really unsure about what way to do it, and what services I need. I will give some background information so you can give me the best advice.

I will be the only director of the company. I will be carrying out digital marketing services. I will not be in the country most of the time. I know very little about the secretarial/accounting side of things. Even though I don't live in Ireland most of the year, I have a registered address where someone will be present year round.

So basically, I'm not sure if I should do it myself through the CRO or make use of one of the company formation services available. I'm also unsure whether I should pay for a company secretary and registeted business and trading offices, given that I will be out of the country 80% of the year.

I'm not too sure on the importance of the above, as most of the information on these topics are provided by the same companies trying to sell that service. I'm not against paying for them, I just want to know if they are necessary. Particularly with regards to my situation.

Cheers.

You should talk to an accountant. A friend of mine just registered a business (ltd) and did this through an accountant who filled out a form, and sent it to a company in Dublin (link here https://www.kearneycurran.ie/ )

I think it cost €200 then they sent out the paper work a week later.

deano2727 · 15-09-2020 11:55am

mneylon wrote: »

Why do you want to register a limited company?
It's more cumbersome than being a sole trader.

There are multiple companies offering company secretarial services as well as "off the shelf" company formations

Thanks for the reply.

I want a limited company as it allows for expansion (hiring people), comes with tax relief and also covers my personal assets.

Yeah, I've visited many of their websites. What I am wondering, is it worth my while paying the 600-800 euro for all that, when I can do it myself with the CRO for 40 euro or whatever it is.

My main queries are whether I need a qualified company secretary (as in would it be advised), or would a family member suffice? I'm not sure how important a role it actually is.

Same with registered business and trading addresses. Will my home address be fine, or is it advised to get the paid ones that these companies offer?

===

Deleted User wrote: »

You should talk to an accountant. A friend of mine just registered a business (ltd) and did this through an accountant who filled out a form, and sent it to a company in Dublin (link here )

I think it cost €200 then they sent out the paper work a week later.

Thanks for replying.

That might be a good idea. Cheers.

Hoboo · 15-09-2020 12:03pm

deano2727 wrote: »

Thanks for the reply.

I want a limited company as it allows for expansion (hiring people), comes with tax relief and also covers my personal assets.

Yeah, I've visited many of their websites. What I am wondering, is it worth my while paying the 600-800 euro for all that, when I can do it myself with the CRO for 40 euro or whatever it is.

My main queries are whether I need a qualified company secretary (as in would it be advised), or would a family member suffice? I'm not sure how important a role it actually is.

Same with registered business and trading addresses. Will my home address be fine, or is it advised to get the paid ones that these companies offer?

Shares and certs
Incorporation
Board meetings and minutes
Filings and returns
Ticking the multitude of boxes required to keep every agency happy.

It's a headache that's worth every cent of 600. Guys I use have everything corporate admin from incorporation, secretarial, to accounting to HR, they also provide 3 non exec directors but you won't need them yet....we use them for a few different services. PM me I'll send you the link if you wish. They set me up with the basics to get going and I just added as I went.

mneylon · 15-09-2020 4:40pm

It sounds like you really need to sit down with an accountant who can both explain a lot of the realities of it vs the myths.

Axwell · 15-09-2020 6:06pm

Most accountants will offer a free initial consultation, worth sitting down as mneylon said and they can explain both and suggest which formation would be best for you.

If you arent going to be in the country then I would think it worth your while to have an accountant that will look after all that side of things for you. You arent going to be at home when a letter comes in reminding you to file xyz, better to have someone that can make you aware of what's due and when and look after it for you. Depending on your location you may be spending enough time outside of the country that you need to file tax in your current location too so again you need someone with knowledge on all of that. Really its a no brainer considering your situation and the different complications that can arise.

deano2727 · 15-09-2020 7:55pm

Thanks, folks. I'll contact an accountant first thing tomorrow.

Gloomtastic! · 16-09-2020 12:29pm

deano2727 wrote: »

Thanks, folks. I'll contact an accountant first thing tomorrow.

Or better still, three of them. As the saying goes, 'If you want a different opinion, ask a different accountant'!

The more you talk to, the better chance of finding one you'll get along with.

Good luck!

JohnnyKq · 23-10-2020 9:53pm

Gloomtastic! wrote: »

Or better still, three of them. As the saying goes, 'If you want a different opinion, ask a different accountant'!

The more you talk to, the better chance of finding one you'll get along with.

Good luck!

I have seen this also. A 3rd opinion or more is a blessing on a big decision like this

Advice on registering a company

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