Ireland

Ireland Managed Companies

Synopsis

Notwithstanding the 2010 humiliation of EU and IMF credit loans, it is important to remind oneself that such was not caused due to any inherent weakness in the Irish economy but rather a very badly managed 'property bubble' and the Irish Government taking on the debts of the Anglo Irish Bank. There is no doubt that times will be tough for the next few years but the inherent strengths of the Irish economy remain: It is a significant net exporter, has highly developed software, pharmaceutical and other high-tech sectors, continues to attract proportionally more US inward investment than any other country in the world together with a 'history' of taking the necessary measures to get back on track! At the time of writing, wage competitiveness and the cost of local offices are now once more highly competitive whilst the 12.5% corporate tax rate and personal tax incentives have been 'ring-fenced' from any necessary austerity measures. In addition, the country has the benefits of one of Europe's best negotiated double taxation treaty networks, full EU membership since 1973, favourable domicile and residence rules and one of the best quality of life environments in Europe. The capital city is Dublin – literary home to Shaw, Joyce, Sheridan, O'Casey, Yeats – with the main industries being computer software, finance and tourism. The country occupies 70,282 square kilometres (27,136 miles) and has a population of 4,617,000 (CIA estimate 2011).

Star Ratings

Corporate registration efficiency

5

Cost

5

Confidentiality

4

Local Banking facilities

4

Legal system

5

Political stability

5

Reputation

5

ireland

Location

Ireland is located to the west of Great Britain.

Tax Planning Credentials

Ireland has excellent tax planning credentials, not only offering a highly competitive 12.5% corporate tax rate but some unique and very attractive personal tax benefits that make the country an ideal base for even small businesses and high paid tax consultants. Ironically, the property bubble and banking crises now mean that Ireland is probably one of the best long-term investment locations in Europe with some of the most technically skilled individuals available at up to a 20% discount over current London salaries. Most importantly its excellent fundamentals mean that there can be no comparison with the far less developed economies of Greece, Portugal and Spain. In fact, even in its diminished state Ireland is still a wealthier country than the UK, France or Italy.

Double Taxation Treaty Network

As would be expected Ireland has an extensive double taxation treaty network with some 40 countries but in particular has some very favourable treaties with countries such as Cyprus which can be used to further mitigate corporate tax or act as a conduit for East European investment especially now that Cyprus is a now a full member of the European Union

Companies

The governing legislation for limited companies are the Companies Acts' 1963-2006. Irish law demands that there must be local individual directors but the secretary and shareholders can be individual or corporate and located in or outside of the State. However, it should be noted that where no local individual director can be sourced it is possible to obtain an 8.58 indemnity bond, which obviates the need for a local director for a relatively small annual payment - Please speak to a SCF consultant for more information.

Benefits

  • Pro-business environment with an undertaking that all corporate taxes will be brought down to a universal rate of 12.5%
  • Highly respectable and credible jurisdiction.
  • The best educated young people in the English- speaking world.
  • Highly developed corporate and general law.
  • Excellent communications.
  • Active and positive member of the European Union.
  • Fully benefits from all EU directives and regulations.
  • It a founding member of the Euro currency
  • Distinguishes between an individual's domicile and residence for tax purposes. This effectively means that foreign individuals need only pay tax on a remittance basis or, in certain cases, no tax al all.
  • Excellent double taxation treaty network.
  • Dublin is the base for Europe's second largest international financial services centre (IFSC) after Luxembourg.
  • Proportionally the world's leading inward investment jurisdiction particularly favoured by United States based companies.
  • Company registration procedures are very efficient and take generally no more than a week.
  • Irish companies do not need to be capitalised as is the case in virtually all other EU member states save the United Kingdom

Double Taxation Network

Ireland has an extensive double taxation treaty network with some 40 countries including a very favourable one with Cyprus signed in 1973. In addition the country has very favourable treaty provisions with other countries such as the United States, Germany, France and even the United Kingdom.

Administration & Accountancy Services

Managed resident Irish Company Services

The key service offered by the SCF Group is that of a fully managed Irish company where-by we register your Company, act as the legal and accountancy daily administrators, liaise on your behalf with the Revenue Commissioners, the Company Registration Office, maintain the registered office, company minutes and in fact everything necessary to provide you with a fully functional VAT registered Irish company - In precis, no matter your corporate needs SCF has the in-house ability to provide a 'tailored' service from its own Irish offices!!

Fully Managed Irish Company Services

  • The appointment of a qualified accountant to act as Company Secretary
  • The opening up of a bank account for your company with access provisions agreed by SCF, the bank and of course the beneficial owners
  • A Full Management Agreement setting out the rights and obligations of all parties
  • The provision (if required) of a S.58 of the Finance Act 1998, foreign director exemption insurance indemnity bond and nominee corporate shareholder (if required)
  • The provision of an Irish registered office address for service of process and official mail
  • The application and obtaining of an Irish VAT number for your company
  • The maintenance of all requisite company minutes, ongoing companies registration office submissions, annual returns and AGM preparation
  • The annual submission of the Revenue Commissioners Assessment of Tax Form
  • The management of the company's VAT submissions, payments and VAT reclamations
  • The maintenance of the company's accounts supported by a quarterly ready for the submission to the Revenue Commissioners including the corporate tax calculation. Accountancy will be maintained in either SAGE or Quick Books format
  • The appointment, if required or appropriate, of auditors
  • Advice on general Irish tax mitigation and the company's maintenance by a dedicated company accountant

Set-Up & Annual Maintenance Fees

Irish companies are surprisingly cost-effective given the high prestige and low corporate tax rates. For more information please refer to the separate Irish Fee Quotation Leaflet

Trading Office Option

This includes SCF actually providing the day-to-day trading, telephone answering, website management (if required), order reconciliation, invoice issuing and trading office facilities for your Irish company operation which can be made bespoke to your exact needs all at a fraction of the cost of setting up and maintaining you own office in Ireland. For more details please contact an SCF Consultant