The Internet holds a vast resource of information on every aspect of establishing a business, and may even offer advice of direct relevance to your own business idea. Be careful when using the Internet, however, that the business information you are accessing is reliable, up to date, and relevant to business in Ireland.
You will find the following websites useful for guidance and assistance in forming your business: -
You may also find it useful to refer to the professional associations representing accountants, including the Institute of Certified Public Accountants (www.cpaireland.ie), and the Institute of Chartered Accountants (www.icai.ie ).
Once your Business Plan is in order, one of the first things that you will want to consider is your business name. Whether you are going to trade as a Sole Trader, in a Partnership or as a Limited Company, the name is important. Business names come under the Business Names Act 1963. (www.cro.ie).
If you trade under anything other than your own name (names in case of partnership, including corporate names), you must register that name with the Company Registration Office (CRO). Your choice of business name may be refused by the CRO if it is identical to or similar to a name already appearing on the register, or if it is deemed offensive, or it would suggest state sponsorship. The mere registration of the name does not confer a monopoly of that name. (See leaflet # 14 CRO) Further protection can be secured by registering the name as a Trade Mark.
Limited Partnerships (see below) formed under the 1907 Act using a business name other than the partners� names must also register under the Business Names Act 1963.
For details of the above structures, the various Filing Returns, and other statutory requirements see www.cro.ie.
Every company must have at least two directors (one can be a body corporate) and at least one must be an Irish National.
Directors must be registered for PAYE/PRSI on their salary and any dividends paid to directors on their shares are treated as their personal income and are taxed in the normal way with allowance being made for any Withholding Tax (WHT) already deducted.
A director does not have to be a shareholder or work full-time in the business. It is wise to appoint non-executive directors with special talents, knowledge of the business, contact etc. to augment the day-to-day management directors. (For directors� duties see www.odce.ie and for who can be directors see www.cro.ie).