This is how you set up a business in Ireland

 The Republic of Ireland has been able to attract nearly 1000 multinational companies due to the friendly people, conducive business environment and one of the lowest corporation tax rates in Europe. 

Therefore, setting up a business in Ireland is a great idea. If you want to know how to do it, read on:

1. Start with the basic information

 

• Point of Single Contact are the Irish government's e-portals available at www.pointofsinglecontact.ie.

• The Point of single contact is part of the European Commission EUGO Network of Points of Single Contact.

• The Point of single contact network is available not only in Ireland but available throughout the European Union and the purpose of this network is to encourage business. For ease of finding business related information, the Irish Point of Single Contact (PSC, www.pointofsinglecontact.ie) office is located in the Single Market Unit of the Department of Business, Enterprise and Innovation. 

• The Irish Point of Single Contact (PSC) was established as the Point of Single Contact for Ireland as required under the Services Directive 2006/123/EC.

• Information links are provided to relevant authorities websites for each service listed. 

• These links contain specific information regarding procedures, legislation, application forms and contact details for the competent authority provided. Local Enterprise Offices are designed to encourage and provide support to start up businesses that are starting up or in development. 

• The Local Enterprise offices promote business activity at local level.

• Unemployed people  who want to start a business are eligible for Short-Term Enterprise Allowance (STEA). 

• Also make sure that you get the business insurance Ireland from the best company.

2. Write a  comprehensive business plan

• After you collected the necessary information, write a fool proof business plan focusing on what makes your product and service different.

• The business plan will also help you to open bank accounts in Ireland, get funding etc.                                  

3. Permissions

• If you are not a National of the European Economic Area (EEA) or a Swiss National , you need permission to set up a business in Ireland. 

• You are eligible to apply for permission under the Immigration Investor Program and Start-Up Entrepreneur Program.

4. Decide on the legal structure of your business. Take a call on whether you want to start your business as a sole trader or as a limited company?

• The primary benefit of starting as a  sole trader is the simplicity. 

• Your business can be registered in your own name.

• It is not mandatory for the sole trader to file annual returns with the Companies Registration Office (CRO). 

• However, a sole trader needs to maintain proper accounting books and records. He or she has to file taxes and pay VAT.

• A sole trader is personally liable for all debts.

• If you choose to be a sole trader, tax is also applicable at personal tax rates, which can be up to 55%.

• The limited company gets the advantage of the a corporate tax rate of 12.5%.

• limited companies setting up in Ireland benefit from more startup supports.

5. Register your business

• As a sole trader, you have to register with the Revenue Commissioners.

• A limited company has to be registered with the CRO. After incorporation, the limited company has to enlist with the Revenue Department.

6. Take a firm grip on your business name

• The branding activity starts with a  name and the its important to block the domain for your business. You can use .ie or .com as the extension.

• The business name that you have registered with the CRO has to be prominently displayed at all places of business activity. 

7. Get you business funded

• You can choose from the various government and private funding options.

• Local Enterprise Offices provide funding to local businesses.

• The New Frontiers entrepreneur development programme provides funding and support primarily to Limited company start-ups.

8.Utilise the human resource advantage and the taxation advantages of Ireland

• Ireland provides the best-educated manpower and has a double taxation treaty with around 60 countries.

• Remember to make full use of the competitive advantages offered by Ireland.

Major multinational giants like Microsoft, Pfizer, Abbott, Intel, Google, HP, Apple and Face book, Boston Scientific, Medtronic etc. have made Ireland an important centre of their global operations. Companies get a 25% tax credit against the cost they incur on research and development. The Irish economy has consistently at a growth rate of around 6 percent to around 8 percent over the last few years. If you get business insurance from a reputed company, it will be immensely beneficial.