We are often asked what types of Companies can be formed in Ireland. There are essentially 5 different types of companies that can be registered in Ireland depending on what your are hoping to do with your new company. Call us anytime to discuss your requrements and below is an outline of the different company types available:
The majority of companies formed in Ireland today are Private Limited Companies. This type of company provides a business with the protection of limited liability – a company has separate legal personality, i.e. it is a separate and distinct legal person. The shareholders’ liability, should the company fail, is limited to the amount, if any, remaining unpaid on the shares held by them. Only the company can be sued for its obligations and can sue to enforce its rights.
The Requirements for a Private Limited Company is simple – there must be at least 1 Director and 1 Secretary (which may also be a Director), and 1 or more Shareholders (a company where all the shares are owned by one person is known as a single member company).
The cost is € 195 plus VAT for our full formation package and the procedure takes 1 to 5 working days.
A Company limited by guarantee not having a share capital: As this is a public company, there must be a minimum of two Directors and at least one member (at least 3 Directors and 3 members if applying for charitable status), the Directors and members can be the same people. The members’ liability is limited to the amount they have undertaken to contribute to the assets of the company, in the event it is wound up, not exceeding the amount specified in the memorandum. If a guarantee company does not have a share capital, the members are not required to buy any shares in the company. Many charitable and professional bodies find this form of company to be a suitable vehicle as they wish to secure the benefits of a separate legal personality and of limited liability, but do not require to raise funds from the members.
The cost is € 399 plus VAT for our full formation package and the procedure takes 1 to 5 working days.
The members have liability under two headings; firstly, the amount, if any, that is unpaid on the shares they hold, and secondly, the amount they have undertaken to contribute to the assets of the company, in the event that it is wound up.
The cost is € 399 plus VAT for our full formation package and the procedure takes 1 to 5 working days.
A public limited company: This company type must have a minimum of seven members. Their liability is limited to the amount, if any, unpaid on shares held by them. The nominal value of the company’s allotted share capital must not be less than €38,092.14, at least 25% of which must be fully paid up before the company commences business or exercises any borrowing powers.
The formation procedure takes 1 to 5 working days.
A single member company is a private company limited by shares which is incorporated with one member, or whose membership is reduced to one person. However, the company must have at least two directors and a secretary. The sole member, if he/she so decides, can dispense with the holding of General Meetings, including Annual General Meetings (AGMs). However, certain modifications laid down in the European Communities (Single-Member Private Limited Companies) Regulations 1994, have to be made. Also the accounts and reports that would normally be laid before the AGM of a company still need to be prepared and forwarded to the member.
The cost is € 195 plus VAT for our full formation package and the procedure takes 1 to 5 working days.
In an unlimited company, there is no limit placed on the liability of the members. Recourse may be had by creditors to the shareholders in respect of any liabilities owed by the company which the company has failed to discharge. Such company must have a minimum of two shareholders.
The cost is € 399 plus VAT for our full formation package and the procedure takes 1 to 5 working days.
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