LSC & Partners can guide you through the requirements for setting up and maintaining a Limited Company in Ireland. The legal/company secretarial requirements are similar regardless of whether you are resident in Ireland or not. After your company is registered, the main on-going compliance requirements are:

All companies must submit and file an annual return every year, together with abridged accounts to the Registrar of Companies. Failure to do so will result in substantial penalty fees and possible strike-off proceedings, as well as loss of the audit exemption for 2 years if applicable. The first Annual Return is due 6 months after incorporation (no accounts required). The only exception to this are Unlimited Companies in certain circumstances.

Companies should hold an Annual General Meeting (AGM) within 18 months of incorporation and thereafter on an annual basis (must be an AGM in each calendar year). The AGM and board meetings should happen in Ireland, as the management and control of the company should be in Ireland. Some companies can dispense with the requirement of having an AGM if a resolution is signed to this effect.

In order to avail of audit exemption, a company which is not a member of a group, must qualify as small in respect of the financial year in question in accordance with section 280A of CA 2014. The qualifying conditions for a small company are satisfied by a company in relation to a financial year in which it fulfils two or more of the following requirements:

The amount of turnover of the company does not exceed €12 million
The balance sheet total of the company does not exceed €6 million
The average number of employees of the company does not exceed 50 (section 280A).
The company must have filed its annual return on time with the CRO for the current and preceding year. A Corporation Tax Return must be made every year

If the company is VAT Registered, VAT Returns must be made every two months.

The statutory registers must be kept up to date as well as the register of beneficial owners.

LSC & Partners’s Annual Company Secretarial and Compliance Service will take care of most of the above, leaving you to concentrate on growing and running your business. For more information please contact us.