Main Characteristics of an Irish Company:
General Background – Ireland is situated west of Great Britain and is considered one of the more unique countries in Europe. Its capital is Dublin. The country spans about 84,000 kilometers. Ireland has gone through many politically complicated periods, including religious disputes between the Catholics and Protestants as well as violent disagreements between England and the IRA (Irish Republic Army).
Economy – The Irish economy until recently has been considered an economic miracle and was termed “the Celtic Tiger.” At the beginning of the 90’s the economy was failing with a high unemployment rate, a high rate of emigration and a general shortage of top quality manpower. Once the country changed its policy and amended some monetary decisions, the economy took a turn for the better and boasted the highest growth rate in Europe. The lowering of tax rates as well as all sorts of tax benefits together with the improvement in its infrastructure and investment in education attracted many international businesses who decided to call Ireland their business home. Today Ireland is licking its economic crisis wounds and is beginning to show improvement in many economic parameters.
Taxation – Companies’ tax rates in Ireland stand at 12.5%, besides for Cyprus, the lowest in Europe.
Confidentiality – Information regarding the various roles in the Ireland company (shareholders and directors) appears on the records of the Registrar of Companies and is open to the public. We offer the service of using a nominee director and nominee shareholder for your discretion.
Company Name – One can use any name for the company except for a name that is identical or similar to an already existing company. There is a ban on the use of the following words in the name of a company with exception for when there is a license or official agreement from the Irish government: bank, trust, trustees, security, reinsurance, community building, savings, loans, chamber of commerce, university, urban fund, investment fund management or any similar words.
Shareholders – The minimum number of shareholders is one. Corporate shareholders are also permitted. The limited amount of shareholders permitted is 99.
Directors – A company must have at least two directors. At least one of the directors must be an EU resident. We have the option of appointing a director who is a resident of either Iceland, Norway or Lichtenstein. If the company does not have a director from the EU, one can use clause 43 and pay for a substitute local director, however there must still be at least two directors nominated. Determining whether the director is an EU resident is done with a residency test and not according to a passport. Therefore, Israelis who have a foreign passport but have an Israeli address, cannot use their passports to prove EU residency.