Can someone explain NACE codes

D

daithi69

Guest
Hi

Myself and my wife are setting up a compnay importing goods that we will sell to the retail industry. The goods will mainly be household electrical, some IT peripherlas and various seasonal products such as Christmas decorations etc.

Can someone tell me what NACE code my company will fall under?

Regards

daithi69
 
Your company's nace code is really a brief description of what your company will do and is mainly for statistical reasons with CRO.

The goods will mainly be household electrical, some IT peripherlas and various seasonal products such as Christmas decorations etc.
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That would fall under nace code "Agents involved in the sale of a variety of goods" which would be nace code = 51.19.

PM me if you have any other queries.
 
Hi GED

Thank you for your help. I have decided to actually pay for the company to be setup hopefully i will have documents tomorrow. I know that I could have spent a bit more time and done this myself but I am stuck in the dreaded daily commute to work every day. It does not leave much time to spare.

As we do not expect the company to truly hold its own for at least a year both of us will continue to work full time. What implications or are there any if you are running your own company and working full time.

Another thing that is quite confusing is when our goods arrive in ireland what documentation is necessary and are there any guidelines on how much duty we will have to pay. Is there a company who can do this for us or is it better to handle it ourselves.

Again thank you all for your help.
 
daithi69 said:
Hi GED

Thank you for your help. I have decided to actually pay for the company to be setup hopefully i will have documents tomorrow. ....

As we do not expect the company to truly hold its own for at least a year both of us will continue to work full time. What implications or are there any if you are running your own company and working full time.
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Hopefully this advice isn't too late: if I were in your shoes, I would NOT go ahead with forming a company until and unless the business: (1) proves viable in the long run; and (2) is in a position to make significant profits. Having a limited company in place at this stage (especially when its a part-time business) will add greatly to the bureaucracy (and expense) that you will face in the start-up phase. As a sole trader or partnership, you will have to deal with a surprising level of red tape. With a company, this is multiplied, and if things go wrong, they can go very wrong.
 
Hi Daithi69

I agree with ubiquitous. I set up companies for people every day of the week and a lot of people are far too quick to go for the limited company option. From previously working for a large company formation provider, we were always told to push the client towards setting up a limited company, as it means more money to the formation agent than just registering a sole trader.

I am especially of the opinion that you should proceed down the sole trader / partnership route as you and your wife have stated that you are both going to remain in full time employment for the next year.

Register as a sole trader / partnership for the time being. See if the working business is viable and profitable. If in a years time, the business is going well, is profitable and succeeding, i would then suggest perhaps changing to a limited company then. But only if necessary.

The only time its too late to pull back from registering a company is when the company number has been allocated. So if you have paperwork from the formation agent, or if the documents are in the Companies Office at present, but the company is not incorporated, i would instruct the formation agent to pull back your submission. They may charge you an admin fee of €50 or so, but its better than having a limited company that you possibly don't need.
 
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