Company Set-up

[niamhiepie]

Hi there,


I know this questions is going to make me and my partner sound very lazy but........

We have an idea which we want to turn into a reality and need to set up a company. The question is, can one set up a company themselves or do they have to get assistance from a comapny formation company?

If we have to use a company to set up our own company, can someone recommend one? I have noted a couple and the prices vary from €175-€495+, obviously you get what you pay for but if they all say they do the memorandom and articales of association etc for you, is there a difference in quality of work??

Also, how one one go about doing their own memo and art of Association? The company we are forming does not really have a comparrison so would not be able to get hints/tips from other companies memo's or articals.....

If we can do it ourselves can someone give me a step by step way of going about it.

We have checked out lots of websites looking for exact information but it all seems a bit wishy washy......

Any advise will be greatly appreciated,


Thanks a million!!!

 

[ubiquitous]

Do not under any circumstances set up a limited company without first getting proper professional advice. (Btw a sales pitch from a company formations bureau is not "professional advice"). Most start-ups do not need to be set up as a limited company. Operating as a sole trader or partnership is normally a much better idea in the early stages, at least until the business is capable of generating a reasonable level of ongoing income.

 

[Graham_07]

We have checked out lots of websites looking for exact information but it all seems a bit wishy washy......

Websites and forums (such as AAM) are very good to give a better understanding of how things may work or what might have to be done in setting up business but in the case of a decision on incorporating I must endorse the following :-

Do not under any circumstances set up a limited company without first getting proper professional advice.

 

[papervalue]

If you can get it done for €200 i would pay it as it would elimate any minor errors a person could easily make forming the company themselves.

€200 is very small in an overall sense.

if company was formed- the main future obligation are
company office
1. b1 within six months of incorporation date.
2. second b1 18 months after incorporation date with accounts attached.

tax office.
1. file tr2 to register for corp tax, paye/prsi if employees or director salary and vat if above thresholds.
2. vat could be bi-montly, quartely or yearly if on direct debit.
3. paye/prsi if on direct debit-p35 once a year
4. ct1 once a year.
5. directors file own tax return once a year.

no harm to meet accountant and keep in touch with them over a period to learn and under stand your obligations

also check company v self employed

 

[ubiquitous]

€200 is very small in an overall sense.

But the initial setup cost is only one element of the overall cost in the common scenario where someone sets up a company only to realise that they neither want it nor need it:

Among the other costs are:
- Companies Office filing fees.
- Late fees (€100 + €3/day) & audit fees if deadlines are missed.
- Advert in national newspaper to publicise strikeoff of the company.
- Professional fees in sorting out company secretarial problems if/when they arise.

 

[papervalue]

late fees incurred on a company are rarely outside the control of a director. if a director is compliant and meets their obligations their will be no late fees. in regard to company shutdown if every thing is in order a dublin company(i saw on internet) will do it for €200 including ad and vat.
Audit only due if late. can do non audit audit accounts.
If the late fee caused by your accountant- late them pick up late fee bill if totally their fault ie they had info for a long time and they missed deadline

from a company year end you have eg 31/12/07 year end which will have annual return date 30/09/08 must be filed by 28/10/08( The company has nearly 10 months to file)

 

[ubiquitous]

late fees incurred on a company are rarely outside the control of a director. if a director is compliant and meets their obligations their will be no late fees.

Yes but if the director is an amateur and doesn't have the benefit of professional advice, the chances of them not complying with what are quite arduous rules are multiplied. Around 15% of companies fail to comply with annual return filing requirements each year.

The whole idea of the OP getting advice in the first instance is to avoid this AND to avoid them spending money in forming a company which they may not ultimately want or need.

 

[niamhiepie]

That is all great information.

Thanks a million.

Do you think enterprise-ireland would assist in helping us set up. I know there is certail criteria that has to be met but do they give a hand and advise to all new business'?

 

[oopsbuddy]

Niamhiepie, I think you need to slow down a bit! Forget about focusing on a company and talk to an accountant about the business idea FIRST, get some help there with a business plan, especially if you need to borrow money to get started.This will be money well spent.

Then, if you decide that your idea is viable as a business, you can consider if you really need a company to start with. Starting out as a sole trader first is good advice. Leave Enterprise Ireland out of it for a while yet, and most importantly, the very best of luck with it!

 

[Bubbly Scot]

Niamhiepie, I think you need to slow down a bit! Forget about focusing on a company and talk to an accountant about the business idea FIRST, get some help there with a business plan, especially if you need to borrow money to get started.This will be money well spent.

Then, if you decide that your idea is viable as a business, you can consider if you really need a company to start with. Starting out as a sole trader first is good advice. Leave Enterprise Ireland out of it for a while yet, and most importantly, the very best of luck with it!

I have to second this! A good accountant will be worth their weight in gold and advise you as to whether you need a Ltd company and all the extra paperwork that goes with it.

Don't forget your bank too, BOI for example gave us an assigned business manager and it's great talking to someone there who's known our business since the start.

 

[simplyjoe]

I have to second this! A good accountant will be worth their weight in gold and advise you as to whether you need a Ltd company and all the extra paperwork that goes with it.

Don't forget your bank too, BOI for example gave us an assigned business manager and it's great talking to someone there who's known our business since the start.

I think, given that the mismanagement of banks has caused a meltdown of capitalism, one should be wary of getting advice from a bank official. What qualifications have they? What range of products are they promoting? An assigned business manager! Do they charge you for it? If they do not then you have to be very sceptical of any advice you get. People need to wake up.