How can I register a limited company

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Sujes

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Hi,

I'm starting a business on-line selling a product that I manufacture and I would like to know how to register a limited company. I don't want to be a sole trader because I think it's much safer to limit my liability. I have an irrational fear that I'll be sued and lose everything that I own.

What's the best way to start the company? I see that it is possible to do this by myself but it appears to be a quite complicated bureaucratic procedure. Therefore I'm prepared to pay somebody to help me to do this so that I don't accidentally break some law. There are a few on-line accounting companies that offer this service:
formacompany.ie
companyformations.ie
Are these companies trustworthy? I would prefer to go to an office and talk about it so is there anywhere like that in Dublin?

What price should I expect to pay? The price on-line always seems to be around the €300-350 mark. Is this reasonable? Is the price of a similar service that's not purely on-line i.e. with an office and a guy in a suit to talk to?

Thanks a lot,
Simon
 
You need to go to an accountant. While you can do the work yourself, there are many restrictions and obligations in opening a company that you should be fully aware of.
Get a recommendation for a a good accountant and the cost will be well worth the peace of mind and ultimate savings. Costs should not be high and you can negotiate this in advance.
 
When you say that costs should not be high, could you be more specific?

The accounting services that I mentioned cost around €350; is that high price and are those services trustworthy?
 
The biggest cost factor you face is the possibility of forming a company which you later find that you neither want nor need. Once a company is formed, keeping it can be expensive (very expensive if you end up paying CRO fines and needing audited accounts), and getting rid of it will also cost money.

You should be able to get decent professional accounting/tax advice on your situation for €100-€150, in addition to the cost of actual formation. If you don't feel like paying this, don't form a company.
 
Sujes said:
I don't want to be a sole trader because I think it's much safer to limit my liability. I have an irrational fear that I'll be sued and lose everything that I own.
Click to expand...

And you still could! Limited liability is not unconditional, depending on the circumstances and your behavior it is within the powers of the court to lift what is referred to as the vail of incorporation and make you personally liable...

Furthermore, you will find that most financial institutions will require a personal guarantee from you before they extend credit to a small private company and so on...
 
I recently registered a new company, limited by guarantee. The total costs including the services of a Company Formation Agent came to €300. Speak to some accountants, they should all be able to recommend a good CFA. You can do it solo, which will save you some money, but you will need the time and knowledge to prepare the Memonrandum & Articles of Association etc. If you have a solicitor friend who can help you out then that could be a good route to go. Either way, in order to save yourself time, hassle and headaches, get professional advice.
 
If you set up a company now and dont use it. What are the costs in maintaining the company?
I am considering this as a potential option to do contract work at some time in the future.
 
I registered the whole thing on line. Cost me €50 from an irish website who provided the whole package to me. All I had to do was prind documents from an e-mail they sent me, sign and post. Would recommend google it and you probably can do it yourself. I have no background in this and company is doing grant on that side of things.
 
Conshine said:
If you set up a company now and dont use it. What are the costs in maintaining the company?
I am considering this as a potential option to do contract work at some time in the future.
Click to expand...

filing the annual return, you can do this yourself, and use audit exemption
so no auditor needed , you need to be aware of timelines and dont be late otherwise you will have to get audited accounts.

so if you do it correctly and on time the cost would be just the annual return filing fee

get some advice also,
 
Sujes/Simon

Registering a company with the CRO can be done within 5 working days at a cost of €199. You will also need to open a company bank account and register the company with Revenue by sending them a TR2 form which can be downloaded from the revenue website. The latter two are free

You will need 2 directors but limit your shareholding to 100 shares in total. The second director need not be a shareholder, but one of the two will need to be nominated as the company secretary. You also need to select a company name that is not currently in use, you can search this on the CRO website and log onto company search.

I hope this helps, I specialise in this area so please free to respond to me or PM me if you require further assistance.
 
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