How to set up new company

C

Curious Cat

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I want to market an app I have developed online but I need to set up a company first. Is this an expensive process and where do I start?
 
Good place to start is your Local Enterprise Office - plenty of advice and guidance available there. See https://www.localenterprise.ie/

If you're ambitious, talk to Enterprise Ireland too, but you'd probably need a string track record for them to consider supporting you from day one.

It may or may not make sense to form a company - it's not that expensive (best done through an agent), but it commits you to certain obligations, which may or may not be worth it.
 
Can you please explain what you mean by an agent,and what alternative could I use in order to be seen as credible?
 
To set up a company, you register with the Companies Registration Office, see https://www.cro.ie/Registration/Overview

There's nothing stopping you doing this yourself, but it's easier to use a company formation agent to do it for you (Google "company formation agent" for information on these, plus many possible agents). Either way, this is just a procedural step to get you legally established as a company. I'd strongly advise you get advice on whether this is a step worth taking, which is why I recommended talking to your local LEO.

I'm not sure what you mean by "credible": it all depends on the product or service and the market you are addressing; many local shops are sole traders and are completely credible to their customers; many large companies will only deal with other companies as suppliers. I don't know for apps if it matters (I suspect not): by far your biggest problem is likely to be getting people to know about it as it's a very crowded marketplace.
 
Hi. I set up a limited company for IT contracting recently. Firstly I went to Eden Company Formations. They set up the company for me, got me the Cert Of Incorp etc etc. Cost €275. From that I contacted my accountant (we have an accountant already as my wife is self employed). He registered me for VAT and all the other bits. Then I registered myself with ROS online (revenue self assessment). Finally I opened a business account with AIB as they offer 2 years free banking for business start ups.
Now I invoice the company for work that I do and they put the money into the business account directly. My key obligations are to pay the VAT bi-monthly, do a P30 return quarterly for drawings from the company. The accountant will pick up the rest. At year end, I'll have to pay Corporation Tax on the profit in the business. I am only operating 2 months, but it is ok so far. Any questions, don't hesitate to ask. I may or may not know the answer!

p.s. it could cost you almost €2000 a year if you wish to hire an accountant to look after the trickier returns for you
 
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Are you sure you need a limited company in the first instance? If cost is an issue you should seriously consider operating as a sole trader, at least in the early stages. I'd never recommend anyone to form a limited company without first getting independent professional advice.
 
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