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Starting a Business in Ireland

Starting a business in Ireland is a great idea.

Not only is Ireland recognised as the 4th best place in Europe and the 9th best place out of a total of 183 countries worldwide in which to do business, it is also home to 8 out of the top 10 global technology Businesses and 15 of the top 25 medical device companies.

Irelands Business corporations tax rate of 12.5 % has proved attractive to many of the world's leading multi - national companies. Intel, Google, Ebay and Twitter to name a few have based their headquarters in Ireland.

Ireland has a highly educated workforce, an exceptionally well developed road network and international air connections to many of the worlds leading cities. Aer Lingus and Ryanair both have well connected networks. Dublin city and the major centres of Cork, Galway, Limerick and Waterford have an extensive supply of hotel rooms to suit all tastes and budgets Dublin ports and

So how do you get involved and gain the advantage of trading as an Irish business.

The first aspect to decide upon is the legal structure of the business you are going to register.

Will you opt to trade as a sole trader or in partnership with others and register a business name or will you seek the protection of limited liability and register a limited company.

The choice of which legal structure to use will largely be dependent upon considerations such as;

  • your current personal taxation status & circumstances.
  • the type of business you are considering e.g. will you be involved predominately with either good, services or a mix of both.
  • the number of persons involved in starting a business with you.
  • where you will run your business, e.g. from home or using a virtual or serviced office providers
  • whether or not you choose to protect your individual assets from the outset.
  • the anticipated level of turnover expected.
  • how you expect to fund the new business e.g. bank loans, personal investment, BES, or other funding
  • how you expect to be paid or receive income form the business e.g. drawings, salary, dividends etc.
  • how you will choose to distribute profits
  • your age and current pension/retirement planning status etc.

The above is but a brief overview with regard to broad considerations faced by entrepreneurs when starting a business. The ultimate decision however will always be up to you.

 

 

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