There are two ways to launch a business in Ireland: the classic one, where you incorporate a legal entity with the Companies Registration Office, and the one where you buy a shelf company. The second procedure is very useful when you need financing or want to access partnerships, which is why this article will focus on the steps of buying a shelf company in Ireland.
1. Business form selection
Just like in the case of a new company, it is important to choose the legal form your future Irish business will have. However, the choice is usually simpler, because in most cases, you will find dormant private limited liability companies with most service providers. Why? Because it is simpler to incorporate from a legal point of view, but it is also used for most activities in Ireland.
Apart from the legal entity, you should also consider:
- the age of the company, as there are newer and older businesses to choose from;
- its characteristics, for example, if you need a company that is registered for VAT or you want one without the VAT number;
- the budget you have, as there are plenty of options from this point of view, which allows you to be flexible.
Following that, you will need to compare service providers and choose one. If you wonder how to acquire ready-made companies in Ireland, you still need to complete a few additional steps, as detailed below. Also, you should know that BridgeWest Ireland offers such companies for sale.
2. Service provider verification
After deciding on the type of company and all other aspects above, it is recommended to check the service provider you chose. In most cases, Irish agents selling shelf companies are reliable and trustworthy, but if you want to make sure your need aligns with what they offer, BridgeWest Ireland recommends such a verification, which they can perform on your behalf.
3. Documents preparation
An advantage of buying a shelf company in Ireland is that the documents you need are minimal. You will need your ID or valid passport, depending on your nationality. On the other side, the service provider will prepare the share transfer agreement you will both sign upon acquisition.
4. The actual acquisition procedure
To complete the actual purchase, you will setup a meeting with the seller for the transfer to take place. It is also possible to send your ID for the preparation of the agreement via email and receive the contract the same way for you to sign it. However, in most cases, clients and providers meet to sign the documents.
5. Make amendments
When you buy an Irish ready-made company, it will have all the elements it needs to start operating immediately. Specifically:
- a trading name;
- the Memorandum and Articles of Association;
- proof of the Irish legal address;
- the name of the director and shareholder;
- the tax identification code (and VAT, if you buy a company that is registered for VAT);
- the bank account number.
Some of these data must be changed, while you can keep others permanently or alter them at a later date. To start with, you must change the name of the shareholder and director. Then, you need to amend the Memorandum and Articles of Association with these new names. Optionally, you can change the name and registered address of the company.
6. Companies Register notification
After making these changes, you need to notify the Companies Register Office about them. The procedure is rather simple, however, it is mandatory, as the Registrar must update its database with these details.
7. Business licensing (if necessary)
Shelf companies do not have business licenses issued, as they are dormant, so they do not engage in any activity. This means that, depending on the operations to undertake, you will need to apply for various business permits or authorization from the relevant authorities. In case no license is required, you can start operating immediately.
The acquisition of a ready-made company has various advantages, among which increased credibility and ease in finding clientele on the Irish market. The steps above are a good indicator of how easy it is to start a business in Ireland, even when buying an aged company, as they can be completed in just a matter of days.
