Synergy Information
Thursday, 21 March 2013 13:25

Some questions on Limited Companies

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How Many Directors must the Company Have?

A minimum of two Company Directors are required. (Corporate Directors are not allowed.) A Director can be of any nationality. One of the Company Directors must be "resident" in Ireland. In the absence of a "resident" director a bond in lieu in the sum of €25,395 must be lodged. A "resident" person is one who is present in the State for an aggregate period of 183 days or more each year or the previous year. 

 

Can I Use my Home Address as the Company's Registered Office?

Yes. The Registered Office Address of a company is the address for the company that is recorded in the Companies Registration Office. This must be in Ireland. This address may be changed at any time by notifying the relevant authorities at the Companies Registration Office. The trading address of the company may be different from that stated as the registered office. All official correspondence is sent to the registered office. 

Is the Registered Office Address the Same as the Business Trading Address?

The trading address is the address at which the proposed trade or business is actually carried on. In many small to medium sized business concerns and company start ups, this is one and the same as the registered office address. There is a legislative requirement to state the trading address/place of business activity when applying for registration. 

The centre of administration of the business is the address at which the overall control of the company is exercised and at which the central administrative functions of the business is carried on. There is a legislative requirement to state the centre of administration of the proposed company when applying for registration

Who are the Shareholders?

The shareholders (often referred to as, "the members") are the actual owners of the company. The minimum number of shareholders is one, the maximum number of shareholders is fifty in the case of a private company. Corporate shareholders are allowed. Shares may be held jointly by two or more people.

How is the Company Capital Arranged?

The "authorised" share capital of a company is the total number of shares that can be issued in the company. For the purpose of latitude and in order to avoid having to increase the authorised share capital at a later stage we will incorporate the new company with capital of 1,000,000. The share capital of the company will be expressed in Euro's.

The "issued" or paid up share capital is the shares that have actually been allotted and paid for by the shareholders. Companies Capital Duty of 1% applies on the issue of shares. In the absence of instructions to the contrary all company registrations are completed with the issue of 2 shares of one Euro each.

Can One Person Own all of the Shares?

Yes. Proprietors who wish to hold the entire share capital can do so by forming a "Single Member Company".

What about a Company Secretary?

Every limited company must have a Company Secretary. One of the Directors may act as the Company Secretary or another person who is not a Director mat be appointed as Secretary.

What are the Company's Obligations after Incorporation?

Accounts must be prepared each year and filed in the Companies Registration Office. The information given in filed accounts varies with the size of the company. Companies may subject to certain conditions seek to exempt themselves from the requirement to have accounts audited.

An Annual Return must be filed with the Registrar of Companies, together with the appropriate fee. In compliance with the provisions of the Companies (Amendment) (No.2) Act a company failing to file an annual return in respect of any one year may be struck off the index by the Registrar of Companies.

The First Annual Return (ARD) date in the case of a newly registered private limited company will be six months from the date of registration.

Can Business & Company Formations help with all of the above ?

Yes, BCF upon receipt of you completed application, will check and advise you upon the availability or otherwise of your proposed company name, generate the necessary pre-registration & legal documents required to incorporate your proposed new company and upload these documents to your inbox for printing and signing.

How long will the process take to complete ?

Once the properly signed pre-registration documents have been returned to us, BCF will electronically file and administer to the entire registration process at the Companies Registration Office. The legal process of registering your new company will be completed generally in 5 working days (sometimes a little sooner, depending on volumes at the CRO) after which BCF guarantee to send your completed company formation package to you within two days by registered post. 

Why Form a Limited Company ?

A limited company is a legal entity in its own right and has a number of distinct advantages.

 

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Robert Tallent

Bob is a Management Consultant, Mentor and Trainer. He is also an Entrepreneur from 1983 to the present day. Between 1983 and 1995 he ran four businesses with a turnover in excess of £1m. As well as having an Honours Degree in Business Studies, he is also an Industrial Engineer and managed a large department in a multinational with large budgets and responsibilities.

He studied to become a Management Consultant, Mentor and Trainer and setup The Synergy Group in 1995.

He has a huge range of business and management experience in practically every industry.

Call him privately on +353(0)87 232 6927

or email him on bob@synergy.ie

Main land line is +353(1) 821 5189

Website: www.synergy.ie
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