The Amazing Benefits of Forming a Company in Ireland

If you’re looking to expand your company into the international market or you’re looking for a new place to start a new one, then you may want to consider Ireland. It may seem like a strange suggestion at first, but there are plenty of reasons more and more people are considered starting their companies in Ireland.

It’s Easier To Start A Company

Ireland brought the Companies Act 2014 into effect that provides for a number of different company types and makes the Company formation Ireland and incorporation extremely easy. The Act covers everything from management and every day administration, to the winding down and dissolution process of a company. Because everything is laid out, it’s extremely easy to do and individual interests are still protected.

Low Corporation Tax

Ireland is considered to be a pro-business environment, and that’s why it has a low Corporation Tax. The Corporation Tax of Ireland is 12.5%, which is one of the lowest in the world. The company itself is liable for paying corporation tax from the company profits, while the directors themselves are only responsible for income tax. The reason for this separation is because the company is considered a legal entity itself. It is kept separate from the Officers and Directors, so when unpaid debts arise, only the company have legal action taken against it.

Tax Credits

Ireland is considered to be one of the easiest countries to do businesses in, as well as affordable. There are generous amounts of Research and Development tax credits that companies can apply for, employees can acquire shares in the company, and there is a low share capital requirement of about 100 Euros, so even the smallest businesses have a great start.

Greater Protection is Offered

When there is changes in the structure of a business, it may need to be reworked in order to maintain its status. However, in Ireland, the process is made quite simple. Any sudden changes are protected and companies are given something of a grave period to adjust to these changes.

Additional Benefits By Minimizing Corporation Tax

One of the best ways to decrease tax while running a company in Ireland is to maximize your benefits. This can be achieved in a number of ways. One way is to purchase capital equipment to be used in the business, as well as claiming capital allowances. A second way is to ensure that the company is making contributions to employees’ pensions so that they can retire well. Lastly, the maximum amount of expenses should be claimed (or as high as possible) under legislation. These are all great way to help your company grow while also retaining happy employees.

It’s not easy starting a business from the ground up and trying to make it grow. Not only is there legal tape in the way but it’s difficult to get people to take notice. But the air of Ireland promotes the growth of businesses by making it as easy as possible for anyone to hit the ground running and make their business thrive.