THE SCF GROUP HAS BEEN FORMING & MANAGING IRISH COMPANIES FOR OVER 25 YEARS

IRISH COMPANY MANAGEMENT  

Synopsis

The Irish economy, notwithstanding BREXIT, has been one of the most robust within the EU with full employment and soaring corporate tax receipts leaving the Government with the enviable task of deciding what to do with a massive exchequer surplus of over €26 billion in 2023.  Ireland also continues to proportionally attract more US inward investment than any other country in the world no doubt due to factors such as its continued low corporate tax rate of 12.5%, excellent communications, highly skilled workforce and very attractive domicile and residence distinctions for wealthy foreigners wishing to move to the Emerald Isle.

Finally, the country benefits from of one of Europe’s best negotiated double taxation treaty networks, full EU membership since 1973 and one of the best quality of life environments in Europe. The capital city is Dublin – literary home to Shaw, Joyce, Sheridan, O’Casey, Yeats – with the main industries being computer software, finance and tourism. The country occupies 70,282 square kilometers (27,136 miles) and has a population of 5,149,139 (2022).

Managed Limited Companies

The Ireland has excellent tax planning credentials, not only offering a highly competitive 12.5% corporate tax rate but some unique and very attractive personal tax benefits that make the country an ideal base for even small businesses and high paid tax consultants. Key to Ireland’s success is the fact that it has an excellent reputation and does not permit ‘mail box’ operations meaning that all companies purporting to be managed in Ireland must indeed be managed from within the jurisdiction. However, with SCF Group services this can be achieved at economic rates including meeting all invoicing, serviced office and compliance requirements.

Double Taxation Treaty Network

As would be expected Ireland has an extensive double taxation treaty network with over 40 countries but in particular has some very favourable treaties with countries such as Cyprus which can be used to further mitigate corporate tax or act as a conduit for East European investment especially now that Cyprus is a now a full member of the European Union

Why register an Irish Managed Company?

• Ireland has very low corporate taxes with the main rate being 12.5%.
• Irish limited liability companies (governed by the consolidated Companies Act 2016) do not need to be capitalized before commencing to trade;
• The Companies Registration Office or CRO (The registration body for all Irish companies) is probably the most efficient and cost-effective in Europe after those of the UK;
• Legal and Incorporation Fees are a fraction of those in most civil law countries;
• Dublin is a major European financial centre;
• English is the Mother language;
• Dublin has world class communications with two major local airlines, Aer Lingus and Ryanair, offering links to most parts of the World;
• Ireland despite its size can boast two of the World’s top 100 universities namely Trinity College Dublin (TCD) and University College Dublin (UCD);
• Proportionally the Republic of Ireland has more inward investment from US firms than any other country in the World;
• Bureaucracy is far less than in almost all other European countries;
• The common law legal system (also used by the UK, United States, Australia, Canada and most former colonies) is generally very pro-business and employment laws far more relaxed than on the Continent;
• The Irish concept of domicile and residence can afford non-domiciled but permanent fiscal residents the ability to be taxed merely on a remittance basis;
• Ireland has an excellent double taxation treaty network;
• The legal documents (known as the Memorandum & Articles of Association) can be pre-apostilled under The Hague Convention and pre-translated into most main European languages;

Anti-avoidance provisions and the benefits of using Managed and Controlled Irish Limited Companies

Unlike tax havens, it is very difficult for French, German or other investigating tax authorities to discriminate against properly managed Irish companies for the very simple reason that all are highly respectable European Union countries. The only issues that can technically be raised relate to proving that there is a genuine business reason other than simple tax mitigation – Obviously, this burden can normally be easily satisfied due to the reputation of Ireland but it cannot be over-stressed that full and proper management must take place in the Ireland to derive these benefits.

Companies

Apart from the United Kingdom, and Malta and Cyprus, Ireland is unique in Europe in using the corporate friendly common law system.

Double Taxation Treaty Network

The key benefit is that the Ireland has an extensive and very favourable tax treaty network and includes treaties with virtually every country in the World that is part of a tax treaty network. In addition, the Irealnd’s EU membership also allows for the use of key EU Directives such as the Parent Subsidiary Directive 90/435 (which avoids any withholding taxes on intra EU dividend payments) and 03/49, which does the same for interest and loans within the Union.

ADMINISTRATION & ACCOUNTANCY SERVICES

Managed Irish Limited Liability Company

The key service offered by the SCF Accountancy & Law is that of a fully managed Irish company where-by we can register your Company, act as the daily legal and accountancy administrators, liaise on your behalf with the Revenue Commissioners, the Company Registration Office (CRO), maintain the registered office, company minutes and in fact everything necessary to provide you with a fully functional VAT registered Irish limited liability company including quarterly VAT returns, online banking, management and meeting rooms etc. – In fact, our Irish services are totally bespoke according to your needs.

Our Range of Fully Managed Company Services

• The appointment of a qualified accountant to act as Company Secretary;
• The opening up of a bank account for your company with access provisions agreed by SCF, the bank and of course the beneficial owners;
• A Full Management Agreement setting out the rights and obligations of all parties;
• The provision of an Irish registered office address for service of process and official mail;
• The application and obtaining of an Irish VAT number for your company;
• The maintenance of all requisite company minutes, ongoing companies’ registration office submissions, annual returns and AGM preparation;
• The annual submission of the Annual Assessment of Tax Form;
• The management of the company’s VAT submissions, payments and VAT reclamations on a monthly or quarterly basis;
• The maintenance of the company’s accounts supported by a quarterly ready for the submission to the Revenue Commissioners’  including the corporate tax calculation. Accountancy will be maintained in either SAGE or Quick Books format;
• The appointment, if required or appropriate, of auditors;
• Advice on general Irsih tax mitigation and the company’s maintenance by a dedicated company accountant

Set-Up & Annual Maintenance Fees

Please see separate SCF Accountancy & Law Irish Managed Company Fee Quotation

The Fully Managed Irish Company & Trading Office Package (Optional Extra)

This Package is identical to the Fully Managed Irish Company Package save that it includes SCF providing the day-to-day trading, telephone answering, website management (if required), order reconciliation, invoice issuing and trading office facilities for your UK company operation which can be made bespoke to your exact needs all at a fraction of the cost of setting up and maintaining you own office in Dublin. For more details please contact an SCF Consultant.