Right so you have decided to incorporate. Stage 1: Complete✔️
Now, onto stage 2. It is important to follow this checklist to ensure you’re giving your new company the best legal start.
- Decide on the company’s details
You need to know what you wish to name your company, who the director(s) will be, a secretary, you must have a registered office, share capital preferences and decide on the format of the constitution.
2. Incorporate your company
Once you have decided and gathered the above info, the next step will be to incorporate your company, there are numerous ways to complete this;
- You could save money and do it yourself on the Companies Registration Office (CRO) website.
- You could save money and do it yourself on the Companies Registration Office website. whilst being guided by our wonderful ultimate bundle (shameless, I know).
- Use an incorporation agent.
Congratulations, company owner! Once incorporated you must register with the Revenue – you may need to register for Corporation Tax, PAYE, PRSI and VAT (if necessary).
4. Order the Company Seal
It is a dated concept; nevertheless it is still a legal requirement to have a company seal. It must have your company’s name engraved on it. Its generally used on certain legal documents eg deeds. In our modern electronic world, there’s something fun about the pageantry of a clunky seal – we love https://mcgrathseals.ie/.
5. Open a business bank account
6. Register your company with the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies HERE
7. Register your business name
If you are operating under a name that is different from your company’s name – this will need to be registered with the Companies Registration office. We have a checklist, how to and template here.
Privacy Policies, data protection for your website, contracts, employee contracts
9. Annual Return
The company’s first annual return is due to be filed through the Companies Registration Office website, 6 months from the date of incorporation. This is known as the Annual Return Date (ARD) This first return does not need to be filed with financial statements. The company will have 56 days from the ARD to file the Annual Return online. This then will become an annual requirement. Missing an annual return can have expensive consequences, including fines, loss of audit exemption and potential strike off.
You also will have to ensure to hold board meetings, annual general meetings and upkeep of legal registers.
We are of the “teach a person to fish” school of thought, from our experience with small business, we are firmly of the view that you need to know what’s going on. Along with running the actual business, you are Head of IT, HR, Marketing, Legal and Accounting. The buck stops with you!
We believe in being frugal with money and TIME. Understanding the basics of incorporation and your company’s compliance requirements will make life easier now and in the future.
These are the reasons we created the Ultimate Bundle, a one stop no nonsense way to start a business aiming to make sure you understand what you must do and each element of what you are signing up to.
Please reach out with any queries on the above.
Disclaimer: Please note that Legal Diaries is not a law firm. Nothing on this site, unless otherwise state should be construed as legal advice. Legal Diaries does not provide your or your company legal advice unless otherwise communicated. We simply provide legal information and education for you to customise and use on your own and have reviewed by your own Legal Counsel. Danielle and Aisling are Barristers at Law, members of the LSRA Roll of Barristers. Unless otherwise specified Legal Diaries does not establish a lawyer-client relationship with you.