Fast Landing Service You’ll find the information you need here for IDA Ireland’s Fast Landing Service. Setting up your Business in Ireland Your Fast Landing Service Guide on what needs to be done! 01 Ireland’s Fast Landing Service 01 Setting up your Contents Introduction 02 Registering Your Company 02 Company Incorporation Business in Ireland Registration of Business Name Registration of a Branch Making Returns 03 Accessing Set Up Services and Providers 06 Accounting Tax and Tax Structures Your Fast Landing Service Corporation Tax Value Added Tax Corporate Banking Guide on what needs to be done! Insurance Re-locators 04 Your Customised Property Solution 16 Setting Up Your Office How to Negotiate a Lease Key Areas to Consider Choosing Serviced Office Space 05 Recruitment & Employment of Staff 22 Recruiting Staff in Ireland Legal Requirements and Terms and Conditions of Employment Contracts and Terms of Employment Benefits and Salaries Organising Employment Visas 06 Faster Landing Service 32 Athlone Castlebar Sligo Tralee Waterford 07 Getting Connected Locally as a Business 36 3rd Level Institutes & Universities Local Authorities Local Enterprise Offices (LEO) Chambers of Commerce Bilateral Chambers of Commerce American Chamber of Commerce Education and Training Boards Enterprise Ireland Department of Social Protection Regional Skills Forum Irish Business and Employers Confederation (IBEC) 08 Living In Ireland 42 09 Your Continuous Journey post set-up 44 Section 01 Ireland’s Fast 01 Landing Service Ireland was ranked 4th best Country in the World to do Business in 2015 by Forbes and this guide has been prepared by IDA for you to demonstrate why! You will find out what you have to do to set up your business in Ireland and how we can help you on your investment journey. Our goal is to make the process of establishing your business in Ireland as seamless and straightforward as possible. Welcome to our Fast Landing Service. For an even Faster Landing Service, check out Ireland's offer in five stunning business locations across Ireland in Athlone, Castlebar, Sligo, Tralee and Waterford. These locations have been chosen for you specifically to provide you with an alternative to investing in an Urban Centre. These locations still have as many of the benefits but at a lower cost for you. Engagement with your IDA Regional Manager and your IDA Business Relationship Manager will be key on your investment journey. Working together will ensure you meet with and reach out to all the appropriate connections that you will require for your successful investment journey in Ireland. Disclaimer The contents of this document are intended for general information purposes only. Any person considering establishing a business in Ireland is strongly advised to seek appropriate independent professional advice. IDA Ireland accepts no liability for any loss or damage caused by a person's reliance on any information, comment or statement provided in this document. IDA Ireland does not give any warranty, either express or implied, as to the accuracy, completeness or fitness for a particular purpose of any information, comment or statement provided in this document. Section 02 Registering 02 / 03 Your Company The legal requirements involved in registering a company in Ireland are set out in the Companies Act 2014. Company Incorporation Decide what type of company you are forming, choose a name for the Company, select a registered office address and prepare an outline of the company’s activities. You may consider establishing a Designated Activity Company (DAC) and therefore you will need to have a minimum of two Directors of any nationality but one must be ‘resident’ in the European Economic Area. If you decide to establish a LTD company, only one director is required. All types of companies require a secretary. A company is a legal form of business organisation. It is a separate legal entity and, therefore, is separate and distinct from those who own and run it. A Form A1 (found on www.core.ie) is completed and submitted together with a constitution (Only a one document constitution if the company is a LTD company, a memorandum and articles of association for all other company types). Company incorporation can be initiated online via www.core.ie. Registering Your Company Registration of Business Name If you are carrying on business other than under the full company name, you are obliged to register your business name. This can be done via www.core.ie. using form RBN1B at a small charge and your Certificate of Registration of Business Name will be sent to you electronically. Registration of a Branch You must register with the Companies Registration Office within one month of the establishment of a branch in the State. Companies from a Member State of the EEA file Form F12 to register. Companies from a non-EEA member state file Form F13 to register and there are ongoing annual filings. Note Once you have obtained your CRO number, it is important to begin the process of tax registration, particularly VAT registration. 04 / 05 Making Returns An annual return (Form B1) is a document setting out certain prescribed company information which is required to be delivered by an Irish company, whether trading or not, to the CRO at least once in every calendar year along with financial statements. Any of the above forms can be accessed via www.core.ie (Companies Online Registration Environment). Section 03 Accessing Set Up 06 / 07 Services & Providers Accounting There are a large number of Professional Services firms in Ireland that you can use to support you in managing you accounts and advising on the financial reporting requirements under the Companies Act in Ireland. Your Client Relationship Manager can provide you with an introduction as required. Accessing Set Up Services & Providers Tax and Tax Structures Without prejudice to the general disclaimer at the start of this document, IDA Ireland strongly recommends that persons establishing a business in Ireland obtain independent professional advice in relation to compliance with Irish tax law. You should advise the Irish tax authorities (Revenue) that you are setting up a company once you have registered the company with the Companies Registration Office (CRO) and received your CRO number. You can do this online using the Revenue Online Service – ROS. ROS is Revenue’s internet facility which provides you with a quick and secure facility to register for tax, pay tax liabilities, file tax returns, access your tax details and claim repayments. The facilities are available 24 hours a day, 7 days a week and 365 days a year. You will also benefit from an extension to existing deadlines for paying tax and filing returns where you both pay and file using ROS. Further information on Revenue’s online service can be found at www.ros.ie. If you are represented by your Tax Advisor or Accountant , they will be required to submit an on-line application on your behalf. However, if you are setting up a new company and choose not to be represented, you need to register on line at www.ros.ie and complete the form TR2 as paper applications are not accepted. Form TR2 (FT) - This form can be used to register for any/all of the following: + Corporation Tax + Employer’s PAYE/PRSI + Value Added Tax + Relevant Contracts Tax This form can be located at - www.revenue.ie/en/tax/vat/forms/formtr2. 08 / 09 Once you are registered, it is mandatory for all payments and returns to be completed and submitted online through ROS. If you choose not to be represented by an Advisor or Accountant, it is advisable upon receipt of your Corporation Tax/VAT number etc, that you register for their online services at www.revenue.ie/en/online. Shortly after registration you may receive a visit from a Revenue official to assist you in operating the tax system. Any difficulties or queries can be dealt with or general assistance received by contacting your local tax office, for which your IDA Regional Manager will give you a number. Things to Consider + Trading companies should be registered for corporate income tax (corporation tax). + Value Added Tax (VAT) registration is dependent on revenues and the nature of the business. + If the company employs people it needs to be registered as an employer. + If you register as an employer this covers registration for employee social security and taxes. Note + A company must be registered for taxes before commencement of trading, otherwise fines may apply. Accessing Set Up Services & Providers Corporation Tax Corporation Tax is charged on all profits (income and gains), wherever arising, of companies resident in the State, with some exceptions, and non-resident companies who trade in the State through a branch or agency. How a company is taxed Corporation Tax is charged on your company’s profits which include both income and chargeable gains. A company’s income for tax purposes is calculated in accordance with Income Tax rules. Chargeable gains are calculated in accordance with Capital Gains Tax rules. Corporation Tax Rate There are two rates of Corporation Tax: + 12.5% for trading income unless the income is from an excepted trade* in which case the rate is 25%. + 25% for non-trading income (e.g. investment income, rental income) * Excepted trades include certain land dealing activities, income from working minerals and petroleum activities. Paying Corporation Tax & Filing Obligations The Self-Assessment system 'Pay & File' applies to companies. Your obligations as a company with regard to paying Corporation Tax and filing its return are as follows: + Compute and pay your preliminary tax liability by the specified date (see below). + Complete and file, on line, a Form CT1 and where applicable a Form 46G (Company).