According to a report released by World Bank, it was found that about 500 companies commenced operation in Ireland. Ireland is one of the best countries in the entire European Union to setup a business.
Ireland is being viewed by many as a perfect country to setup a business. With its low tax rates,
favorable financing options, suitable environment and simple incorporation procedure, Ireland can offer anyone the best of both worlds.
Accountancy is one of the most important aspects of business incorporation. When it comes to accountancy in Ireland, the options are a dime a dozen. However, in order to streamline the entire process of company setup, it is recommended that instead of going for standalone accountancy services, one should opt for a company offering to handle accounts for your start-up in addition to registering it.
What to Expect
As far as Irish company incorporation is concerned, apart from accountancy, there are certain business areas that demand professional supervision and that cannot be ignored such as Payroll, taxation services, bookkeeping, etc.
This is why comparison shopping is something that cannot be stressed enough. Do not settle for the first service provider you come across offering to register your company. Look at the added benefits that can be secured. Furthermore, a realistic approach is to understand the accounting requirements for an Irish setup in depth. This will help you get a good idea of whether a service provider will be able to address your needs or not.
Accounting Requirements for an Irish Company Setup
Find out if a service provider will be able to deal with the following accounting needs common to all setups.
• If applicable, filing of VAT returns once every two months.
• Filing tax returns for a corporation annually.
• If a company has a workforce, submission of the corporate tax return every month. In addition, filing P30 at year’s end is a must.
• Conducting annual audit is mandatory for every company, parent or subsidiary. Moreover, conducting audit annually for any company with a turnover greater than €8.3 million is also obligatory.
• Submission of abridged accounts to the official company registration office every year.
• Filing of VIES returns quarterly or annually according to the volume generated.
Finding a service provider satisfying all the above listed needs should not be difficult. However, the due time, effort and money should be invested into it. In order to get relief from all accounting related hassles, find a solution that can work for you in the long run.
Taxation Services
Apart from accountancy, a start up may also need expert advice for taxation. Taxation also plays a very important role in the profitability of any company. Try to find a company that also has tax professionals so as to offer assistance in areas of:
• Tax consultancy and planning
• Tax registration
• VAT reclaim
• Tax-efficient strategies to setup a company
• Acquisition of tax clearance certificates
• Tax residency issues
Once you come across a provider offering all the services, do not hesitate to hire him. Remember, your choice of company for registration, taxation and accountancy services will have long-lasting implications. For long-term freedom from all the needless worry, take time to find a company that is just the right choice for you.
