Irish Business Advice from O'Mahony Donnelly

Business Permission Available for non EEA Nationals

michaelomahony — Mon, 19 Jul 2010 15:16:54 +0000

I had an excellent meeting today in Dublin with a new client who Iam helping with his ‘business permission’application. The client is a non EEA national I.e. from outside the EU plus Norway,Iceland & Liechtenstein.

Our role involved the preparation of business plans for the proposed retail business in central Dublin, along with qualifying the businesses potential for providing employment for two EEA nationals and initial capital transfer to the state of €300,000, being the minimum requirement.

One of the positives of investing at this time in an Irish retail business is that property prices, rents & leases are at a low which should add potential for future gains and/or increased trading profits.

If you would like assistance with a new business start-up see our contact details.

Company Secretarial Update

michaelomahony — Mon, 31 May 2010 21:31:48 +0000

I was at a recent meeting on the subject of company law and the responsibilities of the company secetary within the limited company. This meeting of accountants in cork plus other professionals re-affirmed some key issues as follows:

1. The legal obligation on companies to maintain the 7 statutory registers (minute book). The O.D.C.E. (office of director of corporate enforcement) could request sight of this register at any time!

2. Company Directors who think they can walk away from a company are now more likely to face legal sanctions brought by the ODCE. There is a legal procedure to dispose of a limited company and if it is not followed then Directors could be prosecuted.

3. A new companies consolidation bill 2010 is in process and expected to become law sometime in 2014.

The new Act will likely bring single director companies, a constitution to replace the existing Memorandum/Articles of Association, new company name and certificate of incorporation.

If you would like to discuss any issue surrounding company law or directors obligations then contact me at O’Mahony Donnelly….Michael O’Mahony FCCA

Dividend Witholding Tax Exemption for Non-Resident Corporate Shareholders

michaelomahony — Mon, 24 May 2010 22:20:19 +0000

I was discussing with a new client today the new process for non-resident corporate shareholders to receive dividends from their Irish subsidiary. The latest Finance Bill has simplified the process of paying dividends free of Irish witholding tax, currently at 20% of the gross dividend.

Providing the non-resident company is located either in the EU (except for Ireland) or a double tax treaty country – DTT (of which there are currently 48 in force) and a declaration has been made in the prescribed format then it is possible to pay dividends in this way.

How the dividends are then taxed in the recipients country of residence depends on the tax laws of that country.

If you would like assistance with this process either in Ireland and/or in the recipient country See O’Mahony Donnelly contact details.

We can also introduce you to one of our associated firms in Enterprise Worldwide who can assist with advice in the parent company’s country.

Business Registration in Ireland

michaelomahony — Tue, 11 May 2010 21:16:58 +0000

The next quarterly newsletter of Enterprise Worldwide is due for publication around May 17th. Today I was finishing my own contribution to the newsletter on ‘Business Registration in Ireland’.

This is a brief article that outlines the typical business registration options and associated accounts compliance requirements with the companies registration office (CRO).

The main areas focused on include, place of business, branch, limited company, business name and limited liability partnership registration. All of these company set-up processes and ongoing services are covered by our firm on a regular basis. If you would like to discuss with us how we can assist your own business please see O’Mahony Donnelly contact details. A copy of the article is available on our website at http://www.omahonydonnelly.ie/business-registration-ireland.html

Employer Deadline Approaching for PAYE Return of Benefits in Kind

michaelomahony — Wed, 05 May 2010 21:45:54 +0000

I was preparing a return for a client today who had made medical benefit payments on behalf some employees. These payments are normally required to be returned on the monthly payroll as benefits in kind (BIK). However in this case certain employees had left the company. Because there was a commitment to pay the full term of the medical payments, which did not become apparent until the employees had left, some of them were omitted from reporting through the regular payroll run.

A P11D, employer return of benefits in kind, is obligatory where the employee has left and also where there may be other benefits not reportable through the payroll. Such benefits may include employer PRSA payments, where the total employee and employer PRSA payments exceed the maximum tax free % normally allowed for an individual. The deadline for a P11D for year ended 31/12/2009 is 31 May 2010. This is just over 3 weeks so if you require any assistance from us with your P11D compliance see O’Mahony contact details.

Setting up a Limited Company – Director Requirements

michaelomahony — Tue, 27 Apr 2010 21:10:45 +0000

We have received many enquiries recently on the subject of Company Law requirements for Directors of an Irish Limited Company. The information held by some on this subject can be somewhat mis-led, out of date or plain confused!

Directors residency is a significant and also potentially costly issue when incorporating an Irish limited company.

The current requirement for forming an Irish limited company is that at least one of the two Directors is an EEA resident (EU plus Norway, Iceland & Liechtenstein). Previously one of the Directors had to be Irish resident.

Without an EEA resident Director then the company is required to take out a s43 bond insurance policy, which costs a substantial sum.

You may be an entrepreneur, completely new to business or someone who is unfamiliar with the current legal position for Directors. If you would like further information and assistance with incorporating an Irish limited company please see O’Mahony Donnelly Contact Details.

O’Mahony Donnelly to represent Accountants Ireland in Miami?

michaelomahony — Thu, 22 Apr 2010 15:31:37 +0000

It’s that time of year again and the upcoming annual symposium of Enterprise Worldwide in Miami, Florida on June 16th to 18th. Enterprise Worldwide is the association of International accounting firms of which we have been a member since 2007. The symposium is a huge networking opportunity, a chance to meet old and make new professional partnerships and during the 3 days we will keep updated on best practice, technical and other high performance & leading edge issues. I had a phonecall from a fellow associate yesterday to see if we would be attending the event. As the sole Irish member we would be effectively representing Accountants Ireland to the fellow members, many of whom are US based CPA accounting firms. During the coming days I will be making arrangements to attend what should be a fantastic event in a 1st class location.

Foreign Companies Operating in Ireland – Branch or Place of Business?

michaelomahony — Thu, 22 Apr 2010 14:55:33 +0000

There are legal obligations on foreign companies operating in Ireland to register with the CRO, normally within 1 month of beginning operations here. Most companies will either have a Place of Business or a Branch. The difference between these two types of registration depend on whether the company’s activities in Ireland are part of the company’s main business or are just ancilliary activities such as a representative office with decision making on contracts being made at head office overseas. If you would like to discuss your own companies status please refer to O’Mahony Donnelly contact details.

Irish Business Registration Services

michaelomahony — Tue, 23 Mar 2010 22:58:24 +0000

If you are one of our existing clients you may well be aware of the extensive company set-up and company formation services we provide. These include limited company registration, business name registration, Branch & Foreign company registration & place of business registration.

We also provide ongoing company legal support services to your business in the form of company secretarial services, change of limited company name (should you decide you want to change the course of your business), registered office address and voluntary strike off application, (should things go wrong!)

If you are looking to expand overseas you may require certification and apostille stamping of your business documents such as Memorandum & Articles of Association, Certificate of Incorporation & Business name registration. This may be required for the purposes of production to a foreign public body for business registration overseas. We can organise this process for you here in Ireland for your business registration overseas.

If you would like to discuss in more detail See O’Mahony Donnelly contact details

Irish Companies Doing Business Overseas – Foreign Legal & Registration Requirements

michaelomahony — Tue, 23 Mar 2010 22:26:08 +0000

If you are an Irish business looking to establish markets in a foreign country you may have several business and legal registration requirements to fulfil before you can begin trading. This can be a particularly complex assignment and a huge obstacle given the differing legal, taxation and foreign registration requirements. Throw in to the ‘mix’ a foreign country who is non-English speaking and you may be asking yourself, ‘where do I start’?

We can simplify this process for you by introducing you to one of our associated member firms in Enterprise Worldwide. With members throughout Europe, North & South America, Asia & Australia we have worldwide reach.

We work closely with our associates to provide you with a cost effective, workable solution to your business needs.

If you would like to discuss with me how I can help you achieve your overseas business expansion, See O’ Mahony Donnelly contact details