A very common question I get asked is, what information do I need to register a company. We register companies on a daily basis, and are used to rattling off the answers on the phone, so I thought it would be a good idea to post something on Small Business Can about registering a company.
1. Choose The Company Name
Firstly you need a company name. This name will need to be unique, as you cannot register a limited company name with the CRO that is like or similar to another name. There are more complexities than this which I will go into in another blog post soon. Choose somthing unique. The agency you use to form the company should be able to pre-qualify the success of this for you to give it the best chance.
2. Where is the registered Office?
The Regstered office needs to be located in Ireland, and it canot be a P.O. Box. Some new companies without offices use a home address.
3. Who are the Directors?
You need a minimum of 2 directors to form an Irish company. The information required is the names, Nationality, date of birth and residential address. There is legislation in the new companies act that will change this to requiring only one Director in the future. We don’t know when this will be put into law. I met Sean Sherlock at the start of the year, and all he could say was they were processing a number of binders per day getting through the work. Expect this to happen over the next couple of years. Its the biggest change to legislation in the history of the state.
4. Who is the company Secretary?
The Company Secretary has specific duties in accordance with the Companies Act. Get to know these duties. You can find more on the Office of the Director of Corporate Enforcement website.
5. What is the share structure?
Who will own shares in the company? What’s the split between Authorised share capital and issued share capital? We structure this to make it easy for you to be able to make changes in the future. If you are issuing Ordinary Shares its best to use percentage values when indicating this. If there is only 2 of you splitting the ownership, then 100 issued shares with 50 each is best. If there are 3 Shareholders, then issue 120 and split them 3 ways etc. You cant split an individual share. Your agent should set this up so you can issue further shares in the future without much cost. What out for this.
6. Whats the principal activity?
You will need to outline what the activity of the company is so that it can be included by your agent in the memorandum and articles of association. This is the constitution of your limited company. For more information visit the Irish Formations Website.