Going Offshore - Crowe Horwath International

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Horwath MAK Member Crowe Horwath International 15. IRELAND Geographical Location The island of Ireland is situated to the west of Great Britain from which it is separated by the Irish Sea. Ireland is 10280 sq. kms in size. The lakes and bogs of the interior lowlands are surrounded by mountain masses. These range from the bleak granites of the North and East to the jagged fingers of sandstone stretching out into the Atlantic in the south-west. Ireland is renowned for its magnificent scenery, unique fauna and wildlife and its unpolluted fishing lakes and rivers. Political Structure Until 1922 all of Ireland was part of the United Kingdom. Indeed, Dublin, the capital, was officially the second city (after London) of the British Empire. Following a war of Independence which lasted 3 years, UK entered into a treaty with Ireland. The effect was to partition the island into Northern Ireland (5,452 square miles) and create an Irish Free State (27,236 square miles). In 1949 the Irish Free State became a Republic and left the British commonwealth. Northern Ireland remains an integral part of the UK. Taxation Corporation Tax is payable by resident companies at a rate of 40 per cent on all income and capital gains, Non-Resident company status is a feature of taxation Law rather than Company Law and to obtain and maintain Non-Resident status, the ownership and centre of management of Non-resident company should be foreign based and the company should not derive any income from the Republic of Ireland. All companies have to file accounts and an annual return with Registry. Non-Resident companies do not however have to file accounts with the Tax authority. Summary The attraction of Ireland as a financial centre can be summarized as:- • A full member of the European Community • Excellent professional and commercial infrastructure • Zero corporation tax for non-resident companies • Non disclosure of Beneficial Ownership • Immediate company availability Audit | Tax | Advisory | Risk 30 © 2013 Horwath Mak
Horwath MAK Member Crowe Horwath International SN DETAILS IRELAND 1 Types of company: Private or public; limited or unlimited; multi-member or single member companies. (a) Type of company preferred for international transactions: Private limited by shares. (b) Shareless companies: Companies limited by guarantee and not have a share capital can also be incorporated. 2 Capital requirements: Private companies (other than single member companies): two shareholders, with two shares subscribed for at incorporation. Public company: a minimum capital of EUR 38,092 allotted share capital paid-up to the extent of 25% of nominal value and 100% of share premium. Capital can be expressed in any currency. 3 Fees paid to authorities to incorporate: 4 Annual fees paid to authorities: 5 Taxation rates applied to companies generally: 6 Minimum number of members: EUR 100 payable to Companies Registration Office unless the form is registered through the CRO Disk scheme (subject to a EUR 50 filing fee). Companies Capital Duty abolished in 2005. Annual Return Fee - EUR 40 for paper filing; EUR 20 for online filing; EUR 100 late filing fee plus EUR 3 per day thereafter to a maximum EUR 1,200. The corporation tax rate is currently 25% for non-trading income. This is reduced to 12.5% for qualifying trading income. (a) The taxation of companies in 2(a): See above Private Limited Company: minimum of one (single member). Private Unlimited Company: minimum of two. Public Company: minimum of seven. Members can be either bodies corporate or natural persons. 7 Directors and secretary: (a) Must there be a resident director/secretary? No (b) Are corporate directors allowed? No 8 Annual meetings: At least one directors' meeting to be held every year to accept accounts and to call the Annual General Meeting. An Annual General Meeting to be held each calendar year to receive and adopt the financial statements - see statutory requirements in Acts. Extraordinary General Meetings in circumstances where prescribed by legislation. 9 Is an annual return filed with details of directors and members? Yes Audit | Tax | Advisory | Risk © 2013 Horwath Mak 31
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Going Offshore - Crowe Horwath International

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