Starting a business in Ireland: A guide for Indian residents with requirements, fees, and opening Irish business account

The small island nation of Ireland is an important member of the European Union and is in close proximity to the United Kingdom. The low taxation rate and friendly business environment make establishing companies in Ireland attractive for foreign entrepreneurs. Learn more about the process of registering a company in Ireland from India, the eligibility requirements, the business structure, and the unique Startup visa programme.

Table of contents
Can you register a company in Ireland from India? Different types of companies in Ireland Requirements to start Ireland company from India What does it cost to run a Ireland company Starting costs for setting up the company Taxes and Government Fees Starting a business account for Ireland company Moving to Ireland from India Startup / Entrepreneur Visa Program

Can you register a company in Ireland from India?

Yes. Indian entrepreneurs can establish companies and work in Ireland. However, since India is a non-EU/EFA nation, Indian passport holders must hold a visa or residence permit that allows them to work in Ireland. An interesting new program, called the Startup and Entrepreneur Program, can be one way for an Indian entrepreneur to start a company in Ireland. Check out our section at the end of the article on visas to Ireland.

Registering a company in Ireland is done through the Companies Registration Office (CRO) website. A foreign company, like a business that is headquartered in India, can open a branch in Ireland. They will need to register by completing Form F13 from the CRO, and appoint a local representative.

The CRO website can also register the following types of companies:¹

• A Company
• A Business Name (Trading Name)
• A Foreign Company (External Company) or
• Limited Partnership

The next section covers the differences in types of companies in Ireland.

Different types of companies in Ireland

Ireland has six main business structures:²

• Private Company Limited by Shares (LTD) - This type of LTD company allows for only one director but can go up to 149 members. It has limited liability and is required to have a secretary.
• Designated Activity Company - This type of a business structure can be a private company limited by shares or limited by guarantee and having share capital. A DAC requires a constitution document which includes a memorandum and articles of association.
• Company Limited by Guarantee (CLG) - This business entity must have at least two directors. The entity has limited liability and doesn’t allow for share capital. It requires a constitution as set out by Schedule 10 to the Companies Act 2014.
• Company limited by Guarantee (share capital) - This business structure is similar to the one discussed above but includes share capital. However, their liability is limited to the contributing amount paid on their shares.
• Unlimited Company - This business structure can be Public or Private, have share capital or not. Shareholders have unlimited liability for business debts. The constitution will be different depending on the share capital and if it is private or public.
• Public Limited Company (PLC) - This business entity can raise share capital from the public and is traded on the Securities Exchange. This constitution may require a minimum investment. It also must have a minimum of two directors and has no restrictions on the number of stakeholders.

The last option is to be a sole trader in Ireland. That generally means that you work for yourself, and you are responsible for all debts and obligations from your work. You don’t need to register as a business, but you must register for tax and have a Personal Public Service Number. You can register on the Revenue Online Service (ROS)’s eRegistration service.³

The type of business structure you choose should reflect your business’ size, industry and goals.

Requirements to start Ireland company from India

To start a company in Ireland, you first must have the appropriate visa and then, register the company. The applications for registering companies in Ireland must be done through the official website of the Companies Registration Office.

There are two ways that businesses can submit their registration applications, and each has a different timeline: ⁴

1. Fe Phrainn A1 Online - Five working days for companies that are incorporated with a standardised constitution.
2. Ordinary Online A1 - Ten working days for all others.

Here are the steps to register:

1. Decide if you will apply for registration by Fe Phrainn A1 Online or Ordinary Online A1.
2. Reserve your company name through the CRO service online. The name will be held for 28 days and there is a fee.
3. Complete the Form A1 and submit the documents online. Fe Phrainn scheme companies will already have a constitution ready, while an ordinary application will need to get approval.
4. Pay any necessary fees.
5. The respective authorities will issue the certificate of incorporation if all requirements have been met.

While most businesses prefer online registration, ordinary offline registration facilities are available. The timeline is generally 15 days but it can take longer.

What does it cost to run a Ireland company

Running a company in Ireland is going to depend on what type of business you have. The industry, customer, size and location will all play a part in your business expenses. A sole trader with a small business will be able to get started with relatively low costs, while a corporation may require loans and investment to get started.

No matter the size, here are some general business costs to keep in mind when you are starting a company:

• Employee salaries: The total expense for employee salaries can be a large part of your expenses. Starting out, you may not need many employees but the number can grow as your business does. Make sure you are providing the appropriate salary for the location and skill level of your employees, plus any benefits so you comply with all local and national laws.
• Technology & supplies: The cost of new computers and laptops can add to your set-up costs when you’re starting. Any additional tech, whether cameras or software, should be accounted for and be purchased according to your company’s needs.
• Office and maintenance: Many modern digital businesses may not need a physical office and rather have coworking memberships or require a work-from-home set up for employees. Identify a work culture that works best for your business.
• Taxes: Paying the required local, regional and national taxes including VAT (Value Added Tax) on time is essential to running a business. A local Irish tax agent, while not required, can help you navigate the tax system and ensure you stay compliant and avoid fees.
• Professional services: Hiring local professionals, whether on a retainer basis or otherwise, can help you manage and navigate the Irish system. This can include lawyers, tax agents, accountants and notaries.
• Licenses and Permits: Depending on your type of business, you may need licenses and permits to operate locally.

Starting costs for setting up the company

Here are the starting and annual costs for setting up a company in Ireland, but keep in mind that your costs may vary depending on your type of business.

Type of fee	Online fee amount 5
Name reservation fee	€25 EUR
New company registration	€50 EUR
Annual Return	€20 EUR
Late filing fee for annual return	€120 EUR
Foreign company registration	€50 EUR
Change of company name	€50 EUR

Compared to other countries, the cost of registering a company is lower in Ireland, especially if you complete it online.

Taxes and Government Fees

The Irish government’s Revenue Office provides information on personal and business taxes in the country. It is also a portal to pay your taxes through the Revenue Online Service (ROS) or myAccount. But to do either, you first must have the appropriate Tax Registration Number (TRN).⁶

You can find a list of specific taxes for Irish businesses online.

Starting a business account for Ireland company

A business bank account in Ireland will help you make payments to staff and suppliers locally, receive payments within Ireland and pay for compliance and taxes. Ireland offers multiple banks to choose from including the Bank of Ireland, Ulster Bank and many foreign banks too. Dive deeper with our full guide on how to open a business bank account in Ireland.

Challenges in opening and managing account from India

Online banking has made it easy to manage an account from anywhere, right from your mobile. However, if you have suppliers or staff around the globe, it can be expensive to manage international transfers with your bank. Banks typically charge a transfer fee and an exchange rate fee, which is a markup on every Euro you convert. Plus, wire transfers with banks can take up to 5 business days- and that extra time can hurt when you have bills due.

Want a fast, easy and cheap way to send money overseas for your business? Take a look at the Wise Business Account.

Global business payments just got easier with Wise

When you have a business as global as you are, you need an account to match. The Wise Business Account lets you send money to local bank accounts in different countries. So whether you have suppliers, freelancers or vendors around the globe, you can make sure they are paid with Wise.

Wise uses smart tech to make transfers low-cost and secure. You will only have to pay one low transfer fee when you send money, and you’ll always get the mid-market exchange rate. That means no extra fees or mark ups.

Our online process lets you open and verify your Ireland business account from India. With our commitment to providing a seamless digital experience, Wise offers an ideal alternative to traditional banks for your business abroad.

Business categories supported on Wise 👉

Plus, the Wise Business Account lets you get local bank details in mutiple currencies. So now clients can pay in the currency that is most convenient for them. Over 300,000 businesses use Wise Business each quarter. Join now and see how easy it is to make your company go global.

Moving to Ireland from India

If you want to work in Ireland, you must have the appropriate visa that allows for earning money in the country. Most visas require work sponsorship, which means that you need an employment contract for a full time role from an Irish business. However, you may be able to look into starting your business once you have long term residency in Ireland or have become a citizen.

One option for entrepreneurs is to consider the Start Up and Entrepreneur Programme (STEP) in Ireland.

Startup / Entrepreneur Visa Program

The StartUp and Entrepreneur Programme (STEP) is a unique program available for global entrepreneurs to start a business and reside full-time in Ireland.⁷

According to the Irish immigration website, to qualify, you must meet the following criteria:

• Be a person of good character
• Not convicted of criminal offences in any jurisdiction
• Have €50,000 EUR in funding available
• Have an innovative business proposal.

To apply to STEP, you will first have to complete an online application and provide a proposal for your business idea. You will also need to show evidence of good character, provide police clearance and proof that you have access to the funding amount. There is a non-refundable application fee of €350 EUR that must be paid for an application submission to be complete.

The STEP application is judged by an evaluation committee and you must get approval by the Ministry of Justice. If you are approved, you can move to Ireland and start your company from your independent funding. You are not allowed to be employed in any other capacity in Ireland if you are on a STEP visa and you must work full-time on your business as outlined in the proposal.

If you are rejected by STEP, you will not be able to move forward with starting a business in Ireland.

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Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

This article provides a general overview of starting a company in Ireland and is not intended to provide financial, immigration, tax or business advice. Consult professionals in India and Ireland before starting a business or moving abroad to ensure you get the right information for you.

Sources used for this article:

1. Registering a company in Ireland from India
2. Company type
3. How to register for tax as a sole trader
4. Registering a company in Ireland - requirements
5. Costs of registering a company in Ireland
6. Starting and running a business
7. Start-up Entrepreneur Programme (STEP) - Immigration Service Delivery

Sources verified on 9 December 2023.

Cover photo by Daniel Petersen on Unsplash.