This article aims to provide you with knowledge of the key things you need to know when considering doing business in Ireland.
Ireland is a beneficial place to do business. It is English speaking with a well-educated workforce. It is a common law jurisdiction, with a strong tradition and legislative protection for international arbitration. Ireland is in the EU, and has strong ties (and supports) for trade with the United Kingdom and the US.
As you take the first steps in your business, the very first thing you will need is a business plan; this document will scope out your own offering as well as the intended operation in Ireland. You will consider things like where to locate your business to ensure the best access by your clients or customers. You will create a budget; looking at the costs of business in Ireland, the potential market for your offering, and your finance options. As well as giving a solid base for your business operations, the business plan will be a key document in ensuring that your external partners, such as your solicitor and accountant are aware of your expectations.
The solicitor will be the key support as you do business in Ireland. In particular your solicitor will guide you through the start up phase; such as incorporating a company with the CRO (Companies Registration Office), developing a shareholders agreement, drafting employment contracts, and getting all the relevant business permits and licences that you might require in your particular industry. Your solicitor will also be in position to recommend a suitable accountant, who will assist in setting up business bank accounts and registration for taxes with the Revenue Commissioners.
It should be noted that certain businesses require certain licenses or permits such as:
- Private security: issued by the Private Security Authority, includes licenses for security guard, access control, CCTV/intruder alarm installation and maintenance, locksmith or private investigator;
- Estate agent’s license: issued by the Property Services Registration Authority; this is also the authority that issues the Auctioneers License;
- Music and Singing, or Alcoholic Drinks License: issued upon Court application; we can provide more details as needed;
- Occasional Trading License: issued by the Department of Business, Enterprise and Innovation;
- Transport Licence: Issued by Revenue or the Road Safety Authority, depending on what is required
One of the most important aspects to consider when starting a company in Ireland is that each case must be treated individually. Our solicitors have worked with many international clients, and have experience of many different industries. We can support you as you apply for all the permits and protections you require in order to successfully do business in Ireland.
The above is provided for information purposes and is not intended as legal advice. We, at Fitzsimons Redmond LLP, would be happy to talk to you about opening a business in Ireland, and advise you on your options. Please contact us on 01-676 3257.
By Vanessa Frankl
Summer Intern at Fitzsimons Redmond LLP