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Morita Kelliher : Ireland

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Ask the Experts: Morita Kelliher

Ireland Business Expert - Setting up companies in Ireland

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Morita Kelliher

Ireland Tax Expert

Morita is a chartered accountant and tax advisor with over 15 year experience in international tax planning having worked in big four private practice and industry. An expert at setting up tax efficient corporate structures in Ireland, I can advise on the best corporate structure to use for your business, set up a company in Ireland, source an office, appoint directors and employees, open bank accounts and set up the company systems for tax, accountancy and company secretarial obligations. We are experienced in cross border trade, VAT & customs issues, tax audits and strategic planning. We stay involved in the management of the company on a day to day basis as required. Our fees are competitive and fixed upon agreement from the beginning. Please feel free to contact us.

www.TaxTalk.ie

00353 (1) 2 768767 / 86 8601626

  1. Dear Morita. I am planning to start an e-commerce company. How would my company benefit from being registered in Ireland? Are there any limitations/restrictions? What would the taxation be and what costs would registration and yearly permits amount to? I am not planning on residing in Ireland. Kind regards Ulrika Question from ulrika ingevall on 28/10/2017

    Morita says:

    Dear Ulrika,

    I can assist you with the process of setting up a company in Ireland while you are residing abroad. A limited liability company can be set up with foreign shareholders and be 100% foreign owned. Most companies do not need a license in Ireland, but it depends what industry you are in. The tax rate for a trading company in Ireland is 12.50%. I would recommend we have a discussion so that I can answer your questions.

    Please let me know when you are available to have a skype call?

    Regards,
    Morita Kelliher
    Principal (FCCA Chartered Certified Accountant & CTA Chartered Tax Advisor)
    MK Consultancy Group (www.TaxTalk.ie)

  2. Dear Morita, me and my (future)business partner are thinking of registering our business in Ireland even though our work base would be is in Greece. We would be organizing weddings and events.We both are EU citizens. We would like to know the legal details as taxes, permits if needed, what type of company most suitable for us and any other useful information. thank you in advance. Kind regards Giedre A.Georgiou Question from Giedre Andrianovaite Georgiou on 27/10/2017

    Morita says:

    Dear Giedre,
    I can assist you with the process of setting up a company in Ireland while you are in Greece. A limited liability company can be set up with 2 foreign shareholders. An event management company does not need a license in Ireland. The tax rate for a trading company in Ireland is 12.50%. I would recommend we have a discussion so that I can answer your questions. Please contact me directly.
    Regards,
    Morita Kelliher
    Principal (FCCA Chartered Certified Accountant & CTA Chartered Tax Advisor)
    MK Consultancy Group (www.TaxTalk.ie)

  3. Dear Morita I am a Danish citizen, residing in Denmark and having my one-man (me) company registered in Denmark. I am an independent freelance engineering consultant. My contracts are to travel to different countries all over the world and stay there for short periods of time (1-5 weeks) to solve engineering problems. I am away 250-300 days per year. I want to open a similar one-man (me) company in Ireland. As well I want to reside in Ireland and open a bank account in Ireland. My annual average of total invoiced is 100.000 Euros. I believe I would need to present 2 off documentation for my residence in Denmark and my ID (Passport)? Where do I physically and practically go to in Ireland to present such documents and apply for: Residence in Ireland and open my one-man company? What can I expect to pay in tax to Ireland? (percentage) Best regards and thank you in advance Casper Question from Casper Schelde Olesen on 25/03/2017

    Morita says:

    Dear Casper,

    Thank you for your enquiry.

    As you are an EU citizen of Denmark, under the EU Treaty rights for free movement, you do not need a visa to come to Ireland. You can stay here for 90 days without any issue. If you wish to stay longer than 90 days you must prove that you can support yourself financially. EEA and Swiss nationals do not require a business permission to establish a business in Ireland and they do not require a visa to visit, travel to, live or work in Ireland. If you set up a company here, you will have an economic activity in Ireland to support any long term stay.

    For tax purposes, your residency in Ireland is acquired after a number of days spent in Ireland, for example if you spend 183 days in any one year or 280 days over two years, you may be deemed Irish tax resident. Being Irish tax resident, would result in Irish sourced income and remittances into Ireland being taxed in Ireland, but subject to double tax relief under the Ireland/Denmark tax treaty. Although you will not be ordinarily tax resident in Ireland until you are resident for 3 years, your domicile will remain unchanged unless you apply to change it officially. The practical implication of non Irish resident and non Irish domiciled, does provide some income tax planning opportunities. In general the income tax rates are tiered, at 20% on the first 33,800 and 40% on the balance of income, there are lots of reliefs and exemptions also. Directors salaries and drawings from your company may be subject to Irish income tax. We would need to answer a few questions to decide if it is within the scope of the Irish tax system.

    A trading company in Ireland can avail of the 12.50% rate of corporation tax on professional services net income after claiming a deduction for all its trade expenses.

    When you come to Ireland you do not need to register with the local immigration officer and you do not need a residence card to live here. If you wish to have a record of your residence in Ireland you can register with your embassy of your country in Ireland.
    After 5 years of residency in Ireland, you can apply for full residency.

    Below are some contacts which may be of assistance to you.

    We can assist you with all aspects of setting up your business and company here in Ireland, including a feasibility report on doing business in Ireland. A bank account can be set up for your company, once you have registered the comapny for tax in Ireland. We can advise you on your tax exposures from both a company and personal perspective. Please contact me directly to learn about the process for registering a company and trading in Ireland.

    Morita Kelliher
    Principal (FCCA Chartered Certified Accountant & CTA Chartered Tax Advisor)

    TaxTalk.ie | MKConsultancy.ie
    Accountancy, Tax, Payroll, VAT, Corporate Structures, International Trade, Going Global Imports/Exports/Customs, Market Feasibility Reports, Immigration/Visas, Company Formations, Banking, Outsourcing and Virtual Office Services
    ________________________________________

    Location: Office 4, Fitzwilliam Terrace, Strand Road, Bray, Co. Wicklow, Ireland
    Websites: TaxTalk.ie | MKConsultancy.ie
    Email: info@TaxTalk.ie | info@MKConsultancy.ie
    Tel: +353-1-2768767 landline / 00353-86-8601626 mobile
    Skype: MKelliher123

    M Kelliher BSC, FCCA, AITI | LinkedIn



    1.) Locally in your home country of Denmark, you can enquire about your position at the following office:

    Visa Office
    Embassy of Ireland,
    stbanegade 21
    2100 Copenhagen
    Denmark

    2.) The Denmark Embassy in Ireland may be of some assistance also, website is as follows:
    http://irland.um.dk/en/about-us/contact/
    3.) EU Treaty Rights Section
    Department of Justice and Equality
    Irish Naturalisation and Immigration Service
    13/14 Burgh Quay
    Dublin 2
    D02 XK70
    Ireland
    Email: eutreatyrights@justice.ie
    4.) Burgh Quay Registration Office
    Irish Naturalisation and Immigration Service
    Department of Justice and Equality
    13/14 Burgh Quay
    Dublin 2
    D02 XK70
    Ireland
    Opening Hours:Monday to Thursday 8am to 9pm, Friday 8am to 6pm
    Email: burghquayregoffice@justice.ie

    5.) Information on visas is available on the following website:
    http://www.inis.gov.ie/en/INIS/Pages/Apply%20for%20a%20visa

  4. Dear Morita, My name is Oleksiy, and I am representing Ukrainian IT company with offices in Poland/Sweden and USA. Currently we were contacted by the Iceland customer, who wishes to cooperate with us in terms of writing program code by our professionals for his needs, but wants to take into the contract VAT point which appears on importing of IT services to Iceland. Could you give me an overview for this question? Question from Oleksiy Holovakhin on 01/03/2017

    Morita says:

    Hello and thank you for your enquiry.

    Generally, supply contracts would state which party is responsible for delivery, insurance and VAT. Assuming the importer in Iceland is in business and VAT registered, the importer is usually responsible for import taxes, VAT and any customs tariffs once the service is available for supply in their country, in this case Iceland. If the customer is not registered for taxes in Iceland and is a private consumer, you may have to charge them VAT on the supply.

    As your company in the Ukraine is a supplier of the professional IT services to Iceland and other countries, it is important to know that you are responsible for charging the correct amount of VAT and paying it to the Ukraine tax authorities, if any VAT is due.
    In the case of exports from Ukraine to Iceland, exports would generally be zero rated for VAT in Ukraine, so no VAT would be charged by your company. Iceland would pay customs tariffs and VAT at the point of entry into Iceland.The VAT rate and rules in Ukraine need to be reviewed here.

    The customer may draft the agreement in their favour, so it is best if you have a supply agreement that protects your company against onerous liabilities.

    The supply contract between your company and the customer should include a clause that states which party is responsible for costs of delivery, customs, import tariffs and VAT.

    For example, your company as the supplier, may state in the supply contract that:

    - the services are delivered exclusive of VAT and/or taxes
    - all services are supplied and prices are shown exclusive of VAT on supplier terms
    - the customer is responsible for all transportation costs, taxes and tariffs, and all risks are assumed by the buyer once payment is made and the order is confirmed.
    - services shall be imported and customs cleared on the territory of the importing country.

    I would recommend that you have a supply agreement drafted and signed by your customer so that there is no confusion.

    If you require any assistance with this agreement or if you have any further queries please do not hesitate to contact me directly.

    Kind regards,

    Morita Kelliher

    Principal (FCCA Chartered Certified Accountant & CTA Chartered Tax Advisor)

    TaxTalk.ie | MKConsultancy.ie
    Accountancy, Tax, Corporate Structures, International Trade, Imports/exports/customs, Company Formations, Company Secretarial and Virtual Office Services

  5. Dear Morita Kelliher, I am already heading a Construction Frim here in Kabul since 2002 and am running a very successfull business. I would like to start a new business in Ireland. I appreciate if you kindly let me know: - The procedure to set up a new business in Ireland? - Can a Foreigner enjoy full access to the public and private sectors (bids for projects, purchase proporties, set up new enterpioneers, bank facilities e.g. credits - loan - gauarantees - LoC, )? - Can director of the company move to Ireland and supervise his buisness? What is the immigration rules? - Is there any minimum investment threshold? Thanks A Basir Latify Chairman, Mumtaz Construction Group www.mumtaz-group.com blatify@gmail.com latify.abdulbasir@mumtaz-group.com +93 772277000 Question from Abdul Basir Latify on 22/02/2017

    Morita says:

    Dear A Basir Latify,

    Thank you for your enquiry.

    A company incorporated in Ireland is deemed Irish resident for tax and company law purposes and is a separate legal entity, which can trade freely in Ireland and the EU under the open market competition rules. An Irish company can bid and tender for new business in Ireland in the private and public sectors, all public projects above 25,000 must be advertised to allow open competition.

    Ireland has many foreign property investors at the moment, especially in the commercial office rental sector where return yields are reported at up to 8% per annum. There is a shortage of residential housing throughout Ireland especially in the cities, where demand has outstripped supply due to the young population and fall off in building during the last recession. The construction sector is now reporting a significant increase in business, with foreign companies being hired for some public projects. Irelands economic climate is very good at present, inflation is low, unemployment is just 7% and the exports industry is thriving.

    Setting up the Irish company is relatively straightforward and I will email you a list of the requirements. Once incorporated, most companies would open an Irish bank account for their trade. Banks welcome new business, and will generally open a new business account without a problem. Banks will want to see proof of ownership and identity documents, evidence on source of funds and the purpose of the trade. Once you have been trading for while most customers and beneficiaries will become repeat transactions and payments are executed same day with any delays. The banking system is government guaranteed and stable, providing security to investors.

    An Irish company must have at least 1 director that is resident in the EU or EEA, but there is an exemption which allows a company to have no EU/EEA director appointed, if there is no EU/EEA director then the company must put in place a non refundable surety bond of 25,000 for 2 years, and agree to pay any penalties issued by the companies office and Irish tax authorities in excess of this amount if the company is non - compliant. However a company setting up in Ireland may decide to appoint an Irish non-executive director, in order to avoid the bond issue. The shareholders can be nominee individuals or corporates who can act on behalf of the beneficial owners.

    Coming to Ireland from outside the EU to live will generally require a visa. Residents in Afghanistan can apply for a visa to Ireland at the Irish Visa Office at the Embassy of Ireland in Abu Dhabi. The application must be made online and a link to the online application website is below:
    https://www.dfa.ie/irish-embassy/uae/our-services/visas/application-details-by-country/afghanistan-visa-details/

    The Afghanistan Embassy in Ireland provides support information for persons wishing to come to Ireland from Afghanistan. Please find a link to their website, which shows full contact details:
    http://embassydublin.com/afghan/

    The Irish government does promote immigrant business investor programmes to assist non EEA nationals to come to Ireland to set up a business. These applications generally require an upfront business investment of minimum of 50,000 up to 300,000. The Non EEA applicant must show that their business can generate employment and significant turnover within 2 years. If this is of interest I can send you more detailed information on how to apply.

    Please do not hesitate to contact me directly if you wish to discuss setting up an Irish company further.

    Kind regards,
    Morita Kelliher
    Principal (FCCA Chartered Certified Accountant & CTA Chartered Tax Advisor)

    Accountancy, Tax, Corporate Structures, International Trade, Company Formations, Company Secretarial and Virtual Office Services
    ________________________________________

    Location: Office 4, Fitzwilliam Terrace, Strand Road, Bray, Co. Wicklow, Ireland
    Websites: TaxTalk.ie | MKConsultancy.ie
    Email: info@TaxTalk.ie | info@MKConsultancy.ie
    Tel: +353-1-2768767 landline / 086-8601626 mobile

    M Kelliher BSC, FCCA, AITI | LinkedIn

  6. Dear Morita: This is Ali Didari from Iran. I have a private medical company in Iran. I would like to establish a company in the Ireland and using of the opportunities between Iran and Ireland as well. Please tell me necessary information and costs and what I must do for starting this process? For more info please do not hesitate to contact me. Best Regards Ali Didari Tehran-Iran didari.ali@gmail.com Question from Ali Didari on 21/02/2017

    Morita says:

    Dear Ali Didari,

    The Iranian Embassy here in Ireland supports trade between Iran and Ireland/EU, and we have a good relationship with this office for purposes of facilitating trade. The central bank of Ireland lifted trade sanctions with Iran from September 2016. Medical supplies do not fall under the sanctioning rules, as they are deemed for humanitarian needs and therefore it is much easier to move these goods in and out of Iran. The Iranian government will generally sanction payments to and from Iran for the supply of medical products. We can arrange for trade documents and agreements to be legalised, apostilled and stamped by the Iranian Embassy in Ireland where these are required for the cross border transit of medical goods.

    The process for opening a company in Ireland is quite straight forward. A limited company can be formed within 3 to 15 days and costs approximately up to 500. All the documentation can be prepared and filed from here and you just need to sign some forms and provide proof of identity documents for money laundering purposes.

    There have been recent changes to the Companies Act 2014 in Ireland which allow a Limited liability company to have just 1 director instead of 2. A different company secretary must be appointed if there is just 1 director.

    The shareholders of the Irish company can be foreign nominee persons or corporate entities who act on behalf of the ultimate beneficial owners (e.g. 50/50 partners) and can be different persons to the directors.

    Irish banks welcome new business accounts. Once incorporated in Ireland, you can open an Irish bank account to assist in your business transactions in Ireland and worldwide. Once all your identity and source of funds documents are in place, all transactions are executed quickly and mostly via internet banking which you can mostly control. Occasionally banks can block payments or hold payments from or to Iran if there is insufficient evidence of the source of funds, reasons of payment and proof of identity of beneficiary. However we have good bank relationships, and once all transactions are transparent and supported with documentation, banking in Ireland should be quick and easy.

    I will send you an email to provide you with more detailed information on what is required to set up a company in Ireland.

    Kind regards,
    Morita Kelliher
    Principal (FCCA Chartered Certified Accountant & CTA Chartered Tax Advisor)

    Accountancy, Tax, Corporate Structures, International Trade, Company Formations, Company Secretarial and Virtual Office Services

    Location: Office 4, Fitzwilliam Terrace, Strand Road, Bray, Co. Wicklow, Ireland
    Websites: TaxTalk.ie | MKConsultancy.ie
    Email: info@TaxTalk.ie | info@MKConsultancy.ie
    Tel: 00353-1-2768767 landline / 00353-86-8601626 mobile
    Skype: MKelliher123

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