Finance Monthly May 2019 Edition

32 www.finance-monthly.com THOUGHT LEADER - CORPORATE FORMATION For an insight into company formation in Ireland, we caught up with Mikhail Yegorov - Managing Partner of Ireland-based Fidutrust Formations Ltd and Switzerland-based Apex Fidutrust AG. When registering a company in Ireland, what are the most important legal considerations that should be taken into account? When you start a Limited Company in Ireland you need to guarantee that you meet all the legal requirements. Together with selecting a distinguishing name for your company, the things that need to be taken into consideration include: the company needs to have at least one director who’s a resident of the EEA as otherwise, a non- EEA resident bond needs to be provided; have a secretary; have at least one shareholder; have a registered office address and you’d also need to decide on how many shares will be allocated and issued. After your company is registered, the main on-going compliance requirements are as follows: All companies must submit and file an annual return every year, together with abridged accounts to the Registrar of Companies. Failure to do so will result in substantial penalty fees and possible strike-off proceedings, as well as loss of the audit exemption for two years if applicable. The first Annual Return is due six months after incorporation (no accounts required). The only exception to this are Unlimited Companies in certain circumstances. Every company whose turnover or group turnover exceeds €8.8 million must prepare and file audited accounts. Most registered charities (Companies Limited by Guarantee) must also file audited accounts. A Corporation Tax Return must be made every year and if the company is VAT registered, VAT returns must be made every two months. How can non-residents avoid difficulties when attempting a company formation in Ireland? Why is it important to contact a specialist? Getting the correct advice from a specialist is a must when selecting the correct structure of the company to be able to avail of the Irish preferential corporate tax regime. The type of structure you choose depends on the kind of business you are running, with whom you will be doing business and your attitude to risk. It is advisable to get the advice of a company formation specialist like CORPORATE FORMATION Q Q Mikhail Yegorov Managing Partner Fidutrust Formations Ltd (Ireland) and Apex Fidutrust AG (Switzerland) About Fidutrust Formations Ltd & Apex Fidutrust AG Fidutrust Formations Ltd provides assistance on a wide range of consulting and legal services in Ireland in the field of registration and administration of companies, partnerships, trusts and funds as well as consultancy in Irish civil and business law. Apex Fidutrust AG is a fiduciary and financial intermediary firm providing corporate, banking, asset and wealth management services in Switzerland. Contact Tel: +353 1 559 39 08 Mob: + 353 86 896 82 79 Email: [email protected] Web: www.irishcompany.eu www.apex.ag