Ireland: Types of Company
Private Company Limited by Shares
Irish company law is contained in the Companies Acts 1963 - 2009. A private company is one which by its articles:
- Restricts the right to transfer its shares
- Limits the number of its members to 50
- Prohibits any public subscription to shares or debentures
A company is formed by submitting its Memorandum and Articles of Association to the Registrar of Companies along with the registration fee. There need to be two directors and a secretary, none of whom need be Irish. However it is normal for there to be one Irish director who can act as a local representative.
A company must have an auditor, and accounts must be filed each year with the Companies Registration Office. Small companies can prepare abbreviated accounts which do not have to include the level of turnover.
Since 2000, it has been a requirement that Irish companies need at least one resident director, or must deposit an insurance bond with the Registrar.