Is it necessary to avail of the services of a third-party to set up a company in Ireland? There is no mandatory requirement in this regard. However, if you are setting up a company for the first time and are unaware of what to do and how to do it, it is often better to seek professional advice for this. This can help you with different tasks associated with forming a company and running it.
While you may decide to set up and run a company on your own, a lack of knowledge, experience and resources may make things difficult for you. Here are some reasons that make the company formation services a better choice for entrepreneurs.
They have ample knowledge about the process. Whether you want to set up as a sole trader or a limited liability company, you need to follow a certain process. While the process to set up a company may be quite simple if you choose the sole trader structure, you still have to fill out the necessary forms and register with the right authorities. An experienced service provider can help you understand what to expect at each step.
They have a clear idea about the available funding. Numerous schemes are available for funding new enterprises in Ireland. Funding schemes are also available for existing international ventures that plan to extend to Ireland. Be it the High Potential Start-up Scheme or the grants available for Small and Medium Enterprises, these services would help you understand eligibility and application.
They have appropriate resources to manage the tasks. From registering your business name with the Companies Registration Office (CRO), arranging for a virtual office space, managing the accounts to registering with the VAT authorities, these services have the resources to complete the tasks at hand. They have the right contacts and resources to make the management of these tasks easier.
They have adequate experience to complete the paperwork. Setting up a company in Ireland requires you to fill out numerous forms. You also need to submit various documents at different stages of the process. Sometimes this may become overwhelming for you. A competent service can help you complete the paperwork for company formation and incorporation in Ireland.
They have the right professionals to provide assistance. Whether you need Secretarial services or account management services, the professionals available from the third-party provider can help you with all such details when you set up a company. As you depend on the competence of these professionals, it is important that you choose the right third-party provider for advice and assistance.
The next question is – do you need all services available from such a provider? In most cases, the services for setting up and incorporating a company are available as a package. However, you may also choose separate services from the provider.
If you find it difficult to decide whether to choose a complete company formation solution or individual services, you need to focus on the time and effort you have for the task. Entrepreneurs who are new to the field may have all the time necessary to stay actively involved in the process. However, this may not be suitable for established entrepreneurs who are planning to expand their businesses in Ireland.
Alias Hamilton has experience of working as a consultant providing guidelines for new age entrepreneurs on setting up companies in Ireland and registering their business names. If you are planning to set up as a sole trader or as a limited liability company, you may find help from online resources.