Why Choose Republic of Ireland
When starting a business?
When starting a business?
Ireland is a large island situated to the west of Great Britain, separated from it by the Irish Sea and is often regarded as being on the very perimeter of Europe.
Ireland is a very suitable jurisdiction for companies to be based whilst acting in commercial transactions. There are a number of structures available which allow an Irish entity to be used in worldwide commercial transactions whilst minimising the exposure to Irish tax.
The Irish economy relies heavily on foreign trade. The UK and US are Ireland’s largest trading partners.
Ireland is not considered a tax haven or low tax jurisdiction but the country is well regulated. It is considered an open, top tier jurisdiction which welcomes international business and gather a high level of experience in trade, financial services, and more.
Ireland is a member state of the EU, and a jurisdiction with an extremely competitive level of taxation. The rate of corporate tax in Ireland is 12,5%.
However, Irish legislation provides the opportunity of registering and using Irish entities with a zero rate of tax using the Limited Partnership (LP), similar in its composition to most limited partnerships in other jurisdictions.
The LP has no less than two partners. One of the partners is a General Partner, while the other partners have the status of Limited Partners. Irish Limited Partnership is a convenient and effective business tool. Its popularity has only increased in the past few years.
Irish Limited Partnership (LP) as an Attractive Trading Tool
– No residency requirement for partners;
– Corporate entities can act as partners;
– No minimum capital requirements; minimal contribution by each partner can be as low as 1 euro; the percentage of ownership held by the General Partner can be small or large depending on the agreement reached between the parties;
– No requirement for the contributions to be paid up;
– The legislation on Ireland LP does not consider a status of shareholders;
– Partnership does not pay corporate tax in Ireland if its partners are not Irish residents and the partnership’s activity is outside of the jurisdiction;
– Having a company in Ireland allows you to be part of the EU in an English speaking country;
– LP companies are not regarded as residents for tax purposes in Ireland, and therefore are not entitled to take advantage of Double Tax treaties concluded by Ireland with other countries;
– Timeframe for incorporation, usually 3/5 working days;