How much does it cost to register a company in Ireland?

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Who should read this?

This article is written for business owners and entrepreneurs who are considering setting up a limited company in Ireland.

If you are planning to incorporate your business or want to understand the real costs involved in company formation, this guide will help you make informed decisions.

Key Takeaways:

The CRO incorporation fee is €50.
While you can appoint a director as company secretary at no cost (when you have two or more directors), professional company secretary services typically range from €200-€400 annually.
Your registered office address can be your business premises at no additional cost, but professional registered office services offer privacy and convenience.
Share certificates and statutory registers are mandatory requirements that you can prepare yourself, but they can be tricky to get them right.
Tax registrations are free but often require professional guidance to ensure proper setup.
Understanding both mandatory and optional costs helps you budget effectively for company formation.
Professional help, while adding a bit to initial cost, can help ensure compliance and reduce administrative burden.

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Starting a limited company in Ireland is a significant step in your business journey. While the basic incorporation cost is relatively modest, understanding all potential expenses helps you budget effectively and make informed decisions about engaging the professionals.

1. Basic Incorporation Costs

The Companies Registration Office (CRO) charges a straightforward €50 fee for company incorporation. This fee only covers the basic registration of your company and is payable when submitting your incorporation documents. This is for a basic company and nothing more - it includes no legal compliance.

If you fancy having a go at doing it yourself, we have a free step by step guide to registering a company in Ireland here. There we guide you through our process, but it is up to you whether it is worth saving the very small additional cash that it costs to engage us to do it for you.

2. Company Secretary Requirements and Costs

Every Irish company must have a company secretary, but this doesn't necessarily mean additional expense. If your company has two or more directors, one can serve as company secretary without incurring any cost. However, there's an important limitation: companies with a sole director must appoint a separate company secretary.

We often see early stage companies with only one director using a friend or family member as their company secretary, until they are on their feet - but it is an important role with lots of responsibilities.

Many other businesses choose to outsource the company secretary role to a professional service provider, typically costing between €200-€400 annually. This investment can be valuable as a company secretary must understand their legal obligations and ensure proper maintenance of company records. Professional company secretaries provide expertise in corporate governance and ensure your company meets all statutory requirements.

3. Registered Office Address Options

Your company needs a registered office address in Ireland where official communications will be received. You can use your business premises or home address as your registered office at no additional cost. However, many companies prefer to use a professional registered office service for several reasons:

Protection of personal privacy
Professional handling of official correspondence
Assurance that important documents aren't missed
Separation of personal and business addresses

Professional registered office services typically cost between €150-€300 annually, depending on the level of service provided.

While you can use an outsourced register address, you can not use a simple PO box.

4. Essential Documentation Requirements

Share certificates and statutory registers are mandatory for all Irish companies. While you can prepare these documents yourself at no cost, they have to be prepared in line with the Companies Acts, which can be challenging to read. Each register has its own separate requirements and information that is required.

The required documents include:

Share certificates for all shareholders
Register of members
Register of directors and secretary
Register of directors' and secretary's interests
Minutes book for company meetings

Professional preparation of these documents typically costs between €100-€250, depending on your company's complexity and the service provider.

5. RBO Registration Requirements

An important additional requirement for all Irish companies is registration with the Register of Beneficial Owners (RBO). This is a mandatory filing that must be completed within five months of incorporation or when there's a change in beneficial ownership.

While the RBO filing itself is free of charge, it's crucial to understand what this obligation entails. You must identify and register all beneficial owners who own or control 25% or more of your company. The required information includes:

Each beneficial owner's full name
Date of birth
Nationality
Residential address
PPS number (if they have one)
Nature and extent of ownership or control

Many companies choose to engage professional assistance for their RBO filing to ensure accuracy and compliance. Professional fees for RBO registration typically range from €100-€250, depending on the service provider and the complexity of your ownership structure.

Non-compliance with RBO requirements can result in significant penalties, including fines of up to €500,000. Therefore, while this might appear to be another cost in the incorporation process, proper registration is essential for maintaining good corporate compliance.

6. Tax Registration Process

While registering for various taxes (such as Corporation Tax, PAYE/PRSI, and VAT) is free, the process can be complex for an untrained person. Companies should register for corporation tax (at least) within 30 days of trading.

There isn't really a legal definition of "trading" provided by Revenue but it is generally accepted in practice that the registration should take place within 30 days of your company registration.

Normally, founders will engage accountants to handle these registrations to ensure everything is set up correctly. Accountants typically charge between €200-€500 for this service, which often includes:

Corporation Tax registration
Employer registration for PAYE/PRSI
VAT registration (if applicable)
Advice on tax obligations and deadlines

7. Ongoing Compliance Costs

Beyond the initial incorporation expenses, it's important to understand the recurring costs of maintaining your company in Ireland. Two key annual obligations are filing annual returns and preparing financial statements.

Annual Return Filing

Every company must file an annual return (Form B1) with the CRO. The standard filing fee is €20 if filed on time using the CRO's online platform. However, late filing penalties are significant:

- €100 is due the day after the deadline;

- An additional €3 per day up to €1,200 total.

But the worst penalty of all is losing the exemption that small companies have to have their financial statement audited. You lose than exemption for 2 years so whatever you do, do not miss your annual return date.

Financial Statements

Companies must prepare annual financial statements that comply with relevant accounting standards. The costs associated with this requirement vary depending on your company's size and complexity:

Small companies typically pay between €1,800 and €2,500 for basic accounts preparation.

Medium-sized companies might pay €2,500 to €5,000

If your company qualifies for audit exemption (most small private companies do), you can avoid additional audit costs.

Professional Services

Many companies engage accountants for these annual compliance requirements. A typical package including:

Annual return filing
Financial statements preparation
Corporation tax return
General compliance advice

might cost between €2,000 and €4,000 annually, depending on your company's size and complexity. Or you could just use Open Forest and pay a tiny fraction of those costs.

8. Additional Considerations

Several other factors might affect your total incorporation costs:

Bank Account Setup

While free with some banks, business account fees vary between institutions. We use Revolut which has a free tier to get started and we find it pretty good (but not without its faults). It's still better than the high street retail banks for doing business though.

Professional Indemnity Insurance

Depending on your industry, this might be required or advisable. Costs vary significantly based on your business type and coverage needs.

Business Name Registration

If you plan to trade under a name different from your company name, you'll need to register it with the CRO for an additional fee.

9. Planning Your Budget

When budgeting for company incorporation, consider which services you can manage internally and where professional assistance might be valuable. While the basic CRO fee is just €50, a more realistic budget including essential professional services might range from €500-€1,500, depending on your choices.

Remember that investing in professional services initially can help avoid costly mistakes and ensure your company starts with proper compliance procedures in place. Consider these costs as an investment in your business's foundation rather than just expenses.

To make the most cost-effective decisions, evaluate your team's expertise, available time, and comfort level with handling corporate responsibilities. This will help you determine which services to manage internally and which to outsource to professionals.

How Can Open Forest Help?

‍Open Forest offers the cheapest and fastest incorporation packages in Ireland including holding companies for €99 including CRO fees, VAT and access to the Open Forest platform so you can keep track of all of your legal, tax and accounting obligations - at no additional cost.

We automatically provide the required share certificates, legally required registers and a web app that helps you keep track of your legal and compliance obligations.

Choose from one of our incorporation packages here and we will take care of the rest.

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Frequently Asked Questions (FAQs)

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Do I need to pay for a company secretary if I have two directors in my company?

If you have two or more directors, one can act as company secretary without additional cost. However, if you prefer to outsource this responsibility, professional company secretary services typically cost between €200-€400 annually, offering expertise and reducing your administrative burden.

Can I use my home address as the registered office address?

Yes, you can use your home address or business premises as your registered office address at no cost. However, many business owners choose to use a professional registered office service to maintain privacy and ensure reliable handling of official correspondence.

What are the essential first-year costs I need to budget for?

The essential first-year costs include the €50 CRO incorporation fee and the preparation of mandatory documentation like share certificates and statutory registers. While these can be prepared yourself at no cost, many businesses opt for professional assistance. Additional costs may include company secretary services, registered office services, and professional fees for tax registration assistance.

What happens if I don't register with the RBO after incorporating my company?

Failing to register with the RBO within five months of incorporation is a criminal offence that can result in significant fines. The filing itself is free, but many businesses choose to use professional assistance (typically costing €100-€250) to ensure accurate compliance with this important requirement.

Can I prepare and file my company's annual financial statements myself?

While legally possible, preparing compliant financial statements requires significant accounting knowledge and understanding of relevant standards. Most companies find it cost-effective to engage professional accountants to ensure compliance and avoid potential penalties.

How much does it cost to register a company name in Ireland?

The company name registration is included in the standard €50 CRO incorporation fee. If you need to register a separate business name later, this costs an additional €20.

How long does it take to register a company in Ireland?

Standard registration takes 10 working days. Open Forest can set up a company for you in 5 days.

What is the fee to start a company in Ireland?

The basic CRO incorporation fee is €50. This covers your company name registration and your constitutional document. Additional professional services, if needed, will increase the total cost.

Does an Irish company need an Irish bank account?

While not legally required, an Irish bank account is highly recommended for practical business operations. Most banks require directors to appear in person for account opening, and monthly fees typically range from €20-€50.

Are there any cheaper options?

Yes! Sign up with Open Forest, this is the problem we are on a mission to solve.

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