Need advice on registering a company

NeVeR

I'm strongly thinking about starting my own company,

But i thought i would ask a few questions here 1st,

1. How much does it cost?
2. Is there an Age restriction? (I'm 20 years old)
3. What paper work do i need?
4. Where to i register? (I think it's dublin castle not sure tho)
5. Do i need an address before i can register, other then my house address.?

I know there will be more Questions,

Thanks for any help.

nahdoic

Well you'd first need to decide whether a sole trader,partnership or ltd company would be best for you.

sole trader = pile of piss to start up and finish up

ltd company = major pain in the ass but you do get limited liability

Are you looking to start up the business with other people?

What would be your expected turnover for your first year?

antoinolachtnai

1. How much does it cost?
2. Is there an Age restriction? (I'm 20 years old)
3. What paper work do i need?
4. Where to i register? (I think it's dublin castle not sure tho)
5. Do i need an address before i can register, other then my house address.?

1. About 450 EUR, usually, including the accountant's fees. This could vary.

2. Not that is going to effect you. You do need to find someone to be a second director though.

3. Go and get an accountant to do it. Find an accountant somewhere. (I can recommend one in Dublin if you're really stuck, but best to get a recommendation.

4. Yes. The accountant does it, usually through a Company Formations company. The bootstrapping process for a limited company is quite complicated and legal-sounding. The Companies Office used to be located in Dublin Castle, but isn't any longer. You could look at the Companies Registration Office website but to be honest you'll be thoroughly confused by it.

I keep on talking about an accountant. You don't actually need the accountant, but there is a fair amount of bureaucracy, so i would blow the money and get the accountant. If you are cheap, you can swot up and learn how to do it yourself, but there's not much point unless you're really broke.

5. In practice, your home address should be fine to register the company to. There are a few technicalities around this which you don't need to get too preoccupied about. But you should discuss this with (guess who!?) the accountant.

You don't strictly speaking need to register at all to trade. You can just start trading. However, you do need to take care to pay the appropriate tax, which means that in practice you need to register with the ladies and gentlemen at the Revenue Commissioners.

You do need to register if you are going to trade in a name other than your own. For this you need a 'registered business name'. This costs around EUR 30. Best to get the accountant to do this.

If you are going to work for yourself to any extent, you might as well incorporate a company, in my view. The filing requirements are much simpler now than they were five or ten years ago. If you are going to be self-employed you will need to file for tax anyway and will need professional advice in any case.

a.

NeVeR

I wont be a sole trader, it will take more then me to run this,

I did a quick calculation and it would cost

to start up it would cost about 450,000 thats for a year with wages/supplies and a Premises/lan for a year, this is with buying the Premises/land

this amount would not be needed to start off with about 60,000 woul dbe need to start off,


That’s the outgoings for a whole year I have allowed for a good of unexpected things. The only thing I have not added is insurance. I don’t know what this will be yet

Income will be about 800,000 maybe more,

NeVeR

just to add with the supplies i have added alot more then i think i would need, nearly 1 extra of everything,

when i need say 70 of 1 thing i budgeted for 140,

NeVeR

antoinolachtnai

thanks very much alot of great info in what you said,

again thanks a million.

NeVeR

I've been looking around for a site with Insurance quotes on it,



Does a company need Insurance ?

If you got the people to sign a contract where they cant claim if they get hurt.. would you need it ?

It's an adventure company that i will be starting, Well nothing to extreme, just paintballing/maybe skating.

antoinolachtnai

Yes, you will need insurance.

A waiver (piece of paper where they promise not to sue you) isn't much use if you turn out to be at all negligent.

You would definitely need to talk to a solicitor about this, at length. This is very serious stuff.

This is quite specialist insurance. I haven't a clue which company would provide it. Try some of the brokerages which do business insurance. Be prepared for to hear some bad news.

a

RainyDay

Check out Tommy McGibney's Guide to starting a new business

antoinolachtnai

this is also worth a look:

http://www.startingabusinessinireland.com/welcome.htm

dod

If its your first company, you're probably best going to an accountant (more expensive but will get exactly what you want first time) or an off-the-shelf formation company (a little cheaper, plenty listed in the Golden Pages). Cost a couple of hundred euro.

You actually can form the company yourself without the expense of an accountant (cost about 50 euro), but as regards dealing with all the legal niceties first time through, you're proably best off looking for professional advice.

If you look at the Companies Registration Office website (cro.ie), it will give you details of everything you need. Its worth dropping into the CRO office on Parnell Square in Dublin, they have buckets of docs on what you need to do. There you can have a read through the company formation forms so you know what will be required when the time is right to incorporate.

Also its worth droppping into the Revenue Commissioners office off O'Connell Street (behind that horrid Burger King in front of the pro-cathedral) and they have buckets of very useful documentation available for free on setting up your own Company. If you're not in Dublin you can request that they send out whatever documentation from their published list you require from their website revenue.ie

HTH

Victor

Originally posted by NeVeR
I've been looking around for a site with Insurance quotes on it,

This doesn't seem to make sence. Land has no risk, buildings and possession burn, people are injured, land is still there.

Originally posted by NeVeR
It's an adventure company that i will be starting, Well nothing to extreme, just paintballing/maybe skating.

Definitely a limited company in this case.

You will need public liability, employer's liability, as an absolute must, director's liability and property / contents insurance would be important.

Permanent health insurance and / or payment protection on any loans wouldn't go astray either.