New Business setup...

zacharius

Hi

I am working on a web-based idea and have it close to a stage where I can take it a step further. It will involve taking a transaction fee from each customer.

In order to take payments over the net I need to have aregistered business name. This thing will largely look after itself so I am just looking at the minimum cost / hastle involved in setting up a registered business.

I'm not sure how this thing will go, but I am looking at it now as a source of second income for me. There is no office etc., purely a web based operation.

Can anyone advise on the rough costs to legally set up something like this, and what I would need to do to get started?

Any feedback really appreciated.

reddeagle

Hi There,
Dunno about setting up business account etc. There is another forum askaboutmoney.com that might have good resources on setting up business in ireland.

Just a note, i did something similiar and went with paypal. It actaully worked out ok. i didnt need a proper business or anything like that and some of the customers prefered going with paypal becuase it was better know than my site was, so at least they could trust the payment side of things.

Also when you start handling credit cards your self, you will need ssl set up on your site to protect the credit card entry and the likes.

MartMax

business name registration is done at Companies Registration Office for a small fee. Once your application is processed, you will receive a business name certificate. Banks normally look for this when setting up accounts with them.

as for receiving payments over the net, since you already have a business name registered why not setting up Paypal business account? less doubt for your customers to make payment as Paypal is already well-known and trustworthy. plus there is less hassle to set up secure site, ssl, etc.

regarding income tax returns, just do a simple income and expenditure account and file your returns according on relevant form. if you need help, i am sure someone around boards like kluivert and keysersoze are willing to help ( possibly for a small fee ).

good luck.

mart

kluivert

Mart is spot on, I would also recommend Paypal as a means for transactions fees.

For business name registration pay a visit to www.cro.ie click on business registration at the top of the home page. Click on business name on the left hand side and then required steps. The form you require is the RNB1 - for individuals. The fee is 40e paper format or 20e using online services.

Remember you can trade under your own name if you wish, the only time you are required to register a business name is when it has no association with your surname.

There is no charge for de-registration of a business name.

As above a simple income and expenditure account is all that would be required in order to prepare income tax returns. If you keep a receipts book and expenses book, then preparing an income and expenditure account will be very simple.

Good luck with the venture and should you have any queries, do not hestiate to ask.

kluivert

homeOwner

Can I ask a follow up question (aplogies about highjacking the thread )

doesn't paypal have high trasaction fees and I thought they are around 1% of all business charged through them plus 0.35c per transaction...or something like that?

For a business starting up that is rather exorbitant. Is there a cost in allowing cc transactions for a business?

miju

paypal is the best option for initial low volume sale (have a look at www.realex.ie to put it in perspective )