Company Start Up Question

ImDave

Hey folks, just a quick question.

I am in the process of setting up a company, going down the limited route. With regard to an accountant, what involvement would an accountant normally have in the formation phase of a company. I am doing a BBS with Accounting and Finance in Uni at the moment, so I have a fair idea of book keeping, and the stages involved in startup etc., but should I meet with an accountant to discuss the formation. I am compiling a business plan for banking purposes, so I have to list an appointed accountant in that anyhow.

Any thoughts/advice welcome!

keefg

Save yourself some money and set the company up yourself.

Go directly to the CRO for the forms or Google some company formation services that charge a one off fee to let you download your Memorandum of Association, Articles of Association docs etc etc.

It is a simple process and will probably be a much cheaper option that getting an accountant to do it for you.

If you are comfortable doing your own PAYE and bi-monthly VAT returns then all you need an accountant to do is audit your end of year stuff (and maybe your CRO filing).

You don't mention what your business is but for a small start up firm your accountant cost should be approx 1200-1500 pa.

If/when you get an accountant, look into getting audit exemption. You may qualify for this if turnover, assets are below certain levels, and it will be a cheaper process for you. Of course, you may prefer audited accounts for various reasons (looking for bank loans etc!).

ImDave

So, provided turnover falls within the audit exemption bracket (€1.5m?), and I keep accurate books throughout the year, can I prepare the P&L and Bal. Sheet and submit the annual return myself, without the involvment of an accountant? Basically I want to keep my costs as low as possible, so I am just wondering if it is a regulatory requirement to have an accountant appointed for the purpose of the annual return to the CRO

AccessQuery

Hi,
I believe it's a requirement to have limited company accounts audited by an accountant. Of course if you do most/all of the accounting/bookkeeping yourself you should be able to get a good rate from an auditor.

Hope this helps.

AccessQuery

AccessQuery wrote: »

Hi,
I believe it's a requirement to have limited company accounts audited by an accountant. Of course if you do most/all of the accounting/bookkeeping yourself you should be able to get a good rate from an auditor.

Hope this helps.

Nope, an audit is not a statutory requirement if the company falls below the relevant thresholds. If anything, I believe CRO are trying to bring more companies out of the audit net, and into line with the UK, where thresholds are much higher.


Its true though that the more good work you do yourself, the less input (and therefore fees) will be required from any professional advisor.

antkeane1980

Folks, any ideas where to get/download a sample memorandum and articles? Thanks

sm.org

Slightly off topic but first of all get customers who can pay their bills.

Ignore post if you have already

youtoome

www.companysetup.ie go to this website and they will set up your company for you including memorandum and articles. i used them to set up my company - they will also check the co. name you are planning to use.

VO

I have used www.getregistered.ie and found them to be extremely professional and competitive.

keeper2103

i am a new business start up since may 08, i have borrow 100k from Ulster Bank and i am looking for more funding if 65-70k. the banks won't lend again. are there any finanical lenders out there that will lend(even if its at a higher rate)

cosecretary

Hi I have used ECF a good few times the lady there is called Gill and she is very helpful and will guide you through incorporation process. They are also one of the cheapest fastest and most reliable incorporation providers I have come accross. As part of the formation pack you get Company Seal, Statutory Registers, Formation Minutes and a few bound copies of your M & A. Alternatively you could form company your self. You will need to check your proposed name with cro and file a form A1 and Memorandum of Association however if forming the company yourself you should be very careful when filling out the formation details such as authorised and issued share capital, shareholders, directors etc to make sure that you get the structure you want for the Company. I would also suggest that you become familiar with Directors duties which can be quiet onerous.

With regards the audit exemption it is not just a matter of meeting threshholds you will need to hold a board meeting (and have minutes of same) agreeing to avail of audit exemption. You will also (and this is very important) need to file your annual returns on time. (this is where an accountant comes in handy to remind you of deadlines etc!) If you miss your filing deadline you will not be able claim audit exemption in respect of that year and the following year.

If you claim the audit exemption you can prepare the accounts yourself providing that they meet the necessary requirements in accordance with Irish Law but as you are studying accounting you will no doubt be aware of disclosure requirements. You may also be eligible to file abridged accounts.

However as someone rightly pointed out if you are looking for finance from a bank some banks will insist of having financial statements.

thecleverone

^^^^^^

Joined today, user name CoSecretary and has a very detailed post on the services provided by the recommended company. Leads me to think this poster is ECF doing a bit of self promotion.

cosecretary

Actually I do not work for ECF rather i am qualified co secretary working with top twenty professional services firm. I think you will find that most incorporations agents are not actually co secretarys!!! In the past few years we have started to use formation agents who specialise in incorporations. I have also used ICC and again I have found them very good as well but hey maybe I am working for them as well!

I was just trying to share my experience as I have used this incorporations agent a few times but hey believe what you want some people are born cynical!!

thecleverone

Fair enough CoSecretary. I take back what i said. It just wouldn't normally be fair for someone to promote their business on here when the rest of us could just as easily have jumped in with our own promotion and gotten the business.

BTW, Fair play for qualifying as a co sec....its a long hard slog.

Peace out.

cosecretary

I agree would not be fair to self promote and I def dont have any intention of doing so (wouldnt benefit me personally anyway im just a small cog in a very big wheel:)) rather I think people should be informed before they form companies I spend half my time trying to restore companies which have been involuntarily struck off for not filing and trying to fix mistakes or indeed striking off companies that people started but never really needed in first place these things end up costing people money. Just wish people were more informed and did some research from outset could save themselves a lot of time and money in long run.

PS ICSA was a long slog alright but worth it (most days anyway!):)

thecleverone

Just wish people were more informed and did some research from outset could save themselves a lot of time and money in long run.

If people heeded those words, it would save them a lot of hassle. Loads of resources out there... they just need to look into them

CapedCrusader

Anyone used SetMyCompanyUp.ie?

Is 49 yoyo reasonable?

Seems like a decent service.