How much to set up a company?

later12

TylerIE wrote: »

Did you not have to pay the CRO €100 for filing?

IIRC The €50 fee only applies in very limited circumstances.

The company did, between both directors. I said filing it cost me €50, since I am only one of the mandatory minimum of two directors. If we had paid a company formations agent, which as far as I can see is a title meaning precisely nothing, we would have had to have spend at least two or three times that amount each, it wouldn't be unusual to pay up to €500 for the pleasure.

Do people really find it so hard to understand how easy it is to establish different forms of limited companies in this jurisdiction

TylerIE

later10 wrote: »

The company did, between both directors. I said it cost me €50, since I am only one of the mandatory minimum of two directors. If we had paid a company formations agent, which as far as I can see is a title meaning precisely nothing, we would have had to have spend at least two or three times that amount each.

Do people really find it so hard to understand how easy it is to establish different forms of limited companies in this jurisdiction

Some people prefer to get a third party to do it and value the time involved at more than the €100 extra it would cost...

Also arent they formed quicker if filed by a disc filer?

Like a lot a things its easy if you know how. If your starting one new business, most people would feel their time would be better spent working on the businesses core issues, not finding or learning how to prepare a memorandum and articles.

It suits some people, others not. I wouldnt pay a formations agent €400, but less than €200 and Id be tempted.

later12

TylerIE wrote: »

Also arent they formed quicker if filed by a disc filer?

In theory there is about a maximum ten day difference, in our case it certainly took less than that.

Paying just over €100 and paying €300-500 should be a significant cost differential for most start ups to seriously examine and query whether the cost is justified.

If a company is operating in more complex business activities. then maybe consider using a professional, i.e. a solicitor, otherwise if you are a garden variety template business, spend about €10 downloading a few recent other M&As for your type of limited company and notice the similarities.

Then get some of the free government sponsored professional advice which exists out there, and seriously consider setting up your limited company yourself.

Start as you mean to go on; this is not the economic climate for unnecessary and superfluous business expenses especially in relation to these very questionable and unregulated start up assistance companies. If you're really that concerned, use a solicitor.

LH2011

i got companies setup for €270 which included

company seal
minute book
numerous bound copies of M&A's
first AR prepared

yes it is easy to setup a company yourself but i found it handier to use someone who has many years experience of setting companies up.

JD Dublin

I have seen a few people set up their own company by going in to the Companies Office and doing the paperwork themselves. The cost tends to be around 100-120 if you do it that way.

The lowest anyone seemed to get by going to someone else to set up a company was 270. ( previous poster refers to this price ). The absolute lowest I can get is 199 including VAT, and we set up 10 - 20 companies a year so get good trade discount from a companies formation agent.

Therefore you are saving yourself a day of work by not having to traipse to the Companies Office and experience the learning curve you have in relation to setting up a company yourself if you use an agent.

If you can't earn 150 a day ( time saved ) working for someone else then........ thats another question.

By the way someone that goes in to do it themselves can make a hash of it, thereby wasting time... and so on - so you have that risk too.

smcgiff

later10 wrote: »

The company did, between both directors. I said filing it cost me €50, since I am only one of the mandatory minimum of two directors. If we had paid a company formations agent, which as far as I can see is a title meaning precisely nothing, we would have had to have spend at least two or three times that amount each, it wouldn't be unusual to pay up to €500 for the pleasure.

Do people really find it so hard to understand how easy it is to establish different forms of limited companies in this jurisdiction

You're still forgetting a mandatory outlay - LH2011 has it in his list though.

I mentioned the M&A in the context of getting the job done for €50 in total.

You can of course draw up your own M&A - it's not rocket science if you know exactly what you want. But, a number of companies found themselves in court for acting Ultra Vires.

You came on here saying the whole thing could be done for €50, and then said it would likely cost you 10 times more. Wrong on both counts.

later12

smcgiff wrote: »

You can of course draw up your own M&A - it's not rocket science if you know exactly what you want. But, a number of companies found themselves in court for acting Ultra Vires.

Hiring a 'company formations agent' or some other such rubbish doesn't preclude a company from ending up in court for ultra vires, because I can call myself a company formations agent, my 97 year old Grandma can call herself a company formations agent, and so can her blind parrot. It means nothing.

If the OP is seriously worried about ultra vires, he needs to hire a professional i.e. a solicitor.

You came on here saying the whole thing could be done for €50, and then said it would likely cost you 10 times more.

Look, according to an earlier post you're in the business of helping people set up companies for a fee. So surely you have an interest in suggesting it is more difficult than it is.

Also, I haven't said it would "likely cost you ten times more". I hope you write up M&As more carefully than you read posts.

LH2011

setting up a limited, company, in many cases for a formations agent is a cut and paste job in word. ( M&A's)

the thing is, if you already know someone, who set up a single member company , then its easy enough to setup a similar company using samples of the documentation that they filed, with the cro, and file it yourself.


i went with the agent, as i didn't want to leave anything to chance...

uncommondeal

Most of the reply to this question are right. Another simple way to setup a company is to do it on the internet. There are few website companies that will do this for you with small fee. I set up my company like that.

Thanks

smcgiff

@later10 i'm firmly of the belief that most people will get great benefit by spending a little extra and going with an experienced agent - most self registered get rejected at least once and can significantly delay set up. Going by the information and cost supplied i'd guess you are not fully compliant.

Saying there are agents out there charging 500 euro is a bit like saying don't bother buying a car get a bike instead as some car manufacturers charge a million for a car.

You've been on the back foot ever since you said it only cost 50 euro to set up a company which is clearly wrong.

I'd disagree with the comments that agents simply copy and paste, while that's what later10 did it's unlikely a business dependant on its good name would be so cavalier. While 90% will be the same to ensure the more obscure powers are covered - the m&a will need to be specific about its primary objective and the company law most suited to it. I'm a chartered certified accountant and have covered very divergent m&a's.

I'd also be of the opinion that accountants are more likely, similar to tax law, going to be more familiar with company law than a solicitor.

Kinetic^

I used www.companysetup.ie in the last few months, was very happy with the service and value.

smcgiff

Kinetic^ wrote: »

I used www.companysetup.ie in the last few months, was very happy with the service and value.

A good recommendation - a comprehensive service and a good price considering it includes the company seal - but could still be done cheaper. Although it looks like this company has vast experience which is something also in its favour.

thecleverone

Filing an A1 form with CRO (new company) costs €100 on paper filing or €50 online (CORE)

This is half right. You cannot register a new company on CORE. The €50 filing fee applies to CRODISK filing.

but don't forget that once a company is registered with the CRO an annual B1 form must be returned by the NARD (Next Annual Return Date) accompanied by audited accounts (which must be supplied with the Auditor Registration Number) so expect NARD fees of €40 (paper) or €20 (CORE) plus auditor charges as an annual charge.

Again, half right, half wrong. Most companies now can avail of the audit exemption which means they can file abridged accounts. Audited accounts must only be filed if a company has missed its annual return date (+ 28 days concession) or if they have turnover / employees over a certain high threshold.

overthenest

folks,

just say i was to set up a web site offering a product at a low cost. it was a one man show, firstly would it cost much to set up the web site and how would i recieve payment and secondly would i have to register as a company?

many thanks in advance for your help.

reni10

Why not just use:
http://www.registeracompany.ie/pricing/

Costs €175 including CRO fee.

Why would you do it any other way?

YouBuyLocal

reni10 wrote: »

Why not just use:
http://www.registeracompany.ie/pricing/

Costs €175 including CRO fee.

Why would you do it any other way?

Because they are registered in New Zeakand and are not solicitors regardless and use templates. If anyone was going to go with them to save cash then you might as well do it yourself by getting two templates for 10euro from a legal stationers.

After investigating I realised that there was absolutely nothing safe about going with this type of company, nothing. They pretend they are specialists but are afraid - for good reason maybe, but it shows how useless they are and how little they actually do for their 200-500euro - of using anything other than templates when you ask for anything more complex, like issuing two slightly different types of shares.

Company registration is the biggest cod, I am disappointed at how many people advocate it for the purposes of safety. The convenience is one thing, thats grand if you have the cash, but for safety!?! BS, they are not solicitors, they use templates like you get in legal stationers and you basically tell them everything they need to put in. They don't do anything except the work of a secratary.

later12

Just saw this

smcgiff wrote: »

@later10 i'm firmly of the belief that most people will get great benefit by spending a little extra and going with an experienced agent - most self registered get rejected at least once and can significantly delay set up. Going by the information and cost supplied i'd guess you are not fully compliant.

That's a pretty inappropriate and unjustified inference to make. This isn't my first company, and we are perfectly compliant with company law.

You've been on the back foot ever since you said it only cost 50 euro to set up a company which is clearly wrong.

'On the back foot'?

It had only cost me about €50 to establish when I wrote that. That's because there has to be a minimum of two subscribers/ directors (in my case, there are indeed two) to form a company, and that is in compliance with the legal requirement. But I did not say it costs €50 to form a company.

Your attention to detail appears a little lacking.

I'd disagree with the comments that agents simply copy and paste

Oh come off it. You think 25 page M&As are all individual labours? The opening paragraphs relate to the company's operations, the rest tends to be a copy and paste job.

Again, if I were calling myself a company formations agent you'd be advising people to use the services of people like myself, despite the fact that such 'agents' are wholly unregulated individuals. Just because I'm a director you take the position that I must not know what I am doing! That's entirely irrational.