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Setup Software Development - Sole Trader

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  • 01-09-2020 8:01am
    #1
    country_man
    Registered Users Posts: 2 ✭


    Hi all,

    I'm gathering information on how to setup as a sole trader. Quick summary:

    • Plan to develop and sell software products online. Sales would be global so various VAT rates would apply (my online shop would take care of this)
    • The entire business will be just me i.e. sole trader developing the software, selling it etc.
    • Plan to establish as a sole trader in Q1 2021 so doing my due diligence now

    Any advice on the correct route would be welcome i.e. is sole trader the best route, can I set this up myself or should I consult with a company to set it up on my behalf, should I touch base with an accountant?

    Thanks all, any info/guidance would be appreciated


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    #2
    Some_randomer
    Registered Users Posts: 392 ✭✭Some_randomer


    Sounds interesting, what kind of software product is it?

    If you're planning to do this for a few years I think the general consensus is that it makes sense financially to create a limited company. More options in terms of expenses, company pension etc.

    Below is a search I did recently that'll give you more info:

    https://www.boards.ie/search/submit/?query=IT%20contractor%20limited%20company


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    #3
    country_man
    Registered Users Posts: 2 ✭country_man


    Thanks for that. It would be software within the gaming industry.

    It is a risk whereby I will know within 6-9 months if the company is viable so I think a sole trader in the first instance may be the best route. I understand that I can always then migrate to a limited company if all goes well?


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    #4
    Irishphotodesk
    Registered Users Posts: 1,896 ✭✭✭Irishphotodesk


    country_man wrote: »
    Thanks for that. It would be software within the gaming industry.

    It is a risk whereby I will know within 6-9 months if the company is viable so I think a sole trader in the first instance may be the best route. I understand that I can always then migrate to a limited company if all goes well?

    Apologies for not having a constructive piece of advice, just wanted to wish you well in the venture, (I'm not into gaming) - speak to the various enterprise boards etc to see what grants you may be able to receive to facilitate the launch of this.... Hope it works out for you.

    Ps. Might be looking for a job in a few months/year or so.... Cough cough.


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    #5
    Some_randomer
    Registered Users Posts: 392 ✭✭Some_randomer


    country_man wrote: »
    I understand that I can always then migrate to a limited company if all goes well?

    That'd be my understanding as well.

    If you're not 100% sure you'll be doing this for a few years then it might be wiser to start as a sole trader due to all the extra setup and requirements for a limited company.


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