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Opening a Sole Proprietorship in Ireland
A presentation brought to youby LawyersIreland.eu
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What is a Sole Proprietorship in Ireland?
• A sole proprietorship is the simplest form of business, set up in the name of the owner.
• The sole proprietorship is not a separate legal entity from its owner.
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Why Start a Sole Proprietorship in Ireland?
• The sole proprietorship has become very popular, as more and more persons are interested in working in their own name, rather than being employed in a company.
• If you are interested in registering a sole proprietorship in Ireland, our Irish law firm can help you set up this business form.
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Setting up a Sole Proprietorship in Ireland >>
• The process of setting up a sole proprietorship is relatively simple; you can start the business by using your name, but you can also use a business name.
• If you may choose to use a business name, you will have to register the name at the Companies Registration Office.
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>> Setting up a Sole Proprietorship in Ireland
• Once the registration of your sole proprietorship is complete, you will receive a Certificate of Business Name.
• The Irish legislation states that you should open a new bank account for your business and for this procedure it is necessary to have a Certificate of Business Name.
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Taxation of a Sole Proprietorship in Ireland >>
• It is necessary to register the sole proprietorship for taxation purposes with the Office of the Revenue Commissioners.
• The taxation of a self-employed person is done through the self-assessment system.
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>> Taxation of a Sole Proprietorship in Ireland
• According to this system, sole traders will have to pay a Preliminary Tax, which has to be paid no later than 31st of October.
• Our lawyers in Ireland can offer you more details about the taxes paid under the self-employment system.
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VAT Registration for Sole Proprietorships in Ireland
• A sole proprietorship should register for VAT only in the following situations:
the annual turnover is above EUR 75,000 (for goods and products);
the annual revenue is above EUR 37,500 (for services).
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Registering for Pay Related Social Insurance in Ireland
• Sole proprietorships in Ireland must pay a limited tax of social contributions.
• As a general rule, the PRSI are paid at the rate of 4% on the annual income.
• However if the income is lower than EUR 5,000, you are exempt from paying any social contributions.
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Legal Services in Ireland
• At our law firm in Ireland businessmen will find a dedicated team of attorneys ready to provide them with specialized legal consultancy.
• From setting up sole proprietorships or any other company types to performing due diligence procedures or recovering debts, our Irish lawyers are ready to assist clients in order to meet their specific needs and requirements.
Thank you for your attention!
• For more information please contact us at:
(+44)203-287 0408 (for international clients)
www.lawyersireland.eu11
