Ireland has become one of Europe’s go-to spots for international business, especially in tech and digital. Why? Simple tax rules, direct access to the EU single market, strong US connections, English as the primary language and a system that actually wants businesses to succeed. We’ll show you exactly what it takes, what it costs, and how to make it happen.
What You Actually Need
Despite common misconceptions, the requirements are minimal:
- Just one shareholder and one director
- €1 minimum share capital (no need to deposit)
- A company secretary
- Irish registered office address
That’s it. No need for an Irish bank account, local residency, or the rumored €25,000 capital requirement.
Real Costs Breakdown
Initial Setup: €1,200 (ex VAT)
The basic package (€950) covers your first year:
- Company registration
- Tax registration
- Registered office address
- Company secretary service
Non-residents need an IPN number (€250).
Annual Running Costs
Core expenses:
- Registered office/secretary renewal: €700
- Basic accountancy package: €2,800 (up to 10 monthly transactions)
Optional services you might need:
- VAT registration: €300
- VAT returns: €450/year
- Physical bank setup help: €500
- Online banking guidance: €400
The Non-EEA Factor
If you’re from outside the EEA, you’ll need either:
- A €2,200 bond (valid for 2 years)
- Or a nominee director service (from €6,000/year)
Banking Made Simple
Traditional Irish banks want:
- A physical office, or
- An Irish resident director
- In-person identification
But here’s the good news: you don’t actually need an Irish bank account. You can use:
- Any EU bank account
- Digital banking solutions
- Your existing banking relationships
The Setup Process
Week 1-2:
- Submit color passport copy
- Provide recent proof of address
- Complete application forms
Week 3-4:
- Get company documents
- Register with tax office
- Set up banking
Week 5-6:
- Finalize documentation
- Start trading
Running Your Company
Monthly tasks:
- Keep financial records
- Process payments
- Monitor transactions
Annual requirements:
- File CRO returns
- Prepare financial statements
- Submit tax returns
- Confirm director details
What About VAT?
While VAT registration can be tricky for non-resident directors, solutions exist through proper structuring. Budget €100 bimonthly for VAT returns if needed.
Audit Requirements
Only need an audit (€1,000+/year) if:
- Turnover exceeds €8.8M
- You're a subsidiary/parent company
Pro Tips
Success in running your Irish company comes down to three key areas. First, stay organized with your paperwork - keep digital copies of all documents, set clear reminders for renewals, and maintain a solid system for tracking compliance deadlines. Second, build a strong professional network - you'll need a reliable company secretary and experienced accountants at minimum, with banking advisors available if needed. Finally, maintain tight financial control by budgeting carefully for both setup and running costs, and always keep some funds in reserve for unexpected expenses.
Note: All costs stated are as of February 2025. Requirements and prices may vary based on specific circumstances.
