Offshore Guidebook | Real Estate Investor Magazine REIM Offshore 2020 | Page 30

IRELAND Ireland means business A good place for your offshore limited company, but at what cost? AMY STEADMAN W hen it comes to investment in Ireland, it seems as if freedom favours the fortunate. Have a successful business? You’re in. While setting up an Offshore Company in Ireland is possible, it also must come with a certain level of established success. incorporates shares giving limited liability to its members depending on the amount held by each member. Ireland Resident Private Limited Company (PLC) Offshore Formation & Registration Advantages of Setting up an Offshore Limited Company Ireland has a renowned jurisdiction for outside companies to base their operations. Its incredibly low tax rate and its proximity to Europe is beneficial to companies. However, it has not been the obvious choice for offshore company formation in previous years. In order to benefit from having the second- lowest tax rates in Europe, individuals are required to disclose information regarding financial accounting and auditing. Companies will qualify for access to double-taxation treaties and other benefits from EU trade agreements. Irish corporate legislation is regulated by the Companies Act. The Ireland Company Registry is the company that authorises the usage of company names and is responsible for the filing of annual returns. Out of several Irish company formation structures available, the most popular is the Resident Private Limited Company. This structure has been widely used for private, commercial and other international business trade holding activities. Any corporate registration documents do not use the term ‘offshore’ as offshore financial markets are under tight scrutiny. However, it’s good to know that the Ireland Resident Private Limited Company incorporates flexible corporate management structures and other tax benefits. A traditional Private Limited Company 28 OFFSHORE GUIDEBOOK 2020 Setting up an Offshore Limited Company in Ireland has many benefits and advantages. The list below provides an idea of the benefits involved; Highly reputable jurisdiction Geographical proximity to the UK and Europe Membership of the European Union Has trade advantages Nominees Services are available One of the world’s lowest Corporate Tax Rate at 12.5% Employees can hold shares Ability to own property and enter into legal contracts Beneficial owners can remain confidential No meetings required Small companies exempted from audit requirements Well-established company formation structures Additional tax breaks for business activities in a number of industries OFFSHORE GUIDEBOOK 2020 29