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What are the different company types available in Ireland?

30/11/2021

When you plan to open an Irish company, it is important to choose the right company type for your enture. The following are the main company types that can be found in Ireland:

PRIVATE COMPANY LIMITED BY SHARES (LTD)
The shares in an Irish Private Company Limited by Shares are owned by its shareholders. A shareholder’s liability is limited to the number of shares that they own. The company is a separate legal entity and, therefore, is separate and distinct from those who run it. The members’ liability, if the company is wound up, is limited to the amount unpaid on the shares they hold. The maximum number of shareholders is 149 in a LTD. An LTD can only have a single director but in this situation must appoint a separate secretary. A small/medium sized company need only file abridged audited accounts, showing a limited amount of information, at the Companies Registration Office (CRO). An Annual Return must be filed every year with the Company Registrations Office regardless of whether the company has traded or not.

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NEW VAT ECOMMERCE RULES

17/11/2021

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On 1 July 2021, the VAT rules on cross-border businessto-consumer (B2C) e-commerce activities changed. The rationale for these changes is to overcome barriers to cross-border online sales and address challenges arising from the VAT regimes for distance sales of goods and for the importation of low value consignments. It is envisaged that EU Businesses will be able to grow in a simplified, fairer environment within the European Digital Single Market.
Online sellers, including online marketplaces can register in one EU Member State and this will be valid for the declaration and payment of VAT on all distance sales of goods and cross-border supplies of services to customers within the EU. Businesses should benefit from a reduction in red tape of up to 95% by registering with the new One Stop Shop (OSS).
The existing thresholds for distance sales of goods within the EU will be abolished and eplaced by a new EU-wide threshold of €10,000. Below this €10,000 threshold, the supplies of TBE (telecommunications, broadcasting and electronic) services and distance sales of goods within the EU may remain subject to VAT in the Member State where the taxable person is established.
The VAT exemption on importation of small consignments of a value up to €22 will be removed. This means all goods imported in the EU will now be subject to VAT. The Import One Stop Shop (IOSS) has been created to simplify the declaration and payment of VAT. For consignments of €150 or less imported directly from Non-EU countries, businesses can now charge VAT at the point of sale instead of customers having to pay import VAT on delivery.
For Non-EU based suppliers they must either register for IOSS through an EU established intermediary, or, should the country where they are established have a mutual assistance agreement with the EU, then they can register for IOSS directly.

If your business if affected by these changes – talk to us today

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ECONOMIES IN MIDST OF STRONG REBOUND

10/11/2021

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Optimism regarding the outlook for the global economy has increased in recent months. This is on the back of the relatively successful vaccine rollout programmes, economies proving better able to adapt to the restrictions that were in place earlier in the year than previously envisaged, and additional fiscal supports. This more upbeat perspective is evident in the raft of international agencies revising higher their economic growth forecasts over the summer.

The OECD is now forecasting that the global economy will grow by 5.8% this year and 4.4% in 2022, following a 3.5% contraction in 2020. This compares to its previous projections made at the end of 2020 for growth of 4.2% and 3.7% in 2021 and 2022, respectively. The IMF is forecasting similar strong growth rates for the world economy. Meanwhile, world trade is recovering strongly, after contracting by 8.5% last year. A rise of 8% is being pencilled in for this year, followed by growth of 6% in 2022. However, both the OECD and IMF point to marked differences in the economic recovery across countries.

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Websites & Apps to help you keep your focus

27/10/2021

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The apps below use some or all features of the Pomodoro technique. The Pomodoro technique wants you to work focused in short timeboxed periods. By keeping your focus and not making mental context switches, you get more work done in less time.

The basic steps are:

Decide what task to work on
Start the timer and work for 25 minutes with full focus
Take a short break (3-5 minutes)
Work another 25 minutes before taking a new break, and so on
Every four Pomodoro take a longer break (15-30 minutes)

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SCARP - The new, more efficient restructuring process for SME’s

21/10/2021

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The Government have approved the publication of the Companies (Rescue Process for Small and Micro Companies) Act 2021. The Act amends the Companies Act 2014 to provide for a new Small Company Administrative Rescue Process (SCARP) that mirrors key elements of existing examinership framework in an administrative context.

THE PROCESS

APPOINTMENT OF INSOLVENCY PRACTITIONER
An insolvency practitioner is appointed to formulate a rescue plan to provide each creditor with a better outcome than liquidation within 6 weeks of his/her appointment.
EXCLUDABLE CREDITORS
Insolvency practitioner identifies excludable creditors and served notice to them that the process is intending to compromise their debt.
CREDITORS VOTE
Creditors vote on the 3 rescue plan by day 49 of the insolvency practitioner appointment.
THE DECISION
The rescue plan will be 60% in number and value approved provided that of an impaired class of creditors vote in favour of the proposal, and no creditors raise objections within the 21 day cooling off period.
AN OBJECTION
If an objection is made, the company must seek the courts approval, to safeguard creditors.
FINAL APPROVAL
The Court must be satisfied that the rescue plan is fair, equitable and does not unfairly prejudice any objecting creditors. If this is proven, the Court will approve the rescue plan.