An unlimited company in Ireland is a type of legal entity in which the company’s founders have unlimited liability for the business’ losses. According to the new Companies Act, which became applicable starting with 1st of June 2015, businessmen may set up three types of unlimited companies, each one providing different benefits. Investors who want to open a company in Ireland under this business structure should know that the entity represents 2% of all the companies registered in the country. Our team of company formation representatives in Ireland can offer in-depth details related to the registration of an unlimited company.
Types of unlimited companies in Ireland
The main characteristic of an unlimited company registered in Ireland refers to the unlimited liability applicable to the company’s founders. The regulation is provided under the Section 1271 of the new Companies Act.
When starting the procedure of company formation in Ireland for this business structure, the investors may set up one of the following, as prescribed by the Section 1228:
• private unlimited company with share capital (ULC);
• public unlimited company with share capital (PUC);
• public unlimited company without share capital (PULC).
Requirements for registering an Irish unlimited company
The Irish unlimited company may be set up by only one member (this type of company does not have shareholders). However, it is necessary to appoint two directors, who must be natural persons. At the same time, it is also necessary to appoint a company secretary, which can be represented by one of the company’s directors. Our team of Irish company formation agents can offer more details on the duties of the directors of an unlimited company.
The company registration in Ireland for this business form requires to draw up the statutory documents, which, following the regulations of the new Companies Act, are now represented by the Constitution.
The company has to be registered with the Companies Registration Office (CRO), a procedure which can last approximately five working days. When registering with the CRO, it is also necessary to establish a company’s name, which has to include the words “unlimited company”, or their Irish equivalent (Cuideachta Neamhtheoranta).
Businessmen are invited to contact our team of Irish company formation consultants, who can also provide advice on the tax regulations applicable to this entity and can also help you open a bank account in Ireland for your new company.