Investors owning companies in Ireland are allowed to sell the company’s shares in specific situations. The process implies the transfer of ownership from one party to another, following the regulations imposed under the Irish legislation. In this sense, investors will need to conclude certain legal documents and our team of company formation agents in Ireland can offer assistance and can act on behalf of the company’s representatives.
Procedures for transferring shares in Ireland
In a private company in Ireland, the investors may transfer their shares to another representative of the company or to another party who is interested in purchasing ownership rights in the respective legal entity. When opening a company in Ireland, it is necessary to verify the stipulations related to this matter in the company’s articles of association or constitution.
When selling shares of an Irish company, the share certificates owned by the shareholders will be annulled and new certificates have to be issued, stating the new owner.
The transfer will need to include entries in the following documents:
• company’s Minute Book;
• Register of Transfers;
• Register of Members.
The shares can be transferred to a family member of the investor and if this situation applies, it is necessary to complete the stock transfer form that will require a stamp from the Revenue Commissioners. At the same time, it is important to know that the regulation is also available in the situation in which the value of the shares is above EUR 1,000 and our team of Irish company formation representatives can provide further details.
Transfer taxes in Ireland
Businessmen who are interested to start the procedure of company formation may invest here by purchasing shares in a company that already operates on the local market. During the transfer of ownership, the Revenue Commissioners may impose the stamp duty, but only in the situation in which the value of the transfer is above EUR 1,000. If this is the case, the payment should be completed in a period of 30 days and in the situation of late payments, the local legislation stipulates a fixed penalty (of EUR 25.40), with an interest rate that can range between 10-30%, depending on the period in which the payment is completed.
Investors are invited to contact our Irish company formation consultants for further information on this subject.