Ireland represents a great investment market, as the local economy is developing at a fast pace. Many industries in Ireland reported significant financial gains in the first two months of 2016; foreign businessmen interested in opening a company in Ireland in the insurance field should know that this financial sector is very stable and safe and it is regulated by a solid set of rules and legislations. Our Irish company formation specialists can offer assistance for the incorporation of an insurance company in Ireland.
Types of limited companies in Ireland
Entrepreneurs who want to establish an insurance company in Ireland can choose to register the business under several legal entities which are available under the Irish commercial legislation.
As such, the investors can incorporate a limited company, in which the shares are owned by the shareholders of the business. Irish legislation provides 5 types of limited companies:
• private company limited by shares (LTD) – shareholders liability is limited to the amount of the shares they own in the company;
• designated activity company (DAC) – must have at least two directors and a maximum number of members limited to 149;
• designated activity company limited by guarantee – the liability of the shareholders is limited to the number of shares they own in the company, as well as to the amount of company’s assets to which they have contributed to;
• company limited by guarantee – the liability is limited to their contribution for the company’s assets up to a specific sum of money, which is regulated by the provisions of the memorandum;
• public limited company (PLC) – the share capital must be of a minimum EUR 25,000, out of which 25% should be deposited at the incorporation of the business.
Insurance law in Ireland
Our Irish company formation agents can assist you in other phases of the registration process and can offer an in-depth presentation on the insurance legislation applicable here. Ireland offers a wide category of insurance services, such as life insurance, non-life insurance or reinsurance services. Ireland is a very stable market and one of the most important proofs in this sense is the relocation of international insurance companies which have set their businesses in Ireland.
The Central Bank of Ireland is the main regulatory body that supervises the industry by applying the insurance directives set out by the European Union.
If you need further information on the insurance companies in Ireland, please contact our company formation representatives, who can assist you to incorporate an Irish business.