Ireland is one of the most representative economies in the European Union (EU); foreign investors who want to open a financial company here should know that the Irish market is, at the moment, the fastest growing economy in the EU. As such, it is advisable to open a financial company in Ireland, because it provides one of the most reliable legislative and taxation systems in Europe. Foreign businessmen who are interested in setting up a company in the financial sector can receive an in-depth presentation on the subject from our Irish company formation specialists.
Banks in Ireland
Foreign investors who want to open a company in Ireland in the financial sector can establish a financial institution, which represents any type of business activity related to finance and financial transactions. Some of the most common financial companies offer loans or deposits to individuals or legal entities or are set up in the investment market.
Commercial banks offer a set of financial services to both natural persons and companies; they can provide loans or accept deposits and provide financial security to its customers. Credit institutions in Ireland are regulated by the Irish Central Bank, which has the right to supervise the activity in this field in order to provide a stable financial market.
Another type of financial institution is the investment bank, which acts as an intermediary between various entities (usually, between businesses and local governments); the investment banks are not available for the general population, as it is the case of commercial banks; our Irish company formation agents can provide you with further information on this matter.
Insurance companies in Ireland
The insurance companies provide financial services available to a large population which is interested in the management of their assets. Insurance companies rely on a very specific statistic model in order to protect themselves from possible liabilities.
Licences for financial companies in Ireland
Financial companies operating in the field of insurance activities are required to obtain an authorisation from the Irish Central Bank, which is the main statutory body in this sense. The Central Bank will issue licenses for non-life insurance, life insurance and reisurance services.
In order to obtain a license from the Central Bank, the applicant has to submit an application at the institution and to provide documentation as prescribed by the legislation in this domain. The bank will offer a feedback on the application, stating if the company meets all the required criteria.
As a general rule, the bank will provide an “authorisation in principle” to the applicant while it analyses the company’s application.
The formal authorisation is issued only after the company meets all the legal and financial requirements.
If you need further information on the financial companies in Ireland, please contact our team of Irish company formation representatives for assistance.