Pearse Trust Blog

Choosing A Company Name In Ireland

Posted by Pearse Trust on Monday, Nov 28, 2016

Making A Name For Yourself

When incorporating a company, choosing the right company name is important. A company name must be unique. A name that is identical or overly similar to one which already exists will not be registered.

Where there is a similar company name in existence which obstructs the registration of a company name, it is possible to furnish the Companies Registration Office with a Letter of No Objection from the existing company to the use of the proposed name. For example, where the two companies will be associated or where the beneficial owner of both companies is the same.

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Tags: Ireland, Incorporation, Intellectual Property

The Importance Of Auditor Independence

Posted by Pearse Trust on Wednesday, Nov 23, 2016

The primary purpose of an audit is to provide company shareholders with an expert, independent opinion as to whether the annual accounts of the company reflect a true and fair view of the financial position of the company and whether they can be relied on. Independence is the main means by which an auditor demonstrates that he can perform his task in an objective manner.

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Tags: Ireland, Corporate Governance, Audit

What Is A Company Secretary in Ireland? – The Roles & Responsibilities

Posted by Pearse Trust on Wednesday, Nov 16, 2016

In Ireland, every company is legally obliged to appoint a company secretary. The company secretary is a communicator, facilitator, and legal advisor to the board and the company's shareholders. The company secretary also has ongoing communications with regulatory authorities such as the Companies Registration Office (the "CRO") and Revenue Commissioners. The company secretary should be independent when providing advice, suitably qualified and aware of the rights, duties and obligations of directors, shareholders and other third parties.

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Tags: Ireland, Corporate Governance

The Charities Regulator Gets New Powers To Protect  Irish Charities

Posted by Pearse Trust on Wednesday, Nov 09, 2016

The Charities Regulator in Ireland has announced commencement in September 2016 of Part 4 of the Charities Act 2009, which gives investigative and protective powers to the Charities Regulator. 

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Tags: Ireland, Tax, compliance

Ireland’s International Tax Strategy

Posted by Pearse Trust on Monday, Nov 07, 2016

Ireland, like many countries, is making changes to its tax regime in response to international pressure for more tax fairness and transparency.

It is a situation which is increasing tax uncertainty, not only in Ireland, but all over the world. Hence, the Irish Government has attempted to quell concerns over the direction it is taking with its tax system with the publication of its International Tax Strategy.

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Tags: Ireland, Tax

Budget 2017 - Ireland Remains An Ideal Location For Business

Posted by Pearse Trust on Monday, Oct 17, 2016

On 11 October 2016, the Minister for Finance Michael Noonan, delivered Ireland’s Budget for 2017 and also provided an “Update on Ireland’s International Tax Strategy”.

The favourable provisions introduced in the Budget and as outlined in the Update on Ireland’s International Tax Strategy:

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Tags: Ireland, Tax, Economy

Dividends - Who Gets Paid And Why?

Posted by Pearse Trust on Monday, Sep 19, 2016

A dividend is a distribution to the shareholders of a company based upon the number and type of shares that they hold.  

Dividends are voluntary in the sense that there is no legal obligation for a company to pay a dividend, unless otherwise stated in the company’s constitution. 

A dividend must be paid from the distributable profits of the company and depending on the type of dividend it will be declared at a general meeting of the company or by a resolution of the directors. Once a dividend has been declared it is due and payable.

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Tags: Ireland, Tax

Property Tax Considerations for Irish Companies

Posted by Pearse Trust on Monday, Sep 12, 2016

Under normal circumstances, an Irish company will purchase commercial property to use for the purposes of its business.

The purchase of residential property by an Irish company may not necessarily be for business reasons.

Where an Irish company decides to acquire either a commercial or residential property, it is important to consider the Irish taxation implications.

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Tags: Ireland, Tax

A Refresher on Irish Tax Filing and Payment Deadlines

Posted by Pearse Trust on Wednesday, Aug 24, 2016

The main purpose of this material is to give a general update of the more important Irish tax filing and payment deadlines under the Irish self-assessment tax system.

Corporation Tax

Irish tax resident companies are required to file its Corporation Tax (“CT”) return via Revenue’s Online Service (“ROS”). The CT return and balancing tax payment are generally due by the ninth month after the accounting period (“AP”) end but no later than the 23rd day of that month.

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Tags: Ireland, Tax, VAT

Assigning Receivables: Minimising the Potential Tax Implications

Posted by Pearse Trust on Monday, Aug 15, 2016

Under Irish tax law, a debt receivable is an asset for Irish Capital Gains Tax (CGT) purposes. Therefore, the assignment by an Irish company of a receivable would be a disposal by that company of an asset. 

By structuring the transaction and documentation in a tax efficient manner, it is possible to minimise the potential Irish tax implications where an Irish company assigns its receivable, i.e. a debt or loan that someone owes to the Irish company.

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Tags: Ireland, Legal, Tax, Finance