Ireland: A Great Opportunity
Ireland: A Great Place to Make a Life Change
Are you looking for a new place to call home, or thinking of starting a new business venture? Then you might want to consider Ireland. This European country has plenty to offer for those looking for a change at a personal or business level. Entrepreneurs can benefit from having a reputable society that allows them to open bank accounts within the European Union. Meanwhile, those looking for a fresh start can legally change their name in Ireland with ease.
The Deed Poll, or Name Change Certificate
The Deed Poll, or name change certificate, is a legal document that allows an individual to renounce their old name and use a new one for all purposes. Banks, passport offices, and other entities accept it as proof of the new legal name, without requiring an explanation for the change.
Residency and Non-dom Status
If you plan on settling down in Ireland, you can also obtain residency and non-dom status, allowing you to optimize taxes. You are considered a tax resident if you spend at least 183 days in Ireland in a year, or 280 days between that year and the previous year, including a minimum of 30 days in each year. If not, you will not be considered a tax resident.
With Non-dom status, foreign income is not taxed as long as it is not introduced or used in the country. This means that only money used for travel or investments abroad remains tax-free.
Setting up an Irish Limited Company (LTD)
When it comes to starting a business in Ireland, setting up an Irish limited company (LTD) can be a smart move. These types of companies pay one of the lowest taxes in the EU, at just 12.5%. In terms of VAT, if your sales are below €37,500 for services or €75,000 for physical products, you are not required to charge or account for the 23% corresponding VAT.
Audits are only required for larger companies, with more than 50 employees and a total balance of 3.65 million euros, or an annual turnover exceeding 7.3 million euros. Smaller companies only need an audit if their annual balances are significantly delayed. Overall, setting up a company in Ireland is relatively cheap.
FinTech Technologies
Ireland also supports FinTech technologies, making banking transactions easier. Irish businesses can easily opt for a SEPA company account, which is designed to facilitate euro-denominated transactions within the EU.
Datapres Solutions
At Datapres Solutions, we provide services that comply with the strictest legality of the jurisdictions where we operate. Contact us to learn more about our services and rates. Make a radical life change in Ireland today!