Starting a new business means embracing new challenges. Embracing new challenges presents an opportunity for success and rewards. However, in order to be successful and achieve rewards you need to do things properly and strategically. Forming a company requires time and effort and numerous elements need to be considered when looking to start up a company.Hiring accountants, although is not seen as a major element, can in fact be a significant difference between failure and success. Setting up a new company can be a difficult process but a process made simpler with the aid of professional accounting consultants.
The first step in forming a company is working out a business idea. It is important to develop a business plan and strategically structure you business goals, objectives and offerings. The process of developing a business plan can vary depending on the level of depth one delves into. However, on average, a business plan can be completed within several days or weeks. To produce a more comprehensive plan complete with sound financial statements, professional accountants are essential in ensuring success, speed and efficiency.
The second step involves visiting the Commissioner for Oaths. Company owners must attest of the formation of the company according to the Irish Companies Act and its continued operation thereafter. This step can be completed within a day, and costs around EUR10.
The third step is filing company formation documents with the Companies Registration Office. Paperwork includes memorandum and articles of association; list of directors; statement of nominal and issued share capital; and notice of registered office to name a few. The registration process can be completed within a five to ten-day period and costs EUR50 with pre-approved forms and EUR100 for standard registration.
The fourth step is getting a company seal. This can be completed within a few hours and costs EUR20.
The fifth step is registering for corporation tax, social insurance, and value added tax with the Revenue Commissioners. This can be achieved by filing the TR2 form. If you pay year-end taxes, you will need to get a tax identification number. This can be completed within a day, but you’ll need to wait at least five to ten days for VAT registration.
For only EUR299, professional accountants can help and assist you in achieving your goals, delivering success with the utmost convenience, speed and precision. In addition, professional accountants can help you with financial aspects of your business plan. Whilst business operations are ongoing, tax accountants can aid you with the management of your accounts as well as in computing taxes. This guarantees that you don’t pay more or less than what you ought to pay to the government; thus, enhancing your cash resources and maintaining your compliance.
Kilcoyne Accountants are one of Irelands leading accountancy firms and professional accountancy consultants and are a progressive firm of chartered Dublin Accountants & Registered Auditors. Kilcoyne Accountants handle auditing, payroll, liquidations, taxation and outsourcing accounts.