It’s a great time to think about starting a new business in Ireland. Many people are looking into startup companies right now because of the availability of helpful programs and government support. If you’re considering starting a business in Ireland, you might be curious about which steps you need to take first. Explore the information below so that you can have the best experience.
Picking a Legal Structure for Your Business
The first big step involves picking a legal structure for your business. You need to decide whether you want to be a sole trader or if you’re going to be a limited company. Setting up your business as a sole trader is decidedly easy, but you’ll be liable for all debts, and as such, it can be somewhat risky for your personal finances. A limited company will be more complex, but you get a much better corporate tax rate.
Registering Your Business
Next, you’ll need to go ahead and register your business. Those who want to go the sole trader route will need to register their businesses with the Revenue Commissioners for tax. Limited companies will need to register with CRO first. Remember that certain types of businesses also require special licenses from local authorities.
Working on Building Your Brand
With the legal aspects taken care of, you’ll be able to focus on building your brand. You want your brand to be recognizable and you want it to represent your values as a company. It’s important to think about your messaging as well as the color scheme that you’ll use. Try to maintain a consistent branding for everything that you do because you don’t want your website to look vastly different than your advertisements or your physical storefront.
Securing the Necessary Funding
Securing funding is also necessary if you’re going to start a business in Ireland. Look into which government options your company might be able to take advantage of. Things will differ depending on whether you’re operating a limited company or are a sole trader. There will also be private programs that you can turn to for assistance.