How much does it cost to start a business in Ireland? The answer is in our article: check it out!
Are you interested in setting up a business in the irish territory? How much does it cost to start a business in Ireland? Here’s a list of costs you should consider before starting!
- New Business Name Registration Fee
- New Business Registration Taxes
- Other Registration Taxes
- Property Costs
- Labour Costs
New Business Name Registration Fee
First of all, you need to register the name of your business. CRO (Companies Registration Office) is in charge of this step. Hence, you need to submit some forms to the CRO, along with the registration fee: 40 euros for paper filling, 20 euros for electronic filling.
New Business Registration Taxes
Registering a new business to CRO costs 100 euros if you fill in the paper format, 50 euros for the telematic format.
If your business is an incorporated company you must stick to the corporation tax, i.e. compulsory tax on the profits for companies resident in Ireland. Corporation tax registration must be paid within four weeks of first sale or twelve months of incorporation.
If your business is not incorporated you must pay tax according to the self-assessment system.
For limited companies, the registration fee is 300 euros and only the paper format is available.
Other Registration Taxes
VAT registration is compulsory only if you sell more than 37,500 euros in services or 75,000 euros in goods.
You must also pay the employer tax registration nine days after employing your first workers.
Another important thing is to check out the rental market in Ireland. On average, office rental in Dublin is 646 euros per month. When it comes to office building construction, the cost in the capital is up to 3,065 euros per square meter.
When starting a new business in Ireland, you also need to consider the labour costs, which is, on average, 30.90 euros per hour. Labour costs depend on the sector: it goes from 55 euros per hour in the utilities sector, to 16 euros per hour in the accomodation and food sector.
Did you find the reading useful? Then you should also check out our article about grants for starting a business in Ireland.