An Irish Company That is Locally Controlled is Able to Avoid CRS
Using an Irish Company for secrecy may not be the first option that springs to mind for those seeking offshore solutions. However, hybrid onshore solutions can be a useful tool in reclaiming financial privacy. If you structure an Irish company properly you can also avoid the intrusive Common Reporting Standard (CRS).
Ireland has long had one of the most attractive corporate regimes in Europe. It’s an English-speaking country with low corporate tax rates and limited bureaucracy. The tax rate is one of the lowest in Europe at 12.5%.
It’s very likely that the real tax rate payable on your Irish company will be a fraction of this, provided you and you plan things carefully.
Ireland is not considered an offshore jurisdiction therefore opening bank accounts for an Irish company is pretty easy. There are a number of well capitalised banks in Ireland and the account opening procedures can be done remotely for those not wishing to travel to the emerald isle in person.
There are also generous tax credits on Research and Development expenditure for an Irish company. The current tax credit on research and development is 25%.
Over 1,000 multi-national companies have chosen Ireland as a base including household names like Google and Dell.
Ireland has the advantage of low corporate tax rates without being a jurisdiction
that appears on the radar of governments concerned about tax avoidance or money laundering such as Bermuda or the British Virgin Islands.
Ireland has over 60 double taxation treaties including with all EU countries and the USA.
It’s important that your Irish Company is tax resident in Ireland which means that the majority of the board of directors must be resident in Ireland.
You can control the bank accounts and the company by being the controlling shareholder. This can be done directly, via a trust or by using professional nominees.
The head office of the company must also be in Ireland. If you meet these tests the Company will be considered tax resident in Ireland and your banking information will not be shared under the Common Reporting Standard (CRS).
If you’re not Irish you’ll need to have a director based in Ireland to manage the Company. This helps, in particular, if your goal is to avoid having your home country informed of your overseas balances under CRS.
The local director will give you a power of attorney and a signed, undated letter of resignation to ensure that you are in control at any time you choose to be. This is clearly an important safeguard for those seeking to form an Irish company and want to keep its business entirely confidential.
In essence, you are hiding in plain sight. Because your Irish Company is an operating company with Irish directors and shareholders and it’s a local taxpayer nobody will pay any attention to it.
You will not face a barrage of questions when doing business with banks in the same way that you would if you were attempting to do business with a Panamanian Company or a Cook Islands Company.
Of course, it very much depends on what your objectives are for the Company. What is it going to do? Where is it going to trade? What assets will it own? Who will manage the Irish Company day to day? It’s important to consider all these questions. Irish companies can be utilised for most purposes.
Ireland uses the Euro as its currency. The Heritage Foundation concluded that Ireland has the freest economy in the Eurozone.
Merchant accounts are easily available from Irish banks, making Ireland an ideal jurisdiction to operate your online business.
Ireland offers a highly educated and skilled workforce so if you need to employ people on the ground in Ireland you’ll have a great choice of well-educated, native English speakers.
There is a low share capital requirement of only €100 in Ireland.
We can provide you with an Irish registered Company with your own choice of name, a nominee director registered office address and fully operating bank account with online banking and a debit card for only $3,995.
The bank account is guaranteed to be non-reportable under CRS.
The company’s tax base will be Ireland, no matter where in the world you’re located. Our professional nominees will work on your instructions and you’ll have signed, undated resignations if you require them.
We can also provide nominee shareholders and additional corporate directors if you need them to increase your privacy.
We are focused on maintaining your privacy and minimising your tax burden by using our Irish Company Service.
This is the perfect structure for anyone who’d rather avoid the intrusive CRS regime in a perfectly legitimate manner without the need to travel or change your personal tax residency.