Ireland LP

General Information

Area – 70,200 sq. km

Population – 4,595 million people

Capital – Dublin

Official language – Irish, English

Official currency – Euro (EUR)  

Key Aspects

Incorporation and administration of Irish partnerships is rather streamlined. On the territory of Ireland there is no foreign exchange control for this type of companies which makes companies of this jurisdiction very attractive in terms of conducting of international activity. Ireland is an independent republic which makes local legislation more independent and stable in comparison with colonial offshore jurisdictions. Companies incorporated in Ireland are used to perform international commercial transactions. A special permission is required to perform banking, insurance and trust activity. The company name must finish with the words ‘Limited Partnership’ or abbreviation ‘LP’.

Company Type

Limited Partnership (LP)

Corporate Legislation

Limited Partnership Act 1890 to 1907

Main Requirements for Company Founders

To incorporate a partnership, at least two partners are required. One partner is the general partner and second – the limited partner. Partners may be natural persons or legal entities, residents of any country. In our standard specification a company is incorporated with two founders, residents of offshore jurisdictions.

Authorised Capital

Payment of the authorised capital is not stipulated.

Accounting

Partnerships incorporated on the territory of Ireland must maintain accounting records given that the founders are legal entities, non-residents of Ireland.

Taxation

Irish partnerships conducting their business outside Ireland are not subject to taxation and, therefore, are exempted from paying taxes in the country of incorporation given that the partners are non-residents of Ireland.

Questions that need to be answered to prepare incorporation documents

∙ Passport details of the beneficiary and agent

∙ Photocopy of the ID pages of the beneficiary’s and agent’s passports

∙ Utility Bill of the beneficiary and agent

∙ Several proposed firm names