Ireland corporate banking options
Our dedicated Irish corporate banking team will efficiently open a corporate bank account in Ireland for our Client’s domestic company without personal travel requirement of the signatory.
Taking into consideration the specific business field of our Client, Healy Consultants Group PLC will timely find work-around solutions for the complex compliance requirements imposed by the Ireland banks, attend introductory interviews, and in the process, optimize the corporate bank account opening engagement.
- Ireland operates a highly-sophisticated banking system the offers corporate banking facilities such as i) multiple currency accounts; ii) multiple channel banking (with less focus on telephone banking); iii) quality modern internet banking iv) safe savings and checking accounts v) Visa/MasterCard cards support and vi) tailored asset management services;
- The 2008 financial crisis in Europe took its toll on the Ireland banking sector, with Bank of Ireland and Allied Irish Banks (AIB), both starting to i) pay ordinary dividends and ii) see a net increase in loan books for the first time, only in 2017;
- Leading local banks in Ireland include: i) Ulster bank; ii) Bank of Ireland and iii) AIB. These banks are top picks for Clients looking to target primarily regional Clients and suppliers;
- Businesses that target international operations and invoicing foreign Clients are advised to open a corporate bank account in the more globally-recognized UK banks operating in Ireland. By using HSBC Ireland, our Clients will be able to i) cut on correspondent banking fees and ii) enjoy international branch systems in Asia, Africa and North America;
- Fully-operational foreign international banks in Ireland include HSBC, Barclays Bank Ireland, Standard Chartered, Citibank, and JPMorgan Chase Dublin A complete list of banks operating in the country can be found on the Central Bank of Ireland website.
Opening corporate bank accounts in Ireland
- Within 4 weeks and without personal travel required, Healy Consultants can open a local Irish corporate bank account or supply an international bank account after the company is successfully registered. Here you can view the detailed guide of the corporate bank account opening process;
- Most Ireland banks require the following items to be part of initial corporate bank account opening set, including: i) Certified proof of address of the bank signatory; ii) Certified business profile from Companies Registry; iii) Certified/Apostilled passport copy; iv) notarized board resolution with names of signatories authorized to open and operate the corporate bank account(s) v) where applicable an apostilled Power of Attorney from the board of directors and vi) proof of stock exchange listing (case-by-case);
- Ireland banks focus on cross-sales, consequently, a new corporate banking Client can benefit from better terms and conditions on i) overdraft facilities; and ii) extended credit lines;
- Our Clients can expect initial minimum deposit required by most local banks of at least €1,000 transferrable into the new corporate bank account within 1 week of IBAN issuance. International banks and private banks, require in most cases higher initial deposit and minimum monthly balance of €10,000. It is advisable to maintain this minimum amount to avoid average monthly service charges of €15;
- Depending on our Client’s business and nationality, there may be travel requirement imposed by the Irish bank’s compliance department. In most cases, Healy Consultants, skillfully negotiates with the banks to negate personal travel of our Client. Read the detailed information regarding steps following corporate bank account application;
- Following corporate bank account approvals in Ireland, the preferred bank will prepare and courier a banking kit, which often includes: i) IBAN and BIC corporate bank account details, ii) internet banking password and token and iii) template forms for various services offered.
- Ireland are happy to offer trade finance facilities to resident companies, if certain compliance targets are met, including receipt of: i) a realistic business plan, ii) verified background of the business owners, iii) expected cash flows charts, iv) P&L documentation and v) reference letters for Clients and suppliers;
- Healy Consultants can assist our Clients secure a specific instrument or facility from our partner Ireland banks, including preferential terms on i) corporate credit lines and loans and ii) letters of credit and bank guarantees.
Exchange Controls and Other Regulation
- Ireland’s Central Bank implements liberal foreign exchange controls, allowing for easy dividend transfer between companies in and out of the country;
- Irish residents and non-residents can open bank accounts in foreign currencies, including €, US$ and Pound £;
- The country does not impose restrictions on the amount of foreign currency that residents may hold in their bank accounts.
Ireland company secretarial service
In accordance with the Irish Companies Act 2014, all local companies must appoint 1 secretary, who will fulfil certain legal compliances on the company’s behalf with the Irish Registrar. Healy Consultants is an experienced company secretarial services provider and will be pleased to assist all Clients fulfil this statutory obligation. For more information about our services, please refer to the points below:
Changes in Corporate Structure
- As the company secretary, Healy Consultants will assist with i) adding or removing directors/shareholders and ii) modifying the existing shareholding by issuing new shares or effecting share transfer;
- Our Irish company secretarial team will i) prepare the documents for director & shareholder signature and ii) file/courier the forms with/to the Registrar. For instance, to change the company director, we will i) modify the director details on the Registrar website and ii) thereafter, courier the signed Form B10;
- Please note the share transfer can only be completed when filing the annual return with the Registrar.
Changes in Memorandum of Association
- Some companies may wish to modify their Memorandum of Association for different reasons including i) increasing the authorized share capital ii) changing the company objectives and iii) increasing/decreasing responsibilities of the officers;
- For this purpose, our team will i) prepare new drafts of the company constitution ii) get them approved and signed by the Clients (along with the resolutions) and iii) file/courier the necessary forms with/to the Registrar
Preparation of Annual Returns
- All Irish companies must file an annual return with the Companies Register. For this purpose, we will i) complete Form B1 online and ii) send the signature page to the Client. Thereafter, will courier the latter document to the registrar;
- Additionally, if requested, Healy Consultants will also file annual financial statements and tax returns for our Client’s company. This will be covered under our accounting and tax service, information about which can be found on this page
Apart from the aforementioned services, we will also assist with i) changing the company name ii) registration of separate trading name and iii) company de-registration. In these cases, we will i) prepare the necessary applications and resolutions ii) get them signed by the Client and iii) file them with the registrar.
Company restoration services
Healy Consultants offers our Clients fast and efficient solutions to restore your struck off company to the Companies Register. Depending on the lapsed period from the date of the dissolution of the company, our experts will either submit a restoration application through the High Court or through the Registrar of Companies at the Companies Registration Office (CRO).
- Restoration within 12 months
- Where a Client’s company is struck off the register pursuant to i) section 12A of the Companies (Amendment) Act, 1982, also known as a “Revenue Strike-Off” or ii) section 311 of the Companies (Amendment) Act, 1968, also known as a “CRO Strike-Off”, the company can submit an application to be restored to the Register within 12 months from the dissolution date;
- The company must i) file all outstanding returns and statements ii) obtain a confirmation letter from the Revenue Commissioner confirming the same and iii) submit all audited financial accounts to the Companies Registration Office (CRO);
- If the CRO is satisfied and grants an approval for restoration, the company will be deemed to have been continually in existence without a strike off.
- Restoration after 12 months
- In the case of a company that has been struck off in excess of 12 months but not more than 20 years, a restoration application must be submitted through the High Court. If approved, i) the High Court then issues a Restoration Order to be submitted to the CRO within 3 months and ii) the CRO then publishes the Notice of Restoration on the official gazette of the Government of Ireland, Iris Ifigiuil, thereby reinstating the company;
- To be eligible for reinstatement, the company must i) submit any outstanding returns and financial statements ii) obtain a letter of no objection from the CRO’s Enforcement Section and from the Chief State Solicitor’s Office clearing the company for possible restoration and iii) submit a petition to the High Court for reinstatement.
Ireland employment visas
Types of Irish employment visas
Ireland as part of the EEA (European Economic Area) allows the migration and recruitment of all EEA nationals (except Romania and Bulgaria) without requiring an Employment Permit. Non-nationals of the EEA are required to obtain any of the following employment permits from the Department of Jobs, Enterprise & Innovation (DJEI):
- General: All holders are entitled to a broad range of occupations including highly skilled jobs except those categories listed as ineligible and are strictly reserved for Irish nationals. To be eligible for a General Employment Permit, the applicant must receive a fixed salary of at least €30,000 per annum;
- Critical Skills: This permit is mainly for engineers, scientists and professionals that fall under the high skill occupations;
- Contract for services: employees of a foreign based contractor are sponsored by the Irish company under this permit to be able to work in Ireland for the duration of a specific contract. Eligible applicants must receive an annual salary equivalent of €40,000 and must have been employed with the contractor for at least 6 months;
- Intra company transfer: Directed to non EEA staff within a group of companies that require relocating temporarily to Ireland to perform their duties while being directly employed by an overseas subsidiary or parent company;
- Employment Permit for Dependant, Partner or Spouse: only the dependants, recognized partners and spouses of Critical Skills Employment Permit holders are eligible to apply for this permit to legally work in Ireland;
- Other types of permits include the Internship EP for students enrolled in high skilled occupations seeking work experience and the Sport and Cultural EP for highly qualified or experienced professionals in specific sports and entertainment industries.
Steps to secure an employment and residence visa
- Once the candidate has secured a job offer from an Irish company, the Employment Permit application can be submitted directly by the applicant via the DJEI website;
- If required, Healy Consultants will assist our Clients secure employment permits including i) preparing the application forms and reviewing the due diligence documentation ii) submitting the online application on behalf of our Client iii) negotiating with the DJEI officers and submitting an appeal if the application was rejected;
- After obtaining an Employment Permit, if our Client requires an entry visa to Ireland, Healy Consultants will be assist our clients submit a quality application to the Irish Naturalisation and Immigration Service (INIS). Our fees to assist secure Irish employment and residence visa amount to €3,950 for the first applicant, €2,950 for the second applicant and €1,950 per applicant thereafter.
Frequently asked questions
Which banks should I consider for Ireland company formation?Although several Irish corporate banking options will be available for our Clients, Healy Consultants recommends internationally renowned banks such as HSBC and Standard Chartered.
Can I access internet banking with my Ireland corporate bank account?Yes. Corporate banking in Ireland provides our Clients several services including – i) internet banking and telephone banking ii) checking accounts iii) savings accounts iv) debit and credit cards v) fixed term deposits and vi) wealth management.
I am thinking about forming a new business in Ireland. Is Ireland online corporate banking safe for cross border transactions?Yes. Healy Consultants works with highly reputable banks in order to ensure safe corporate banking for our Clients in Ireland.
How to open a bank account during formation of an Irish company?For opening a corporate bank account in Ireland, our Clients will have to submit some due diligence documents to Healy Consultants. Most banks in Ireland ask for the following documents i) company M&AA ii) copies of ID of company owners and officers iii) a bank mandate form and iv) certificate of incorporation.
Healy Consultants will try its best to prevent our Client from having to travel for corporate bank account opening in Ireland.
I wish to form a company in Ireland and get a loan from a local bank. Can Healy Consultants help me?Yes. Healy Consultants will assist our Clients in this regard. Irish banks are willing to provide finance to an Irish resident company if the following conditions are met i) good business-plan ii) availability of collateral assets iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study and vi) project strength and weaknesses analysis (SWOT).