Setting Up Business in Dublin – The Basics – Part I
With so many ideas, business models, and innovations floating around, there has never been a better time to set up a new business. Thanks to entrepreneur networks, startup communities, Government initiatives, and Dublin becoming a hub of coworking spaces, there’s loads of information about setting up business in Dublin.
According to a Forbes report, The Future of Startups is in Europe. With increasing investment opportunities, cities like Dublin have become the newest business hubs on the continent.
While coworking spaces have given the freedom to work flexibly in dynamic environments, online accounting tools and branding agencies have changed the way businesses are set up in Dublin.
If you’ve created a business model or an innovation, it’s time to put the wheels into action. With a step-by-step guide, we aim to provide you with several details about setting up business in Dublin.
Setting Up Business in Dublin – Company Registration
There are several things you must decide before getting an office space or looking for employees. The first step is to decide the company structure. Sole trader, partnership, or limited company – your choice will depend on the number of stakeholders, investment, and other factors.
As a sole trader, you’ll have complete control over business dealings. While this may sound tempting, you need to consider the funding required, capital, and other details to make the right choice. If you’re a small business, registering as a sole trader or partnership will be ideal. In case the business model has bigger potential, it’s better to register as a limited company.
Ideally, the structure of a company should be decided at the onset. Once you’ve made the final decision, it’s time to register the company with the Companies Registration Office (CRO), and the Revenue Commissioners to get your tax numbers.
Focus on Branding
A new business needs a vibrant identity. If you’re thinking about working from a shared office space, it will be a dynamic start. Branding goes beyond aesthetics and marketing. It’s the voice of your business in a competitive world.
While setting up business in Dublin, you need to choose a company name. It should describe your brand persona. The logo should be aligned with your online presence, brand colours, and other details to set your business apart from the competition.
Once you’ve secured a company name, the next step is to get a domain. For Irish businesses, it’s good to have ‘.ie’ domain, which makes you more visible to a local audience. You can use the Irish Domain Registry to check the names available.
These days, it’s easy and economical to get a website for your business. With several consultants and agencies working from coworking spaces, you could even find one near your own hot desk.
Accounting & Legal Understanding
If you consulted a tax agent while setting up your business, you’d already be availing professional accounting services. However, if you were alone in the beginning, managing everything on your own, it’s time to reach out to a professional. For a new business, it’s better to keep things simple!
Cash-flow Monitoring and Projections –
Get a good understanding of your capital and bank balance. You should have a clear idea about debits and credits to your account. It’s even better if you keep a journal of expenses, payouts, salaries etc.
Organised Bookkeeping System –
A bookkeeping system is a necessity. Whether you’re a sole trader, a partnership, or a limited company, a simple spreadsheet displaying your expenses and income lets you plan things efficiently. In case you’re short-staffed, it’s possible to outsource bookkeeping, like almost everything else.
Online Accounting System –
The growing reputation of Ireland as a business hub has been attracting global law firms to Dublin. Though you won’t want to spend loads of money on accounting, you can still use online accounting systems. In fact, you can even reach out to legal consultants and agencies providing services at economical prices.
There are several accounting programmes available online. They can help you learn the basics of accounting and legal implications. Using online accounting, financial and legal systems provides access to information all the time.
If you’re a business focused on innovation and invention, it’s important to protect your IP (Intellectual Property). As such, it’s better to consult an experienced law firm to get the invention/innovation patented.
Need an Office Space? Try Coworking!
With the increasing number of coworking spaces in Dublin, renting or owning expensive real estate isn’t a necessity. If you’re a new business, or a small business, you can get a physical address at a relatively low cost.
Dublin is packed with coworking spaces that offer flexible subscription plans with hot desks, dedicated desks, private offices, and corporate offices. With all kinds of business communities around Dublin, a coworking space is the best choice.
A good coworking space in Dublin also offers mail delivery and collection services. It helps you give an impression of an office address for regular correspondence. A service any new business can use!
Checkout CoCreate – The Vibrant Shared Office Space
CoCreate is one of the newest, trendiest, and liveliest shared office spaces. To get a physical address for correspondence, you don’t even need to worry about infrastructure cost. It’s the easiest way to call a place your own.
CoCreate manages free collection of your non-registered post and forwards it to your preferred mailing address on a bi-weekly basis. Simply put, while you manage important tasks of your business, the nitty-gritties are handled by CoCreate effectively.