Cost of setting up a company could soon cost just €1

Companies could soon be created for as little as €1 within just a couple of hours, according to Fine Gael Dublin MEP, Brian Hayes.

In reference to a new proposal adopted by the European Parliament, it will soon be possible to set up a company for just one Euro through online registration.

At present, the cost and length of time of setting up a new company varies between EU member states.

Some states have a ‘one-stop-shop’ where all the necessary requirements can be completed while others have excessive levels of bureaucracy and high charges.

However, Mr Hayes feels the reduced charges across the board should encourage more cross border trade.

“In Ireland it takes two to five days to set up a company at a cost of €50,” said Hayes.

“In other EU countries such as Slovakia it can take 10 days and in Italy it costs €2,000.

“The new legislation will change that. Procedures will be made easier, costs will be substantially reduced and cross border trade will be encouraged.

“Fine Gael understands the importance of small businesses to our economy and so I welcome these new EU proposals.

“As a party we have been engaging with small and medium businesses in our constituencies throughout the country as part of the Fine Gael ‘Standing up for Small Business’ campaign, seeking ways to ease burdens on small businesses.

“In response Minister Noonan is examining ways to address the anomaly of tax equalisation between PAYE workers and the self-employed, and Fine Gael will continue to reduce taxes on work.

“Central Bank research from 2014 showed that start-up companies in the first five years of existence account for two thirds of all new jobs created in Ireland.

“This highlights how important this new European Parliament proposal could be for the creation of Irish jobs and growth opportunities.”



Image: Mark Morgan

Date published 10 Aug 2015 | Last updated 10 Aug 2015