Once a foreign entrepreneur has decided to invest in Ireland, he or she can either start a new business or buy a shelf company. Shelf company, also known as readymade company, is a legal entity that has been previously incorporated and is on a shelf ready for immediate purchase.

There are basically two types of shelf companies. They may have different names, but the main idea is that the first type of shelf company is clean, meaning that no transaction has ever taken place in this business. The other types of shelf companies tend to be older and have operating histories. While the investor must exercise caution before acquiring an aging shelf company and do their due diligence to avoid buying a company with debt or other liabilities, there are various advantages and reasons why investors should choose a shelf company, which is active operated some time ago.

One of the main reasons investors may prefer acquiring a shelf company to forming a new legal entity is the time difference between the two processes. When starting a new business, an entrepreneur must go through a complex and time-consuming process, while a shelf company has already been formed, allowing business to begin almost immediately. Generally, new shareholders in Ireland can obtain a company number in as little as 24 hours or even on the same day. Another important advantage is the additional credibility with suppliers and customers, if a company was founded not recently, but a long time ago. If you are a sole proprietor or in a past incorporated partnership with a legal entity, you may also receive tax planning benefits.

Process of acquiring a shelf company in Ireland
If you are buying shares in a shelf company in Ireland you must notify the Companies Registration Office. While the share transfer process is similar to incorporation of a new company, it requires significantly less time and documentation and the company can be used immediately. The new shareholders of the company must submit the share purchase agreement and, if the buyer is a legal entity, also an extract from the commercial register. The share purchase agreement must be notarized and the articles of incorporation must reflect any material changes such as

In general, the easiest way to acquire a shelf company, especially if you are a foreign entrepreneur, is through companies that provide such services. These companies acquire dormant businesses and hold them until someone is ready to buy them. They also form new companies for the same reason, but the main difference is that these shelf companies have never had any operations. The process is relatively uncomplicated and if in doubt, professionals are at your side and in a few simple steps you can acquire a ready-made company:

Find a company that offers shelf company acquisition services. Conduct due diligence on this company as you need to trust them with their research and ability to provide high quality shelf companies with no liabilities.
Place an order and provide all the information required for the process. An official document allowing to act on behalf of the new shareholders must be signed. In principle, the service fee and the price of the shelf company must be paid before the documentation is processed.
Your service provider transfers the shares to the new shareholders, changes the directors, secretary and registered address of the company and can change the company name if necessary.
Some service providers also offer their premises for the registered company address.
Typically, prices vary depending on the service provider and the quality and age of the shelf company.