Starting a Business in Ireland for US Citizens

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Who should read this?

This article is essential reading for US based entrepreneurs, investors, and business owners considering expanding into the European market through Ireland.

United States residents or citizens planning to establish an Irish business entity, relocate under the STEP Programme, or navigate Irish company formation requirements will find this guide invaluable.

Non-EEA residents require an EEA director or a non-resident bond to open an Irish company.

Three options exist: EEA residency route, S137 bond from US, or €500,000 STEP Programme investment.

All directors must obtain VIF numbers including US-based directors, which are cheap and easy to obtain.

Incorporation takes 5-10 days; STEP Programme needs 6-12 months.

Ireland has no LLC equivalent - most choose private limited companies.

US citizens have multiple pathways to establish a business in Ireland.

US citizens can establish a business in Ireland in three main ways:

If you know an EEA resident willing to act as a director of your company,
If number 1 is not possible, you purchase a surety bond every 2 years, or
If you relocate through Ireland's STEP Programme

Each route has specific requirements, costs, and timelines and we cover them all below.

Starting a Business in Ireland - With an Irish or EEA Resident Director

US citizens living in Ireland or any EEA country enjoy the same business formation rights as Irish citizens.

Irish company law requires at least one director to be resident in the EEA at all times. This requirement applies to all Irish companies registered with the Companies Registration Office (CRO).

So as long as someone resident in the EEA is willing to be the director of your company, then there are no other specific restrictions to US citizens starting a company.

On the administrative side though, all directors of Irish companies and any shareholders with over 25% need to have an Irish ID number, regardless of whether they are EEA resident or not.

Irish citizens are issued with a PPS number (like a social security number) but for non-Irish citizens, there is an easy solution which involves obtaining an IP number through application to the CRO (the VIF application). This identifier replaces the PPS number for non-residents.

Appoint your directors and company secretary.

Irish law requires a minimum of one director for private companies.

Directors must be at least 18 years old and not disqualified under company law. You need a company secretary if your company has more than one director.

Key Requirements for EEA Residents

Obtain VIF numbers from the CRO (3-5 days)
Appoint at least one EEA-resident director
File incorporation documents with CRO
Register for taxes within one month

Starting a Business in Ireland from the United States

You have two main options: appointing an EEA resident director or obtaining an surety bond.

Option 1: EEA Resident Director Requirements

As mentioned above, one option is to find an EEA resident director willing to go onto your board of directors.

There are some professional directors that can be hired but they are usually quite expensive (around $4,000 per year).

This is because that person takes full fiduciary responsibility for the company, whether they are involved in the running of the business or not.

Directors assume personal liability for company actions. They can face prosecution for breaches of company law. This includes filing annual returns, tax compliance, and director duties. Choose experienced professionals who understand these responsibilities.

Option 2: S137 Bond Alternative

The S137 bond is a surety bond (like an insurance policy) which provides an alternative to the EEA resident director requirement.

This financial guarantee protects the Irish Revenue Commissioners (Ireland's version of the IRS) and the CRO (the Company Registrar) from potential losses due to non-compliance.

The bond has to be renewed every two years and covers companies for up to around €25,000. Failure to maintain valid bonds can result in company dissolution.

The bond will cost around $1,800 every two years. You can, of course, appoint an EEA based director during that time and then you will not need to renew the bond.

As with all cases, all directors and shareholders with over 25% will need to get VIF numbers, regardless of the bond option. This includes US-based directors who never visit Ireland. The VIF application process remains identical to the EEA resident route and is really straightforward.

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Relocating to Ireland Through the Start-up Entrepreneur Programme

The third and final option for US citizens to set up an Irish company is through the Start-up Entrepreneur Programme (STEP). It offers a pathway to Irish residence through business investment. US citizens can qualify by making specific investments in Ireland. This programme provides residence rights while establishing your business.

The STEP program is available to non-EEA nationals, including US citizens, who wish to invest and conduct business in Ireland. If accepted into the program, applicants will receive a Stamp 4 from immigration services, allowing them to live in Ireland and conduct business.

To be eligible for the STEP program, a US citizen must demonstrate good character, meaning you have no criminal convictions or visa violations.

You are also required to have a minimum amount of €50,000 in available funds. A crucial part of the application is having a qualifying business proposal.

This proposal should outline a plan for you to work on your business on a full-time basis without seeking other employment.

When you finish the online application, you will receive a comprehensive list of necessary documents to submit. You will also need to pay the visa fee at the time of application.

Essential Steps for All US Citizens

Business Registration Process

Setting up a new company in Ireland involves several key steps:

Obtain VIF number or work permit as required
Choose company structure and reserve name
Appoint directors meeting residency requirements
File incorporation documents with CRO
Register for taxation with Revenue
Open Irish bank account (optional)
Maintain annual returns and compliance

Visa and Immigration Requirements

Non-EEA citizens need permission to work in Ireland. The type of permission depends on your business role and structure. Options include:

General employment permit for employees
Entrepreneur visa for business owners
Investor visa for qualifying investors
Transfer visa for multinational companies

Apply for permission before travelling to Ireland. Processing times vary from 4-8 weeks depending on visa type. Spouse and family members may need separate applications.

Financial and Administrative Requirements

Open a business bank account in Ireland after incorporation. Irish banks require company documents, director identification, and proof of address.

Maintain statutory records and file annual returns. Irish companies must keep registers of members, directors, and company secretaries. Annual return filing deadlines are mandatory and vary by incorporation date.

How Can Open Forest Help?

‍Open Forest offers the cheapest and fastest incorporation packages in Ireland including holding companies for €99 including CRO fees and access to the Open Forest platform so you can keep track of all of your legal, tax and accounting obligations - at no additional cost.

Check our our cost calculator here or choose from one of our incorporation packages here and we will take care of the rest.

About the Author:

Connect:

Stuart Connolly is a corporate barrister in Ireland and the UK since 2012.

He spent over a decade at Ireland's top law firms including Arthur Cox & William Fry.

Incorporation

April 2025

Frequently Asked Questions

What is the Start-Up Entrepreneur Programme in Ireland and how can US citizens benefit from it?

The Start-Up Entrepreneur Programme (STEP) is an Irish immigration initiative designed to attract non-EEA entrepreneurs who wish to establish an innovative business in Ireland. For US citizens looking to set up a business in Europe, this programme offers a streamlined pathway to both residence in Ireland and the opportunity to develop their enterprise in a business-friendly environment.

The programme is specifically aimed at entrepreneurs with an innovative business idea that has potential for significant growth, job creation, and export capabilities. Successful applicants receive permission to enter Ireland and work in Ireland for an initial period of two years, which can be extended for a further three years. After five years of residence, you may be eligible to apply for long-term residence or potentially Irish citizenship.

For US citizens, the programme offers several advantages over traditional work permits or employment-based visas, including the freedom to operate your own business without the need for sponsorship from an Irish company. Additionally, Ireland's membership in the European Union provides access to the EU single market, making it an attractive base for US citizens looking to expand their business operations into Europe.

What are the eligibility requirements for US citizens applying to the Start-Up Entrepreneur Programme?

For US citizens seeking to take advantage of the Start-Up Entrepreneur Programme, there are several key eligibility criteria that must be met:

1. You must propose an innovative business idea in the innovation economy. This typically means a high-potential tech startup or a business lever

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Frequently Asked Questions

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What are the eligibility requirements for US citizens applying to the Start-Up Entrepreneur Programme?

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