Make Your Dream Come True Day: Start Your Own Business Now

Every January, we celebrate Make Your Dream Come True Day, a perfect opportunity to reflect on your aspirations and take actionable steps towards achieving them. For many in our contractor community, this might mean taking the leap to set up their own business. In this blog post, we’re shining a light on how you can make your dream a reality. Here’s a breakdown into how you can reflect on if it is the right time, the benefits you can achieve and a breakdown in the process and requirements too.

Is It Time for a Change?

A career review can help you decide if you’re ready to transition into running your own business. Here are some key considerations:

• Client Acceptance: Are your clients open to changes in your working arrangements?
• Personal Goals: Does becoming a business owner align with your career ambitions?
• Income Streams: Do you have the additional sources of income that need to be taxed, or perhaps and additional contract client too.
• Financial Stability: Do you have the financial resources to make the switch?

If the answers to these questions are yes, establishing a Personal Limited Company could be the right move to provide the flexibility and autonomy you need to thrive in your career.

Why Set Up Your Own Business?

1. Flexibility and Autonomy

Becoming your own boss gives you complete control over your work and income. As a company director, you can:

• Choose how and when to pay yourself.
• Retain profits within the company for future use.
• Take time off for personal development, travel, or family without financial strain.

This flexibility empowers your career while offering valuable tax-saving opportunities.

2. Build Your Personal Brand

Establishing your own business allows you to shape your professional identity. You can:

• Create a distinct brand that highlights your expertise.
• Build an online presence through social media or a personal website.
• Expand your network to increase visibility and reach.

A strong personal brand not only enhances your professional reputation but also attracts high-value opportunities.

3. Diversify Your Income

Running a Personal Limited Company allows you to work with multiple clients simultaneously, reducing dependency on a single source of income. It also opens doors to:

• Consultancy projects.
• Training services.
• Additional revenue streams, boosting your financial security and growth.

4. Scale Your Business

As your business grows, you can expand by:

• Hiring employees or subcontractors to manage tasks like marketing or administration.
• Delegating responsibilities to focus on core contract work.

How to Set Up Your Personal Limited Company

At Icon Accounting, we provide complete support to ensure the process is smooth and straightforward. With our expert guidance, you’ll be ready to take the leap into business ownership in no time.

Incorporation and Tax Registration

• Cost: €249 + VAT for company setup, plus €20 (non-vatable) for the B1 submission.
• Timeline: Certificate of incorporation is issued within 5–7 working days; full setup, including tax registration, typically takes 6 weeks.

Choosing a Company Name

• Your company name must be unique and not match an already registered company. We advise incorporating in initials, or references directly to your work. If you’re unsure, our Personal Limited Company team can assist.

Registered Office

• You’ll need a registered office address in Ireland. This can be your residential address if business premises are not available.

Business Bank Account

• You’ll need to open a business bank account in your company’s name after receiving your incorporation certificate.

Director and Secretary

• You cannot act as both the sole director and company secretary of your business. Alternatively, you may:
  • Appoint another individual as the company secretary while you remain the sole director.
  • Choose to have another individual act as a director while you take on the dual role of director and company secretary.

We recommend appointing a trusted individual, such as a family member, to fulfil this role. Alternatively, you can opt for professional services that specialise in providing company secretary solutions.

Make 2025 Your Year of Success

Starting your own business is a significant milestone that puts you in control of your professional future. Take the first step towards achieving your goals by setting up your Personal Limited Company. And our team at Icon Accounting is here to support you throughout the process. From incorporation to tax registration, we’re committed to ensuring a smooth transition so you can focus on building your dream career.

Contact us today on 01-8077106 or reach out to your dedicated account manager. Let’s make 2025 the year your business dreams come true.