Small Business Saturday 2024: Taking the Leap to Set Up Your Own Business

Are you a seasoned contractor considering the next phase of your career? This Small Business Saturday, why not make 2024 the year you establish your own Personal Limited Company? In this blog, we’ll explore the benefits of setting up a Personal Limited Company and guide you through the process.

Why Make the Shift?

1. Flexibility and Autonomy

Imagine having full control over your business income and schedule. As a company director, you can:

• Choose how and when to draw a salary.
• Retain profits in the company for future planning.
• Take breaks to travel, spend time with family, or upskill without financial strain.

This approach offers flexibility and provides significant tax-saving opportunities, helping you retain more of your income in the long term.

2. Build Your Personal Brand

Your brand is your reputation as an independent professional. Setting up a business allows you to:

• Create a distinct contractor brand that resonates with recruiters and clients.
• Showcase your expertise online through social media presence, or perhaps your own developed website in the future.
• Network effectively to expand your reach and visibility within your industry.

A strong brand enhances your reputation and positions you for more lucrative contract opportunities.

3. Work with Multiple Clients & Diversify Income

Running a Personal Limited Company enables you to:

• Work with multiple clients simultaneously, reducing the risk of relying on a single income source.
• Explore other business opportunities such as consultancy, training, or investments.

Many contractors discover new income streams after setting up their company, leading to increased financial security and growth.

4. Hire and Scale Your Business

As your client base and workload grow, you may need additional support. With a Personal Limited Company, you can:

• Hire employees or subcontractors to assist with project work, administration, or marketing. Delegate tasks, allowing you to focus on your core contract work while others manage day-to-day operations.

How to Set Up Your Personal Limited Company

Taking the leap to establish your own business might seem daunting, but the process is straightforward with the right guidance. Here's what you need to consider:

1. Incorporation & Tax Registration

• Cost: A one-off fee of €229 + VAT, with an additional €20 (non-vatable) fee for the B1 submission.
• Turnaround Time: You can receive your certificate of incorporation within 5-7 working days. Full company setup, including tax registration, may take 6-8 weeks.

2. Choosing a Company Name

Your company name must be unique and distinguishable from other registered businesses. Take time to choose a name that reflects your services and resonates with your brand. Youc an consult with our Personal Limited Company for guidance here too!

3. Registered Office

You’ll need a registered office address in Ireland. This can be your residential address if you don’t have a separate business location.

4. Business Bank Account

A Personal Limited Company requires a dedicated business bank account in the company’s name, which can be opened after you receive your certificate of incorporation.

5. Director and Secretary

You can act as the sole director, but you’ll need to appoint a company secretary. This can be a trusted individual or a professional service.

Ready to Make the Switch?

Starting your own business is a significant step towards securing your future as an independent professional. This Small Business Saturday, take control of your career and unlock the benefits of being your own boss.

For personalised guidance, contact your dedicated account manager or reach out to us at 01-8077106. Our team is ready to help you through the process and ensure a smooth transition to setting up your Personal Limited Company.

Your future a small business owner starts today!