Business account in Ireland: CRO, RBO and what banks expect

LTD, DAC or registered branch

Opening a business account in Ireland gives a company registered with the Companies Registration Office, or a registered foreign branch, a euro account for invoicing, paying salaries and VAT and receiving SEPA payments. The usual forms are the LTD and the DAC, and the bank assesses a foreign company's branch with the parent company's documents.

The most common form is the private company limited by shares, known as LTD, alongside the designated activity company, DAC. A foreign company may also register a branch with the CRO, but the bank will assess it with the parent company's documents.

Corporate documents required at opening

The bank asks for the certificate of incorporation, the company constitution, the list of directors and secretary, a CRO printout and a board resolution authorising the account. Each director and beneficial owner provides ID and proof of address.

The EEA-resident director or the bond

An Irish company must have at least one director resident in the European Economic Area, or else take out a section 137 bond, or show a real economic link with Ireland. Banks check this when all directors live outside Europe.

The RBO beneficial ownership register

Every Irish company files its beneficial owners holding over 25% with the Register of Beneficial Ownership. Since the 2022 EU Court of Justice ruling, public access is restricted, but banks consult it as part of their due diligence.

Irish substance and real presence

For a business account in Ireland, Irish banks look at the business's actual presence: offices, staff, Irish or European customers. A company with no activity in Ireland, set up for a European address only, faces many refusals or long delays.

Opening a business account at AIB

AIB offers business current accounts with online banking, card terminals and foreign exchange services. For an Irish business account of a new company with foreign shareholders, the bank may request a business plan, customer contracts and a meeting with the directors.

VAT and payroll registration with Revenue

Once the account is open, the business registers with Revenue for corporation tax, VAT and, if it employs staff, PAYE. Taxes are debited or paid from the account through the administration's online service.

The 12.5% rate and Pillar Two rules

Trading profits of an Irish company are taxed at 12.5%, passive income at 25%. Large groups with turnover above 750 million euros have been subject since 2024 to a 15% effective minimum tax under EU rules.

Collections, SEPA direct debits and cards

Irish businesses mainly collect by SEPA transfer, SEPA direct debit and card. For recurring debits the business obtains a SEPA creditor identifier, essential for subscription companies, gyms or service providers billing every month.

Trading with the United Kingdom after Brexit

Since Brexit, trade between Ireland and Great Britain requires customs formalities, and sterling payments run through foreign currency accounts. Northern Ireland follows a specific regime for goods, which the business must factor into its treasury.

File to prepare for a business account in Ireland

To open a business account in Ireland, first gather the corporate documents: certificate of incorporation, company constitution, list of directors and secretary, CRO printout and a board resolution authorising the account. Each director and each beneficial owner must provide ID and proof of address. Preparing these papers in one go avoids repeated exchanges with the adviser at the bank.

Then add, for your business account in Ireland, the items that show real activity: business plan, contracts with customers, turnover forecasts and a description of suppliers and payment countries. For a new company with foreign shareholders, the bank may ask for a meeting with the directors. These requirements vary from one institution to another, and no bank guarantees a precise opening time. Keep a copy of each contract.

Finally, check that the board meets the requirement of a director resident in the European Economic Area, or that the company has taken out the bond provided for or shown a real economic link with Ireland. Also confirm that the beneficial ownership filing in the RBO register is up to date, because the bank consults it in its compliance checks.

Questions to ask before opening a business bank account

Before choosing an institution for your business bank account, ask which monthly fees apply to the account, how much SEPA transfers, direct debits and cards cost, and whether a foreign currency account can be added. Also have the bank spell out the cost of card terminals and foreign exchange services if you collect or pay in sterling. Compare these written terms across several banks rather than relying on an oral presentation.

Ask which documents are expected for a company with foreign shareholders, whether the bank requires the directors to attend in person and how the verification meeting works. Ask about its policy towards companies whose directors live outside Europe: some banks check the link with Ireland in depth, while others decline after a first review.

For a company account, also ask how the bank handles recurring SEPA direct debits, what conditions it applies for obtaining a SEPA creditor identifier and which online services it offers for paying VAT and the company's taxes. Note the answers with the date and the adviser's name, since conditions can change and the notes will help you compare seriously.

Common mistakes when seeking a company account

The main mistake is to set up a company only to obtain a European address. Irish banks look at actual presence: offices, staff, Irish or European customers. A company with no activity in Ireland meets many refusals or prolonged delays. It is better to document the real activity and the expected flows from the start. This is the most frequent cause of refusal.

The second mistake is to neglect the director resident in the European Economic Area. If all directors live outside Europe, the bank checks the bond or the economic link with Ireland, which lengthens the file. Likewise, forgetting to update the RBO register after a change of shareholding creates an inconsistency that the adviser will spot immediately. Check this early.

A third mistake is to wait until the account is open before thinking about Revenue. Once the account is open, the business must register for corporation tax, VAT and, if it employs staff, PAYE. Anticipate these steps and the timetable for paying taxes, because they are settled from the account through the administration's online service. Plan your cash flow around these dates.

Irish company or branch: what the bank examines

The choice of legal form directly affects the file for an Irish business account. The LTD, the most common form, or the designated activity company, relies on Irish documents that the bank knows well. A branch registered with the CRO, by contrast, depends on the parent company: the bank assesses it with the foreign company's documents, which can lengthen the analysis.

Compare the two options according to your project. A local company suits you when you have staff, customers and offices in Ireland. A branch may be enough to extend an existing activity abroad, provided you can produce complete and current parent company documents. In both cases, the bank wants to understand who controls the business and why it is setting up there.

Before deciding, have your project validated by an adviser who knows Irish company law and taxation, and check the conditions with the bank, the CRO and the tax administration. The rules on directors, beneficial owners and taxes evolve, notably for large groups subject to a minimum tax, and a written check avoids surprises. Keep this check on file.