Ireland represents one of the top European jurisdictions for setting up a financial company, as the financial sector is very developed. Ireland provides a solid financial services industry, with a high reputation for the following activities: investment funds and the management and administration of such vehicles, insurance and re-insurance and other similar operations. Also, investors who want to set up a company in Ireland in this field should know that the country provides a workforce with an intensive knowledge in the field, being one of the most suitable jurisdictions for the registration of a financial company. Our team of lawyers in Ireland can offer in-depth information on the requirements related to the incorporation of this type of business.
Types of financial companies in Ireland
Businessmen who are interested in opening a company in Ireland in the financial sector may set up a legal entity performing one of the following activities:
• commercial banks;
• stock brokerage companies;
• asset management companies;
• insurance companies;
• reinsurance companies;
• credit institutions.
Insurance companies in Ireland can provide to the general public and other legal entities operating in this country various types of insurance products, which are generally categorized in one of the following:
• life contracts;
• non-life contracts.
Our team of Irish lawyers can provide in-depth assistance on the stipulations that are generally included in an insurance contract. At the same time, investors can find out further details on the types of activities that can be carried out by financial companies.
Regulations for financial companies in Ireland
Irish companies that operate in the financial field are regulated by the Central Bank of Ireland, following the regulations of the Central Bank Reform Act 2010.
The institution is in charge with providing business licenses for companies that perform financial activities, but also with imposing the code of conduct that is prescribed for such operations. At the same time, the Central Bank of Ireland establishes the minimum regulations which are to be respected by financial institutions.
During the registration procedure, the investors will also need to take into consideration not only the issuance of specific business licenses, but also other corporate requirements, such as establishing a corporate bank account for the respective company, finding a suitable office and numerous other aspects. Please contact our law firm in Ireland for more details related to the registration of a financial business.