Due to Ireland’s pro-business environment, many multinational companies have chosen to invest in Ireland in recent years, making this an extremely suitable investment destination. Recently, we reviewed the factors contributing to Ireland’s growing FDI investment in our blog post, Ireland Continues To Attract Foreign Direct Investment (FDI).
Is Ireland the preferred destination for world leaders?
We are known worldwide for having attractive tax rates, but Ireland has so much more than that. It is no wonder why Ireland has become the headquarters for many Multinational Companies (MNCs) since it scores highly in many of the key areas that companies are looking to invest in.
Having worked with and consulted with both foreign and domestic clients, we have gained an in-depth knowledge of what is required to facilitate investment in Ireland. Do you want to know more about how to do it?
Ireland as a Business Destination
1.Skilled labour is readily available.
A young, flexible, and mobile workforce constitute much of Ireland’s workforce. Education is an integral part of Irish culture.
2.Tax rates for corporations are low
Among the nation’s corporate tax rates, Ireland’s is one of the lowest. The Corporate Tax Rate in Ireland is not an incentive tax regime, as it applies to all active businesses of any industry or sector.
3.Employees from abroad are eligible for certain benefits.
Employees posted to another country can take advantage of the Special Assignee Relief Programme. A portion of the salaries of employees assigned to work in Ireland is exempted from income tax. Initially establishing a base in Ireland, companies can make use of this by moving key personnel in and out.
4.A tax credit is provided for research and development.
An Irish company can claim a 25% tax credit against their corporation tax liability for the current year. Businesses that conduct in-house qualifying R&D activities, including building construction, machinery, and plant, can claim the credit.
5.Company Regime That’s Attractive
A dynamic international business environment has enabled Ireland to become a hub for many global companies thanks to its attractive tax and regulatory regimes.
6.The use of technology
Science and technology have played a significant role in Ireland’s past and present, and the country continues to invest in research and technological capabilities. Ireland is a continued centre of excellence in technology, and many of the largest companies are investing in data centres in the country. Recent Apple news also includes the announcement of an €850 million data centre in Co. Galway.
7.An English Speaker
A company deciding to establish its European headquarters in Ireland may want to consider Ireland as one of the few English speaking countries in the Eurozone.
8.Record of good performance
The profitability of their Irish operations leads over 1,000 multinationals to continue to expand their facilities in Ireland. In addition to barrier-free access to Europe’s over 500 million consumers, Ireland also offers companies a free trade location.
9.In terms of innovation, Ireland is a global leader.
Among Ireland’s many industries are information and communication technologies (ICT), life sciences, gaming and financial services. It also gives start-ups relocating to Ireland easy access to skilled employees, experienced entrepreneurs, investors, suppliers, research institutions, and other support services with deep knowledge in these sectors. The Knowledge Transfer Ireland portal, for example, will make it possible for your business to gain access to Irish expertise and technology.
10.Irish start-up programs and loans are well known.
In Ireland, start-up companies have access to a wide range of start-up funding programmes and investors who, between them, can satisfy the needs of companies at all stages of their growth. Internationally, the level of funding and grants available for education is among the highest. The international investment platform, Pitch-book, ranked Enterprise Ireland third for seed investment in the world.
11.The Irish people are friendly and welcoming
The Irish economy offers great opportunities for businesses and a family-friendly environment. It also keeps local and international talent happy, as it has a broad and educated workforce.
12.World markets are accessed through Ireland.
A global economy depends on openness and connectivity. With its strategic location, great access to transportation, and membership of the EU and the Eurozone, the country has easy access to international markets.
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Why should you choose Ireland?
Ireland is clear from the above that it has many factors, besides taxes, that contribute to our becoming a top investment destination. We have gained both a significant level of understanding and practical experience of the above factors through working with international business partners and clients. Over the coming weeks, we will examine various aspects of doing business in Ireland through a series of blogs!
A very exciting business opportunity has emerged in Ireland upon the launch of 2021. Due to Ireland’s rich ecosystem and multinational environment, many companies have recently invested in the country. In the early stages of entrepreneurship, entrepreneurs have a strong desire to succeed.