The Major Reasons Why Doing Business in Ireland is Appealing to Many Investors
Over the past few years, Ireland has become a favourite investment destination for a myriad of multinational companies. It is no surprise because the Irish government creates a pro-business environment, with laws and policies that make the country suitable for most types of businesses. Sixteen of the top twenty global tech giants have firms in Ireland. A further twenty-four out of the twenty-five pharma and biotech companies also have stable operations in Ireland. So what are the reasons that make doing business in Ireland appear too appealing, even to the big multinationals and corporations?
Ease of Doing Business
The first attraction and perhaps one of the primary reasons for doing business in Ireland is the fact that it is so easy compared to most of the European countries. Entry requirements are always a barrier for foreign investors interested in starting a business in other countries. The Irish government has lowered most of the prerequisites usually considered prohibitive for investors wishing to start businesses. For example, they allow companies to appoint only one director. There are no requirements for convening physical annual general meetings, as is always the case with most countries. These and other measures have created the right environment for foreign investors to start businesses in Ireland without any worries.
For every foreign investor, they would be at peace, knowing that they will be placing their investments in a relatively peaceful place. Establishing a business in a foreign land usually come at a high cost. If you know you are likely to lose your investment or might hinder your operations from time to time due to political upheavals or political interference, then most entrepreneurs may never go through with such investments. The beauty of Ireland, however, is that it has a very stable political system. They always assure the investors for the security and safety of their investments. Due to the maturity of politics in the country, political interference in a foreign business is something that never heard. The government gives every company a fair chance to thrive by making the playground level.
It is a Member of Eu
The Republic of Ireland is a member of the European Union – the most substantial economic block in Europe. It is one of the biggest markets for global consumers. Membership to the European Union comes with several benefits for businesses and traders within the economic block. Initially, a company within the European Union can export its goods to nearly all the markets around the globe. The region is known to produce excellent quality goods.
The block also has a way of protecting their businesses from external competition from markets such as China, Asia, and Africa, and this guarantees the sale of the products produced by member states. Besides, the European Union is such a vast market, ensuring that whatever goods or products you provide, there will always be a market to sell them. These are just some of the subtle advantages that come with being a member of the EU, and which makes doing business in Ireland to be so appealing to many global entities.
Low Corporation Tax Rate
Corporate taxes are a significant factor when it comes to starting a business, especially in another country. Countries with low corporate taxes are known to be more receptive to foreign investors compared those with very high tax regime. Ireland falls in the former category, with the corporate tax rate being just 12.5%. You will be excited that it has the lowest statutory tax rates in the entire world. It is the reason why global tech giants like Google, Facebook, LinkedIn, Yahoo, etc. find it so easy and convenient to set up shop in Ireland.
Reliefs Are Available for Expats
One of the significant challenges new businesses abroad does face is finding the right staff to run their operations.
In some cases, a business may find it convenient to send workers from their home countries to their abroad operations. Ireland has a program known as the Special Assignee Relief Program which allows relief from income taxes earned by employees designated to work in Ireland. It is essential when a business is in the early stages of doing business in Ireland. It will be a further incentive for the foreign worker not to be afraid to move to Ireland.
Ireland has a charming background when it comes to achievements in science and technology. It continues to dominate the global stage as far as research and tech advancements are concerned. An excellent example is the continued investments by most of the big tech companies in the development of data centres in the country. Apple, Google, and Facebook are some of the tech giants with data centres in Ireland. It should be an inspiration that big tech companies have a reason to do business in Ireland. Then everyone should also find a reason for doing business in Ireland.