Did you know Ireland has more than just beautiful coastlines and great nightlife?
While the tourist industry does a great job of selling the beauty of the Emerald Isle to visitors, Ireland is also a practical place to work with a thriving business community.
Many companies that could choose to start in the United Kingdom are selecting Ireland as their hub.
Below, we discuss the reasons why Ireland is such an attractive prospect for new businesses.
1. Low Corporate Tax Rate
The corporate tax rate in Ireland is set at 12.5% and has been since 2003. This has consistently kept it at one of the lowest levels in Europe. It is second only to Hungary with a corporate tax rate of 9% and puts it way behind its closest rivals, the economic powerhouse of Germany at 15.8%. A huge influx of global companies has moved or set up their headquarters in the country for this reason.
Yet this tax rate is not the only attractive proposition. The country has also included large tax credits, particularly for research and development. Industries like the game development sector have expanded here, as the casual gaming and iGaming market develops. In recent years, the online casino industry has flourished in Ireland with many of its titles being created on the shores themselves. With strong competition from a plethora of games, studios such as Flutter have powered some of the biggest titles and casino providers.
Some of the strongest economies on the planet also have tax treaties with Ireland. This makes it easy to do business with the United Kingdom, the US and China. With great transport links to the United Kingdom and low tax rates, it makes sense for UK companies to start up here.
2. EU Membership
Whatever your stance on Brexit may be, EU membership does have several advantages that the UK has lost. Dublin has long been an established international centre for business, though in the past it may not have had the pull of London or New York. This is changing.
It is also in a time zone that aligns with the rest of Europe, but being at the outer reaches makes it more in line with the US. It is now one of only two fully English-speaking countries in the EU, alongside Malta. Barclays, Stripe, and JP Morgan are just a few of the companies that have relocated.
3. Easy Set Up
Starting a company is also very easy in Ireland. The bureaucracy and paperwork required have been streamlined extensively. Try to set up elsewhere in the European Union and it could take weeks. Yet in Ireland, you can have a company up and running in less than five days. A variety of company structures also provide a range of flexible options.
Add to this the talent pool in the country. Just under half the population is under 29 and with a high level of education, companies can recruit great employees looking for new jobs as soon as they arrive. All this has made Ireland an attractive prospect and will continue to do so for the foreseeable future.
