The UK and Ireland have always enjoyed long standing trading links. Therefore, it is unsurprising to note that the Office of National Statistics reports Ireland as the 5th largest customer for British exports and Britain as the 2nd largest customer for Irish exports.
Both countries maintain a special working relationship based on close geographical proximity and economic cooperation. Regardless of any Brexit deal ultimately agreed, the strong relationship between both nations will always remain in place.
Ireland Benefits Your Business
There are a wide range of factors which make Ireland so attractive for companies reviewing their international expansion plans or looking to relocate their operations.
As most of you reading this will be aware, Ireland is the only EU country with a land border with the UK. It is also the only other English speaking country in the EU.
Ireland has extensive transport connections to mainland Europe and the rest of the world with regular international flights to and from Dublin, Cork, Shannon and Knock airports.
Travel to the United States is particularly business friendly from Ireland, Dublin and Shannon Airports being the only airports in Europe to offer US Pre-Clearance facilities.
Ireland boasts a highly educated, young workforce. Almost a third of the Irish workforce is currently under the age of 25. Ireland also ranks in the top ten globally for both the quality of its education system and the transfer of knowledge between universities and companies. Over 30% of third level students are enrolled in STEM courses (Science, Technology, Engineering and Maths) whilst another 25% are enrolled in social sciences, business or law courses.
Competitive Tax System
Ireland has a competitive corporate tax system incorporating a 12.5% corporate tax rate for Irish resident trading companies. Ireland also offers a 25% tax credit on all qualifying research and development activity in addition to an attractive Knowledge Development Box rate of 6.25% for qualifying companies that develop patents and other qualifying IP from Ireland.
Forbes latest ‘Best Countries For Business’ list sees Ireland comfortably in the top 15 with the highest GDP growth of the top 50 countries.
Ireland has successfully attracted a significant number of multinational corporations resulting in it becoming a top location for business and one that is respected worldwide. For example, Ireland is home to:
- 10 of the top 10 Pharmaceutical companies
- 9 of the top 10 Global Software firms
- 20 of the top 25 Global Financial Services companies
- 13 of the top 15 Medical Technology companies
- 9 of the top 10 US ICT companies
It is anticipated that increasing numbers of companies will establish a presence in Ireland in the coming years in support and expansion of their operations. In keeping with recent trends, organisations globally may focus on Ireland as a growing but established market for doing business.
Establishing in Ireland
Most SMEs expanding into Ireland set up private limited companies to facilitate their business requirements. Such companies will have various compliance, commercial and other considerations including:-
- Office Rental
- Annual Compliance
- Local Employees
- Local Directors
- VAT Registration
- Industry Specific Regulatory Requirements
Incorporating an Irish private limited company can take as little as 3-5 working days.
With a young, educated workforce, an attractive tax regime and a particular specialism in high growth industries, Ireland is the ideal location to meet your international expansion plans.
Additionally, the unique relationship between Britain and Ireland combined with the ease of doing business in Ireland provides for a seamless post-Brexit planning or business expansion solution.
Choose SMART MBS
SMART MBS has a global reach and many decades of experience in the area of international business growth. Ireland offers many unique benefits, including modest tax rates, a strong intellectual property (IP) regime, a highly educated workforce and an outstanding location within the Euro currency zone.
SMART MBS can provide a cost efficient, turnkey solution, tailored to your specific business needs. With a professionally qualified team across a multitude of disciplines including lawyers, accountants, tax specialists, chartered secretaries and other relevant professionals. To learn more about our specific services please click here or download our eBook.