Thousands of companies from small consultancy firms to household names chose Ireland as their European base. To illustrate, Microsoft, Intel, Pfizer, Facebook, Google, Tiktok, Twitter, and LinkedIn preferred Ireland to register their European headquarters. Moreover, the Republic regularly appears in the Forbes list of the best countries for doing business. We have performed detailed research about what drives entrepreneurs to open a company in Ireland and are ready to share a few key insights.
Ireland is an English-speaking Community:
English as an official language gives Ireland a great advantage over its main competitors, namely Cyprus and Poland. According to the source, 99% of local citizens speak English as their first language. All official documentation is in English, which is awesome for individuals with at least a basic grasp of the language. The language barrier is very unlikely to stand on your way to smooth business registration.
Those who can’t boast of English-speaking skills, don’t get discouraged. There’s some great news for you too. Hiring an English interpreter is a much more budget-friendly option than hiring a professional in Turkish, Greek, and Polish.
Access to European Market
After Brexit, Ireland is the only English-speaking member of the European Union. Register a company in Ireland to obtain free access to the European market and thus step on the path of great commercial opportunities.
As stated in the official source, the main goal of the EU-single market is to ensure a free movement of goods and services, ensure high safety standards for consumers, and protection of the environment.
As a part of the single EU market, businesses benefit from a “home market” with more than 450 million consumers of goods and services, a wide range of consumers around the world, and lower unit costs.
Progressive Environment and Educated Workforce
This is not a mystery that a talented and open-minded workforce is one of the major pillars of a prosperous business. Let’s see what Ireland has to offer.
In 2020, Dublin, the Irish capital, was included in the top 20 cities in terms of implementing the SDGs (sustainable development goals) also known as the Global Goals, stated in the Global Urban Competitiveness Report. SDGs are a set of goals agreed by the United Nations in 2015 to end poverty, discrimination against women and girls, protect the planet and ensure that all people will enjoy prosperity and peace by 2030.
Ireland is a world-class location for the availability of a young, highly-skilled and educated workforce. According to the earlier Hot Spots benchmarking global city competitiveness report, Dublin excels in the human capital category. The city is also included in the list of top 30 cities that hold a supreme ability to develop and attract the world’s top talent.
Looking for legal ways to set up an Irish business? Here is a full guide on how to register a company in Ireland.
Excellent Business Reputation
One more reason to set up a company in Ireland is the country’s excellent corporate reputation. In 2015, the Republic has ranked ahead of Italy, Germany, the United Kingdom, Spain, Portugal, the United States and France in the Country RepTrak study, reports The Irish Times. In 2021, IMD World Competitiveness Yearbook put Ireland 13th out of 64 countries for economic competitiveness.
The same research illustrated 5 key attractiveness factors of the Irish economy, according to the respondents of the Executive Opinion Survey. These appeared to be a skilled workforce, business-friendly environment, competitive tax regime, high educational level, as well as policy stability and predictability. Watch the full list in the picture below.
Ireland’s reputation of being a business-friendly destination is also confirmed by 23rd place worldwide according to the U.S. News Best Counties 2021 report.
Apart from a trustworthy reputation, Ireland has a business-friendly GMT zone. Irish business hours overlap with business hours of other European countries with only a one-hour difference.
Open a Company in Ireland for Low Taxation System
Ireland’s corporate tax rate of 12.5% is another great reason to register a company there. For comparison, the corporate tax rate in France reaches 26.5%, in Belgium 25%, in Italy 24% in Norway and Denmark 22%, in the Czech Republic 19%.
The new call for a global minimum corporate tax of 15% for big profitable businesses is seen to change the situation. However, Ireland remains among the very few countries that haven’t signed the new global tax yet.
Ireland introduced tax incentives for a variety of activities including Intellectual property (IP), and technology licensing. Besides, newly started companies can benefit from a reduction in corporation tax for the first three years of trading
Wrapping Up – Why to Set Up Company in Ireland
Now when the benefits of registration of a company in Ireland are pretty clear, there’s no place left for doubts. To sum up, Ireland is a business-friendly destination due to the English-speaking community, EU membership, favourable business environment, transparent reputation, and low taxation system. Follow the example of giant corporations and become an owner of an Irish-based business. Be sure, experts from specialised companies like Chern & Co will provide you with top-notch company registration services. Don’t hesitate to contact our managers right away!