Ireland - World Class Business Location
November 14, 2016
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The pressure is on to build Ireland as a world class business destination with recent world events. Through government and continued foreign direct investment, we are seeing Ireland develop and grow into an ideal business destination.
Ireland has grown as a business destination to a point where Ireland currently hosts:
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9 of the world’s top 10 medical technology companies
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8 of the top pharmaceutical companies
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3 of the top 5 games companies
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9 out of 10 world-leading technology and internet companies
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15 of the top 20 world-leading life science companies
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Over 50% of the world’s leading financial services firms
In fact, this month, the Succeed in Ireland programme, as delivered by ConnectIreland and initially started in 2012 as a one-year pilot, has been extended by IDA Ireland until March 2017. This is a clear indication of; firstly, the support of the Irish government to continue helping companies move to Ireland and secondly, the increased interest in Ireland by companies worldwide.
'Knowledge box' initiative
Not only does Ireland have its controversial corporation tax of 12% - one of the lowest in Europe but it also allows for a 25% tax credit against research and development costs. Ireland prides itself on fostering research and development. This has allowed for significant research to be completed. Multiple research centres are located throughout Ireland focusing on RDI projects for specific key industry sectors. A recent government initiative focussing on this is called ‘Knowledge box’. The Knowledge Box initiative will apply a 6.25% tax rate to profits arising from certain IP assets which are the result of qualifying R&D activity carried out in Ireland. Further to this strong support of innovation, Ireland has the benefit of being a member of the European Union. It is also an English speaking country producing "the most highly employable graduates in the world” according to the 2010 European Commission study of third-level education.
The sign of Ireland’s continued success in working with and fostering growth is that many large multinational companies have been based in Ireland for many years, and are still continuing to invest in Ireland. Ireland continues to support them to expand their operations and investments.
SME and start-up market are increasing significantly in Ireland
So as Ireland increases its worldwide reputation as a location to invest, it is not only the large multinationals that are considering the move to Ireland, the SME and start-up market are increasing significantly in Ireland. For the same purposes that multinationals are interested in Ireland, international start-ups have relocated to Ireland as a base for international development. Due to Irish support of research and development mentioned above, start-ups locating in Ireland access experienced entrepreneurs, advanced research and support services with in-depth knowledge and experience in specialist areas. Further to that, start-ups have access to extensive funding and support programmes.
Friendly business immigration policies
Yet despite Ireland’s talented and highly skilled workforce, the Irish government has recognised and listened when companies struggled with skills or experience shortages in our local workforce. Ireland prides itself on its ranking with The World Bank in 8th among OECD countries (and 10th worldwide) for ‘Ease of doing business’; and 4th for ‘Starting a Business’ - the highest of any European country. As such, Ireland has a process for employing foreign nationals in Ireland. Ireland has introduced business immigration policies to attract the skills and experience required to continue development in Ireland. Its business immigration policy is evidenced in the Critical Skills employment permit. It allows for companies to hire certain roles which are considered critically important to growing Ireland’s economy, are highly demanded and highly skilled, and in the significant shortage of supply in our labour market. Further to this, the Department of Jobs, Enterprise and Innovation have recently invested in a new online processing system to allow for faster and more efficient processing of employment permit application.
Our services come in at this point as we assist with all corporate immigration into Ireland - from linking you into our network of advisors in Ireland to assisting with any employment permits where the employment of foreign nationals is required.
Most importantly– aside from the benefits of taxation, research, development and workforce – Ireland is known for welcoming all those who arrive at its door. With the instability and uncertainty surrounding the world outside, Ireland still remains the welcoming haven to all who arrive.
