Ireland has a lot to offer foreign organisations. From our low corporate tax rate to our highly-skilled and flexible workforce, there are many reasons to bring your business to Ireland.
Ireland’s membership of the EU and Eurozone provides easy access to the EU internal market. Post Brexit, Ireland will be the only English speaking member of the EU which has a legal system based on common law principles. These two factors, amongst others, have resulted in Ireland becoming one of the most favoured locations for foreign investment.
Ireland continues to be attractive for Foreign Direct Investment. In 2016, the IMD World Competiveness Yearbook ranked Ireland first in the Eurozone, fifth in the OECD, and seventh in the world for overall competitiveness.
There are many legal benefits for international operations to establish in Ireland. We examine six of these reasons below.
Incorporating a new Irish corporation or registering a branch is a straightforward and quick procedure. The World Bank’s recent ‘Doing Business’ report rates Ireland as the easiest place in Europe to start a business.
Ireland’s 12.5% tax rate for trading activity, tax exemption for collective investment undertakings, and regime for asset finance, is a cornerstone of Ireland’s offering as a business location.
3. Financial Services
The Single European Market is premised on a mutual recognition of licences and the ability to passport those licences from one European jurisdiction to another. Ireland serves as an attractive platform for banks and numerous other financial services institutions such as investment firms, insurance undertakings, payment institutions and electronic money institutions, seeking to gain access to the Single European Market. Currently, there are 22 banks established in Ireland and over 400 others are operating in Ireland. Over half of the world’s top 50 banks have internationally focused operations in Ireland.
4. Common Law System
Ireland is a common law jurisdiction. It is regarded as more flexible and less prescriptive than many civil law jurisdictions.
Irish employment law is regarded as providing a fair balance between a business friendly set of rules for employers while at the same time affording appropriate protection to employees.
6. Dispute Resolution
The Irish Commercial Court is a specialist court designed to facilitate the speedy resolution of business disputes. Actions are case managed and are heard by experienced commercial judges. Approximately 90% of actions are resolved within one year. In relation to arbitration, Ireland has enacted the UNCITRAL Model Law on International Commercial Arbitration and is also a signatory to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Award.