If you’re looking at investing some money and want to see a return in profit, Ireland is a great place to put your money where your mouth is. Its home to many of the world’s leading high-performance companies such as Intel, Twitter, Huawei, Takeda, Fujitsu and Novartis and, alongside this, Ireland is positioning itself to become a world leader when it comes to internet skills such as big data, energy efficiency, health innovation and cloud computing. With a growing property bubble, attractive corporation tax and a modern economy, Ireland has become a popular place for UK expats to move to, with many people buying Irish property and many pensioners choosing to retire in Ireland. If you are thinking about investing in Ireland, here is everything you need to know.
A 12.5% Corporation Tax Rate
In terms of EU standards, the corporation tax is relatively low and often thought of as an incentive for foreign companies to put investment into Ireland’s economy. You will pay less corporation tax in Ireland than any other EU country. With a 12.5% corporate tax rate for trading income, Ireland’s economy has seen competition when it comes to businesses looking for investment opportunity, and it is easy to see why. Alongside this, more than 1,200 multinational companies chose Ireland as their location for international expansion and have employed roughly 200,000 people to work in Ireland since January 2017.
As mentioned earlier, a key incentive for foreign investors to invest their money in Ireland is down to the Irish government’s attitude towards FDI. Alongside this, Ireland are a committed members of the European Union, and boast a highly skilled, English-speaking workforce. Pair this with their pleasing corporate tax regime and the work life culture of Ireland, and Ireland is a prime investment location
A great location for investors on a global scale
Ireland is a great location when it comes to making investments, and we have seen a rise in Chinese business looking to build a successful business in Europe.. The Irish government has put a lot in place in order to ensure that there are no barriers for entry when it comes to international trade or investment. The Irish government aims to encourage a pro-business environment, contributing to the country being one of the most open economies in the world.
What industries thrive in Ireland for investment?
Many industries have seen success when they have moved or reclocated to Ireland. Businesses in the following industries continue to do well and expand in Ireland’s economy.
Pharma, life science and medical technology
The top ten pharmaceutical companies in the world are all found in Ireland, and seven out of ten pharmaceutical conglomerate produced are in Ireland, along with 163 pharmaceutical and life science companies. Ireland is the second-largest medical device exporter in Europe, and more than half of the world’s medical technology companies manufacture their products in Ireland. All of this makes Ireland the top medical-tech per capita in the EU.
Technology and internet
Three out of five of the world’s top gaming companies are based in Ireland, and Ireland is in the top five when it comes to exporting software in the world. Alongside this, 90% of the top 10 US information and communications technology companies operate in Ireland. The “born on the internet” companies are also based in Ireland.
Ireland is ranked number one for hedge fund administration and stock exchange listed investment funds. Alongside this, 14 of the top 15 aircraft leasing companies are in Ireland, and 250 global financial institutions are located in Ireland.
Ireland’s Economy is roaring
Ireland was renowned for its ‘Celtic Tiger economy’ – between 1995 to 2008 the economy had seen a stretch of rapid economic growth that was fuelled by foreign direct investment. However, the Celtic Tiger Economy was destroyed the property bubble, which resulted in severe economic downturn across the globe. 2012 was a rough year for the economy, as wages were slashed and unemployment hit a staggering 15.2%. In order to combat this and supplement their economy, Ireland borrowed an €85bn life support loan from the EU and the IMF.
Five years later, unemployment has decreased and sits at 6.2%, and Ireland is predicted to be the fastest growing economy in Europe for the fourth year in a row. The Bank of Ireland has forecast GDP growth of 4.8% for 2017/18 after a 5.1% in 2016. 2018 looks like an ideal year to consider moving your business to Ireland.
Because Ireland is a member of the EU, which means that any British employees you want to work in Ireland do not need a visa and they can stay as long as they need to.. UK, EU/EEA and Swiss nationals are entitled to work in Ireland without having to apply for an employment permit, and they must be treated in the same way as an Irish Citizen.
Clear Treasury is a trusted foreign exchange and payments company based in the UK and Ireland. With founders born in Ireland, we can help you if your aim is to send money to Ireland or even move there. We combine our foreign exchange knowledge with a proactive approach to be our clients eyes and ears in the market, removing the stress of FX for our clients. If you are corporate or private individual looking to make move funds to or from Ireland and the rest of the world, we’re here to help – get in touch to find out how.