Ireland is well known for its low corporate tax rate of 12.5%. However, as a place for doing business, it’s not just its tax regime that attracts business. Time and again, it’s Ireland’s people and all-round value proposition that prompts companies to stay and invest for the long term.
The country presents a multifaceted, pro-business package that has proven very attractive to globalised companies. It includes a highly educated and flexible workforce, ease of access to both the US and the EU markets, and an ecosystem of collaborative research.
This attractive package has led to Ireland being ranked by Forbes as one of the top 10 best countries to do business in 2018.
A deep pool of talent
Ireland’s workforce is a major part of our success in attracting business to these shores.
With an impressive hub of international companies already established in Ireland, firms looking to scale into Europe, need access to a skilled, diverse workforce to realise their ambitions.
Having a great idea for a product is one thing but finding a dynamic and well-trained workforce to drive a business forward is paramount to any company’s success. The IMD World Competitiveness Yearbook ranks Ireland 1st for labour productivity, efficiency and adaptability of workforce.
A highly educated labour market is one of the key reasons why Ireland is such an attractive country for foreign direct investment (FDI). According to the Solas National Skills Bulletin, nearly 86% of our labour force has a third level or higher secondary/FET level qualification.
Time on our side
In addition to homegrown talent, Ireland is a hugely popular destination for international graduates.
Long recognised as a centre of excellence for education, over 35,000 international students across 160 countries choose to study here.
According to IDA Ireland, Ireland is ranked number one globally for the employability of its graduates.
Our non-Irish national workforce is double the EU average and Ireland has the EU’s highest proportion of workers in high-tech manufacturing, with twice the level of Germany in second place.
For companies looking to expand their global reach, this increasingly multicultural and diverse labour market is vital – at Google’s EU headquarters in Dublin, for example, there are employees from over 65 countries, who speak over 45 different languages.
With one third of the population under the age of 25, having the youngest population in Europe is a major driver in multinationals choosing Ireland.
A key factor bringing high-skilled migrants to Ireland is the country’s continued high-ranking for quality of life. Ireland’s GDP per capita at €53,200, adjusted for purchasing power, is second only to Luxembourg in Europe (including EFTA countries outside the EU).
At the heart of Europe
Ireland may be an island, off an island, off a continent but it’s central to the global business community and at the very core of the European project.
With close to 90% in favour of the free movement of EU citizens to live, work, study and do business in the EU, Ireland is very much an engaged member of the EU.
Operations based here can manage distribution across multiple time zones and languages. Ireland’s position as a major global player is clear with 60% of our final exports forming part of global supply chains (either fully or in part processed), the highest such ratio in the world.
In terms of geographic location, Ireland’s place in the Greenwich Mean Time (GMT) time zone allows easy facilitation of both western and eastern markets during a working day.
Ireland continues to lead the world for attracting high-value investment.
Due to its key strengths in high-value sectors such as ICT, financial services and life sciences, it continues to generate substantial inward investment. The country’s leadership position is clearly demonstrated by its ability to attract significant investment in these high-value sectors.
Ireland’s profile as an investment destination is increasing year on year with particularly investment growth amongst Chinese investors. The economic relationship has been gathering momentum in recent years as companies from the East look to Ireland to provide a bridgehead into European markets.
Cafico at your service
One of the core services Cafico provides is assisting international firms incorporate a company and help establish operations in Ireland.
These services include:
- Company incorporations
- Registration for taxes with the Irish Revenue Commissioners
- Procuring experienced, qualified and resident directors
- Registered office services
- Grant applications
- Financial administration, accounting, management and reporting services
- VAT reporting services
- Payroll services
- Bank account opening, administration and management
If you would like to find out more about this service we provide, all our contact details are here.
Rodney shares insights from his 20 years’ experience working in the legal and accounting industries with both Irish and international companies. As Managing Director at Cafico International, Rodney regularly works with international companies in the technology, pharma, aviation and insurance industries that are seeking to establish operations in Ireland, assisting them with the management of their projects, and compliance with their fiscal and legal responsibilities.
To learn how Cafico International can help your business expand to Ireland, get in touch with Rodney today.