Companies like Google, Facebook, IBM, Dell/EMC, Eli Lilly, Pfizer, GSK and many others have chosen Ireland as the destination for their European headquarters.
Indigenous exports recently increased by 60% to reach €20.6 billion.
The country’s visitor revenues exceeded government targets by 20%;
Foreign direct investment (FDI) targets were surpassed by 30%.
Ireland’s competitiveness increased from the 17th most competitive in 2013 to the 6th most competitive in 2017. Ireland is currently ranked 13th out of 64 countries (IMD Rankings)
Ireland has received an “A” grade from all major credit rating agencies.
High levels of investor confidence in the Irish Economy:
– Sovereign debt ratings upgraded.
– Irish bond yields are trading below 1% and in line with core European sovereign yields.
Strong employment growth – over 2.8 million people employed in Ireland
Ireland’s unemployment rate remain the among the lowest in the EU
Ireland's favourable trading corporate tax rate of 12.5% is one of the lowest in Europe.
Ireland has 73 tax treaties with other countries such as; the US, UK, China, Japan, Australia, Canada and more.
Start-up companies are exempt from corporation tax for their first three years, once profits are less than €320k.
Ireland is the last remaining country in the EU where English is the primary language spoken.
Ireland has one of the highest graduation rates in the EU's mathematics, science and technology fields. The “collaboration culture” that exists here between industry leaders, research centres and academia enables Ireland to develop as a world-class graduate. One example of this collaboration in action is the Atlantic University Alliance (AUA), which is a consortium of three Universities on the Atlantic coast of Ireland – NUI, Galway, the University of Limerick and University College Cork. At the heart of the Atlantic, University Alliance is its interaction with academia and industry, bridging the needs of industry with the expertise of University academics.
Another example of “collaboration culture” in Irish education can be seen at BioInnovate Ireland, which is based on a programme at Stanford University, California, called Stanford Biodesign. Ireland’s BioInnovate is a medical technology innovation programme based in the National University of Ireland (NUI), Galway. It focuses on developing the next generation of MedTech entrepreneurs. The programme represents an enormous opportunity for engineers, doctors and business people looking to make an impact in the MedTech sector.
This programme is designed to help job seekers, both those in employment or self-employment who wish to upskill/reskill in the Biopharma/Medtech and ICT sectors. Springboard provides over 6,400 free education places in 198 courses at both public and private educational institutions across the country.
Access to the EU - Ireland’s specific advantage
Ireland is home to a significant number of multinational companies across the technology, pharmaceutical, life sciences, financial services and manufacturing sectors.
Many global organisations, including Google, Microsoft, Amazon, Meta, Oracle, Intel and Salesforce, have established operations in Ireland. Their continued investment reflects Ireland's attractiveness as a location for accessing the European market, recruiting skilled talent and supporting international growth.
The presence of these companies has helped create a strong business ecosystem, providing opportunities for collaboration, innovation and access to experienced professionals.
The requirements for establishing a business in Ireland depend on the nationality and immigration status of the business owner.
Businesses should also consider company incorporation, tax registration, banking requirements and ongoing compliance obligations when establishing operations in Ireland.
Ireland offers a variety of programmes for new companies with regard to visas and residency applications. There are a number of different schemes available:
This programme applies to non-Irish nationals who have an innovative business proposal for a ‘high-potential start-up.’ A minimum approved funding of €50,000 is required for the Start-up Entrepreneur Programme. If an individual does qualify for the programme they can be given residency in Ireland. There are no requirements for the business to meet specific job creation targets.
'High potential start-up’ criteria:
Your business should introduce a new and innovative product into the Irish marketplace
Your business should be headquartered in Ireland
Your business needs to have been trading for less than six years
Your business should be operated by experienced managers
Your business should have the potential to create no less than 10 jobs and €1 million in revenue.
Funds
Potential applicants are required to demonstrate that they own the funds which they are planning to invest and prove that their funds were acquired legally. Funds cannot be borrowed.
To qualify for this programme, your investment must be in one of the following categories:
Enterprise Investment: This requires a minimum investment of €1 million in a new or existing Irish business for a period of at least 3 years. The business must be headquartered in Ireland.
Investment Fund: This requires a minimum investment of €1 million in an approved investment fund for a period of at least 3 years. Funds must be invested in an Irish registered company that is not quoted on any stock exchange.
Real Estate Investment Trusts: This investment requires a minimum investment of €2 million for a period of 3 to 5 years period in any Irish Real Estate Investment Trust (REIT). The REIT in question must be listed on the Irish Stock Exchange. The €2 million investment can be spread across a number of different REITs.
Endowment: This investment requires a minimum endowment or philanthropic donation of €500,000 to a project that is of public benefit to the arts, sports, health, culture or education in Ireland.
Ireland’s economic environment is engineered to encourage foreign direct investment (FDI). This includes its employment permits and how they are granted. There are a number of employment schemes available for those looking to relocate staff:
a) Intra-Company Transfer Permit
This permit is designed for those who need to relocate key personnel to Ireland to help in the development of their business. One of the major benefits of the Intra-Company Transfer Permit is that it permits the temporary placement of senior staff members in the Irish business, while simultaneously allowing them to stay on the parent company’s payroll. In order for a business to qualify for this permit, it must meet the following criteria:
the employee must be a key employee/essential to the running of the business.
the employee must earn more than €40,000.
the employee must be in a senior role such as; a manager or director.
It is important to note that if the spouse, partner or any dependants of the holder of an Intra-Company Transfer Permit intend to come to Ireland, a separate employment permit will be required.
b) Critical Skills Employment Permit
This employment permit is intended for individuals with specialised or advanced skills wishing to work and take up residency in Ireland. Certain criteria are required for this permit. The prospective employer must adhere to the following:
They must operate a private limited company within Ireland.
They must provide a job offer with a salary in excess of €64,000, or alternatively for a limited number of important/essential occupations with a salary guide between €32,000 and €63,999.
The job offered must be for a duration of 2 years or more.
c) General Employment Permits
In contrast to the Critical Skills Employment Permit, this permit is open to all occupations, unless they have been excluded as Ineligible Employments. General Employment Permits can be granted for a period of 2 years, after which point they may be renewed for a period of 3 years. Once the 5 years are over, the individual can look at more permanent residency options by applying to the Irish Naturalisation and Immigration Service.
Private limited companies (Ltd) incorporated in Ireland are the most common commercial entities. The following criteria need to be met:
The company must have the intention of business activity in Ireland including the holding, acquisition or disposal of any kind of property.
The company must give details concerning where it will conduct its business in Ireland, as well as the areas it plans to operate in.
There must be a search conducted with the Companies Registration Office (CRO) concerning the proposed name of the company. This is to ensure that the name proposed for the company is not already in use or is not overly similar to the name of a company that already operates in Ireland.
It is necessary that at least one of the directors of the company must be resident within the European Union (EU). In the event that this is not possible, the company will be required to have a Non EEA Resident Bond (Section 137 Bond)
In the event that an individual decides that they do not want to incorporate a private limited company in Ireland, they may use a company incorporated outside of Ireland, operating their business in Ireland through the use of a branch office. A branch office, in Irish law, is a branch of a foreign company that operates in Ireland. It must meet the following:
have the appearance of permanency
have a separate management structure
have the ability to negotiate contracts with third parties
have a reasonable degree of financial independence
If you are looking for information on how to register a company in Ireland, the first step you need to take is to contact an experienced professional. Everyone’s situation is unique and it’s essential to get your business off on the right foot.
If you’re looking at starting your business, you can contact us directly using the form below: