Ireland has experienced an increase in the number of high growth companies choosing to set up in the country. Ireland has had a good track record for attracting large multinational companies for many years, but now its ability for attracting high growth companies is growing steadily. There have been over one hundred and fifty high growth companies established in Ireland since 2010, many of these benefiting greatly from the support of the IDA Ireland. Why do tech companies go to Ireland?
What causes High Growth Companies to choose Ireland?
Ease of doing business
Ireland is known as a good place to do business. High growth companies that relocate to Ireland have the opportunity to establish their operations quickly. Add to this the support given by IDA Ireland and it is clear to see why so many high growth companies choose Ireland as a location for setting up their business.
Ireland is especially attractive to English-speaking companies wishing to relocate to the EU. When the UK leaves the EU (the new exit date is now January 31st, 2020) Ireland will be the only English-speaking country remaining in the EU.
- Corporate tax - Ireland has a favourable corporate tax rate of 12.5%.
- Tax Treaties - Ireland has 73 tax treaties with other countries such as; the US, UK, China, Japan, Australia, Canada and more.
- Tax exemptions - Start-up companies are exempt from corporation tax for their first three years, once profits are less than €320k.
- Tax credits - R&D Tax credit of 25%.
Ireland as a tech hub
The presence of well-established tech multinationals in Ireland is also attractive to high growth companies looking to relocate. By establishing their business in Ireland, they are able to access a highly skilled workforce. The presence of so many tech giants in Ireland has created a cluster of highly educated and talented employees. In addition to this, many high growth companies work with well-established tech multinationals.
Ireland’s Start-up scene
Ireland has a healthy startup scene with strong levels of entrepreneurial activity, good support networks, and attractive start-up programmes to help new businesses succeed.
As previously mentioned, Ireland has a highly skilled and qualified workforce. 50% of people are under 35 years of age.
Collaboration (Academia and Industry)
Ireland has a collaborative culture when it comes to education and the workplace. This culture that exists here between industry leaders, research centres and academia means that Ireland has world-class graduates. A great example of this is the Atlantic University Alliance (AUA). This is a consortium of three Universities on the Atlantic coast of Ireland, consisting of NUI, Galway, the University of Limerick and the National University of Ireland Cork. The Atlantic University Alliance is all about the interaction between academia and industry.
BioInnovate Ireland is another example of “collaboration culture” in Irish education. It’s based on a programme at Stanford University, California, called Stanford Biodesign. Based in the National University of Ireland (NUI) Galway, BioInnovate is a medical technology innovation programme. It concentrates on the development of the next generation of MedTech entrepreneurs. BioInnovate Ireland is an enormous opportunity for engineers, doctors and business people looking to succeed in the MedTech sector.
The IDA Ireland is also a driving force in helping to grow Ireland’s collaboration culture through connecting new companies in Ireland with universities and academics.
How do you set up a company in Ireland?
If you are interested in setting up a new company in Ireland, you can contact us directly using the form below: