Ireland gave us Guinness, St. Patrick's Day, and the Irish pub. Not to mention, thanks to St. Patrick, the place doesn't even have snakes. What's not to love?
If that's not enough, Ireland's favorable tax environment, highly skilled labor force, and connections to the European market should be enough to make it an attractive location for companies looking to expand overseas.
The country offers a low corporate tax rate of 12.5%, has one of the world's youngest, most educated workforces, and has proven its resiliency amid recessions.
Facebook, Google, and Intel are among many multinational corporations with regional headquarters in Dublin, taking advantage of the benefits this country has to offer.
Read on to discover four reasons why global companies are moving to Ireland. Plus, find out how to simplify expansion to this country while eliminating risk.
4 Reasons why is Ireland an attractive location for global companies
1. Ireland's corporate tax rate is one of Europe's lowest
In 2003, Ireland lowered its corporate tax rate to 12.5% -one of the most business-friendly rates in the region.
This rate is well below the average of 21.7% among European countries of the Organisation for Economic Co-operation and Development (OECD).
Ireland's tax rate is significantly lower than many of the other common global markets in Europe, including:
- France: 25%
- Germany: 15.8%
- Luxembourg: 25%
The Emerald Isle follows only Hungary (9%) for the lowest tax rate of European OECD countries.
The low rate makes Ireland a highly attractive location for global companies looking for a cost-efficient operations base in Europe.
The following businesses are among many global companies with production facilities, research and development centers, or administrative offices in Ireland:
- Pfizer
- Merck
- Novartis
- Johnson & Johnson
Additionally, Ireland has tax treaties with several strong markets worldwide, including the United States, United Kingdom, China, Japan, Australia, and Canada. Plus, it offers a 25% research and development tax credit.
Altogether, the Irish tax environment is highly attractive for global organizations.
2. Ireland is home to a highly skilled workforce
Ireland is known worldwide for its strong workforce. Thanks to a quality education system, the country develops the talent that multinational corporations in various sectors, such as tech and medicine, need to support their operations.
Naturally, many businesses choose to establish a presence in the country to source this highly skilled local talent.
Ireland's quality education system develops top talent
Today, Ireland has a higher percentage (98%) of 18-year-olds in education than any other European country, and a recent survey by the Campus Advisor found that Ireland was the fifth-highest-ranking country worldwide for higher education quality.
Many local universities and colleges have founded artificial intelligence (AI) or tech programs in recent years, some in partnership with tech companies such as Trinity College and Huawei. Other institutions like University College Cork and Tyndall National Institute have recently launched accelerator programs for Irish startups.
As a result, Ireland's workforce is equipped with the skills to compete in an increasingly digital world, particularly in the AI and IT sectors.
Global companies value Irish talent
Facebook, Google, LinkedIn, Indeed, IBM, and Microsoft are among the many global tech organizations that have taken advantage of Ireland's strong talent pool and chosen the country as their European home base.
In the past five years, Intel has invested €17 billion in their Irish manufacturing plant in Kildare, doubling their total investment in the country over the past 30 years and creating 1,600 high-tech jobs as part of the plan-a testament to their trust in the country's tech-savvy workforce.
Ireland's highly skilled workforce has such a strong reputation worldwide that many global companies even acquire top local talent abroad.
3. Brexit's positive economic impact on Ireland
While the U.K.'s departure from the EU has created complications, it has led to new opportunities for well-developed, English-speaking countries like Ireland.
Now separate from the EU, London is no longer the de-facto financial capital of Europe, and many global companies, such as Stripe and JP Morgan, have moved their headquarters from the U.K. to Ireland.
Why companies choose Ireland over other European locations
Dublin offers several benefits to global companies leaving the U.K. seeking other European locations as their home base, such as:
- An established financial center. Dublin is already an established financial center home to over 1,000 global firms.
- No language barrier. Ireland and Malta are now the EU's only two official English-speaking countries.
- Attractive regulatory framework. The country's long history of serving as a base for overseas companies and talent means it has a regulatory framework that is friendly to foreign businesses and talent seeking to relocate and work in Ireland on work visas.
A recent survey by global consulting agency EY found that many financial firms relocating to Europe from London chose Dublin over other noted international commerce destinations, such as Luxembourg, Frankfurt, and Paris.
Companies that have moved from the U.K. to Ireland
The list of companies that have chosen to move to Ireland from the U.K. since Brexit includes:
- Barclays
- Coinbase
- Morgan Stanley
- S&P Global
- Equilend
- JP Morgan
Fintech giant Stripe, valued at $50 billion, moved its headquarters from the U.K. to Ireland in late 2020, making Dublin the new home for its processing center for all customers outside the U.K. and Switzerland.
Stripe quickly doubled its Irish staff and has successfully used the city as a launchpad to roll out its services to the rest of Europe ever since.
4. Easy access to other European markets
One of the main reasons businesses expand overseas is to gain access to new, lucrative markets.
Any company that expands to Ireland gains immediate access to Europe's most substantial economic block and one of the biggest markets for global consumers: the European Union .
Organizations operating within the EU enjoy numerous benefits, such as:
- The ability to export goods to nearly any market worldwide
- Protection from external competition from foreign markets, such as Asia and Africa
- A vast market that ensures that whatever goods or products a company provides, they will always have a consumer base to sell them to
In a recent Economist Intelligence Unit report, 46% of respondents highlighted "access to EU markets" as the most important competitive advantage of doing business in Ireland.
Respondents prioritized Ireland's strategic location over other key advantages, including access to local skills and the country's low corporate tax rate.
Ready to visit the Emerald Isle?
So you're sold on it. The business opportunities, the talented talent, the lack of snakes, or maybe it's just the Guinness; it doesn't really matter. You're ready to expand into Ireland!
So what now? Well, you could go through the long, arduous, and expensive process of setting up a local entity…
Or you could partner with Pebl and let us handle it.
Our Employer of Record service acts as the legal employer for your Irish talent-that means you can start hiring today without any worries. Our country-specific experts in Ireland and in 185+ countries worldwide handle visa sponsorship, payroll, benefits, equity offerings, and pretty much everything else. Contact us today to take the next step toward simplifying your expansion into Ireland and beyond.
This information does not, and is not intended to, constitute legal or tax advice and is for general informational purposes only. The intent of this document is solely to provide general and preliminary information for private use. Do not rely on it as an alternative to legal, financial, taxation, or accountancy advice from an appropriately qualified professional. The content in this guide is provided "as is," and no representations are made that the content is error-free.
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