Did you know that the world’s most innovative companies like Intel, Twitter, Pfizer and Huawei have operations in Ireland? With a GDP growth rate of 3.4%, Ireland is now seeing record investments from the U.S. It is the new go-to location for fast-growing global corporations which is why it is said to become the Silicon Valley of Europe.
So, what is making Ireland a great environment for global businesses to thrive in?
So, what is making Ireland a great environment for global businesses to thrive in?
Exceptional Talent Pool
Ireland boasts of a highly skilled talent pool of over 250 million people and is ranked among the top 10 educated workforces in the world. It is the only English-speaking country in the Eurozone which makes it the go-to destination for many multi-national companies to hire talent. Ireland has a good technical workforce with experience in everything from health tech to artificial intelligence.
Growing Digital Infrastructure
With everything going online, it has become necessary for companies to expand in regions with a good digital infrastructure. Ireland has made great progress in the digital space while making its mark as a top hub for digitally deliverable services. Its network of data centres and cloud providers led marquee names like Amazon Web Services, Microsoft, and Google to invest in its growing digital economy in the 2000s followed by Facebook in 2015. This makes Ireland a great place to develop a career or start a business in technology.
Favourable Tax Policies
With a corporate tax rate of 12.5%, Ireland has been attracting maximum foreign investments. While the tax rate for small businesses will stay the same, it is set to increase to 15% for global MNCs as of October 2021. This means that Ireland remains a lucrative destination for multinational companies that are looking to expand in Europe and hence there will be a high demand for key personnel to come to Ireland.
Attractive Investment Destination
The country saw 165 foreign direct investment projects in 2020 from North America, the UK, Germany, and other growth markets mainly for expansion and R&D. Environmental sustainability and the availability of tech talent contributed towards making Ireland the leading location for global investors. The strength of Ireland’s FDI track record can also be seen in their growing GDP facilitated by the significant financial support from the Irish government to firms and individuals even during the pandemic.
Owing to the uncertainty of Brexit, over 40 U.S. Companies have chosen to expand to Ireland in the last two years. Ireland has a low tax policy and free education support going back decades. Its immigration laws are also pro-business. In terms of connectivity, Dublin and other airports connect to all major Asian cities, London, and the U.S. Not only does Ireland have a solid capital market, ideal tax regimes, digital sophistication, and a terrific talent pool; but it also remains a country steeped in culture and tradition. Ireland is set to become the Silicon Valley of Europe. Hence, it is said to be the best time to move to Ireland.
