The Irish Government is known for its pro-business policies and innovation support system. And lower corporation tax rates and low levels of bureaucracy are just a couple of the many reasons why Ireland is the right destination for entrepreneurs and startup enthusiasts.
Read this article to find out what makes Ireland a business-friendly region and one of the top-rated European countries ideal for startups.
Read this article to find out what makes Ireland a business-friendly region and one of the top-rated European countries ideal for startups.
Lower Corporate Tax Rate
Ireland has the lowest corporate tax rate of 12.5%, which is the reason it holds the 13th position among the best countries in the world to start a business, according to World Bank Group.
Favourable Business Climate
According to a ranking by NimbleFins, Ireland offers one of the best business climates for startup establishment. It stands at number three when it comes to a startup-friendly environment in Europe. This is not just because of the low corporate tax rate but also because of Ireland’s highest GDP growth so far (more than 7% in 2018) despite its affected economy due to Brexit uncertainty.
Opportunity to Cater to Global Markets
Ireland is a part of the European Union and allows quick access to more than 500 million potential customers. Moreover, government-operated organisations, such as Enterprise Island, cater to the development and growth of Irish firms. This means that startups in Ireland can expect government support in starting, growing, innovating, and making export sales in global markets.
Young and Digital Workforce
Ireland boasts a highly educated and qualified workforce, with 34% of citizens holding third-level education degrees. This means that startups in Ireland have the advantage of building a strong foundation with a skilled and multilingual workforce.
A majority of top medical technology companies and MNCs such as Google and Facebook are already running at scale in Ireland since it is easier to create a multi-functional team here that can cater to different regions.
A majority of top medical technology companies and MNCs such as Google and Facebook are already running at scale in Ireland since it is easier to create a multi-functional team here that can cater to different regions.
Government Support for Innovation
Ireland is the right place for innovation because it is backed by the government. Startups with new ideas can benefit from a 25% tax credit for the purpose of research and development. This shows the Irish Government’s commitment to fostering new ideas and businesses.
Moreover, startups can claim the tax back even if the company is undergoing a loss. Further, loss-making companies are not liable to pay corporation profit tax.
Access to Co-working Spaces
Ireland’s Silicon Docks, housing enterprises and MNCs like Twitter and Facebook, are populated by over 7000 workers. Moreover, Google has partnered with Dogpatch Labs to create co-working spaces in Dublin. Not only does this initiative provide a conducive environment for startups, but it also makes way for new companies to receive guidance and mentorship. This is another factor attracting startup owners and enthusiasts to Ireland.
Ireland has been following its policy of welcoming foreign-owned businesses for decades. From business-friendly tax regimes to a young, educated workforce – Ireland has it all. So, if you’re thinking of establishing a startup & immigrating to Ireland, you’re moving in the direction.
