The Essentials to Consider Before Expanding Your Business to Ireland

The Essentials to Consider Before Expanding Your Business to Ireland
The well-developed infrastructure combined with competitive operating costs, low corporate taxes and financial
incentives make it one of the most lucrative places in Europe for foreign investment. Being an abiding member of
the EU and having an economy expanding at a regular rate, Ireland is one of the most preferred locations for
business in Europe. Having favorable tax environment, competitive operating costs, a productive, well-educated
and versatile workforce, and a well-developed infrastructure with outstanding support services, the Irish
government has a made it an attractive place to expand your business.
Understanding the economic climate
With financial incentives in the form of tax credits for investors and good infrastructure, Ireland has a thriving
economy. It has a contemporary economy with a growth that is averaging at six percent. Agriculture used to be
the most important sector in Ireland, but this has now been overshadowed by industry and services. Mainly
because of its size, exports in Ireland are a major part of the economy that is dominated by foreign
multinationals. The exports now account for almost three quarters of the national output. The best potential for
growth are in Chemicals and pharmaceuticals/ biopharmaceuticals, E-commerce, Information and
communications technology, Software, Internationally traded services, including financial services, Medical
devices, Construction, Energy, Environment , Food and drink, Healthcare, Transport etc
Government Incentives
From an incentive regime to a single low-rate, the taxation policy for businesses is presently being changed.
Ireland has a single low-rate tax on trading income of 12.5 percent, following discussions with the European
Commission. This rate applies to income from all business activity and creates many new opportunities for
foreign businesses. Incentives are also available to inward investors in the form of tax incentives and financial
aid. Financial assistance is administered by various government agencies. Grants are obtainable for
manufacturing and internationally traded services, with the IDA having the capacity to offer monetary aid in the
form of capital and employment grants for new business.
Taking the help of an expert
While expanding business overseas, it is always good do a thorough market research. Although Ireland is one of
the easier countries to expand into, taking the help of an expert can no doubt make things much smoother. A
reliable partner can offer specialist expertise advice on the overall operational, administrational and executive
aspects of your business, be it legal, HR, Payroll, i nternational accounting or expat tax advice.
Also read on - sas compliance, expatriate tax advice

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