Ireland is amongst the popular sites in Europe. It is prominent as a strong business center in the world. It is acceptable as the most favorable country to expand business in European Unions. It is considered a technologically advanced country. It grabs rank at 16th position among top 20 countries in the world.
The pharmaceutical and biotechnology sectors are highly advanced and well developed in the country. Many other top companies like Microsoft, Google, Johnson & Johnson, Apple have established their center in the country. This article highlights some benefits and drawbacks to establish a business in Ireland.
|Benefits of Doing Business in Ireland||The Drawbacks of Doing Business in Ireland|
|Comfortable working hours + Annual leaves||Weather conditions.|
|There professional language is English.||The cost of living is high.|
|Budget friendly business resources are available.||High transportation cost.|
Advantages of Doing Business in Ireland
- High education:
Ireland has high literacy rates and the citizens of the country believe in a high education system. It produces a large number of skillful minds every year.
Ireland has 50% of the young and skilled population under the age of 35. The high literacy rate makes the country top in the high skilled labour availability.
Business leaders are also attracted towards the country due to skilled labour forces. This makes their business growth and development faster and easier.
- Low tax rates:
The tax rates are very low as compared to other countries on this globe. Among all the nations of Europe, Ireland has lowest rates of tax. This makes business leaders choose this country for developing their business in Europe.
More than 1000 well developed companies choose Ireland to expand their business. Corporate tax is about 12.5% which is the lowest among all the countries in the world.
- Investment Friendly:
The comprehensive double taxation agreement between Ireland and other 72 countries makes it easier and investment friendly for investors and business leaders to start their business in the country.
The research and development projects have a tax rate of 25% which is also comparatively lower than other countries in the European Union. This attracts investors, startups and also the multinational and well developed companies to expand their business in Ireland.
- Links to US and Canadian companies:
Many US and Canadian companies have their business sites in Ireland. The low labour cost and high efficient workers makes these companies attracted towards the country. The low tax system in Ireland as compared to the US where corporate tax is 35% which is very high as compared to Ireland, makes these companies expand their businesses in the country.
This opens the gate for other investors and small startups to collaborate and connect with these US based companies. According to the survey, around 500 companies in the US and Canada have established their business sites in Ireland.
- The Judiciary System:
Ireland is marked as a highly safe and peaceful country. The credit goes to the Judiciary System of the country. It succeeds in controlling the crime rate and in maintaining a healthy environment for development in the country.
There are strict guidelines and laws to be followed and if anyone goes against it there are stringent actions taken by the Judiciary System.
- Safe and Sound Environment
The gun owners must have a legalized license otherwise keeping guns without any proper legal approval leads to strict penalties and punishments.
The safe and sound environment of the country attracts a large number of foreign investors and business leaders to settle in the country and start their business.
- Health Care:
Healthy citizens lead to strong and developed countries. This statement stands true for Ireland. The government of the country focuses on health scores and provides many free health care centers in the country.
Many other subsidies and policies are available in both public and private sectors which provides the country with a strong health care system.
Disadvantages of Doing Business in Ireland
- Starting with business:
Ireland has many business friendly policies. However, there are many hurdles faced by the small business owners and startups while starting their business in the country. There are many different procedures to be followed before starting with business.
This legal approvals takes about 2 weeks to complete and this leads to a slow start and acquires a lengthy period for the company to develop.
- Recovering Economy:
Ireland’s economy is in the recovery zone. This makes many companies face a slowdown in their progress. The economic graph faced a major fall in 2008 to 2010. After which in the year 2015, the economy started to recover and Ireland firmly left the EU-IMF bailout program.
- Payment of Tax:
Tax payment requires a lot of time. Even when tax rates are lowest but the tax paying procedures makes it unfriendly with the point of view of time.
There are different time periods which accommodate almost the whole year to pay different taxes including VAT, Corporate Tax etc.
Taxes are needed to be paid at different departments of government located at different sites. This adds to the pain and makes it inconvenient for the managers of the companies.
Lifestyle in Ireland is a bit more illegal and unethical. There are thousands of pubs and bars in the country. Alcohol consumption and cigarette smoking is considered as a normal habit in the country.
Even in the business meetings, employees are served with alcohol which makes it unfriendly and unhealthy for many foreign citizens. Denny of any offerings can lead to disrespect and this creates a very orthodox behavior in the country.
- Trading across Borders:
Import and export legalization both take a large amount of time. There are around 4 documents to be prepared and approved before the shipping process starts. Export takes upto 7 days while importing accounts to 12 days of procedure on an average
. This makes the trade across the border weak and time consuming.
- 20+ Differences between CFD and Spread Betting (Explained)
- 20+ Differences between Gaelic And Celtic (Explained)
- 20+ Differences Between Great Britain And United Kingdom (Explained)
- 16+ Living in Northern Ireland of Pros and Cons (explained)
- 24+ Pros and Cons of Contractual Work Startup (Explained)
“Business, marketing, and blogging – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, HR, leadership, and finance. I am on a mission to assist businesses in achieving their goals.”