In the last decade, Ireland has proven itself to be a prime investment destination for multinational companies. This comes as no surprise given Ireland’s pro-business environment, and the fact that it is seen as gateway to Europe and international markets for the U.S.
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In 2013, Forbes magazine ranked Ireland as the best country for business, and since then it has retained its status as country that provides ease of business for companies. The brightest talent from across Europe and the world comes together in Ireland, offering a multinational and multilingual melting pot of skills and employees.
Ireland has featured as Site Selection’s ‘Best country in western Europe to invest in.’ Not only that, it consistently ranks in the top 15 most innovative countries in the world by the Global Innovation Index. Let’s take a closer look at why Ireland remains a choice destination for companies.
Ireland is home to the world’s leading high-performance companies which include Facebook,
, Intel, Citi, Huawei, Twitter, Novartis to name a few. The country is also positioning itself to become a world leader in various fields- IT, Big Data, Health Innovation and Cloud Computing. Ireland is a hub for the top 5 global software companies in the world, the top 10 pharmaceutical corporations, and is home to 14 out of the top 15 medical technology companies, 18 of the top financial services companies, and the top 8 industrial automation companies worldwide.
Over 1,000 multinational corporations have been expanding their headquarters and facilities in Ireland due to the productivity and success of their Irish operations. The country has a demonstrated track record with some of the world’s biggest and most successful companies across a range of industry sectors, such as Johnson & Johnson, Pfizer, IBM, and HP, which is proof of their confidence and belief in Ireland and its future.
The country is also the only English speaking member of the EU following Brexit, with a legal system based on common law principles. This also makes it an ideal hub for organisations seeking a base in Europe. In addition, Ireland offers companies a barrier-free access to over 500 million consumers within Europe.
Ireland’s favourable tax regime make it one of the most attractive global investment locations. The tax regime is designed to be competitive and to facilitate innovation and enterprise. With a 12.5% corporate tax rate, it has one of the lowest statutory Corporate Tax Rates in the world. Ireland’s worldwide tax system gives relief for foreign tax credit and offers a 25% Research and Development tax credit to companies.
Ireland is a stable, competitive, secure, and pro-business country, and its economy is the fastest growing in the Eurozone. It has a well-established FDI sector generating significant exports across business sectors. This means companies can set up operations swiftly, and with minimum red tape in an open environment. From green field sites and business parks to edgy architectural offices – Ireland offers property solutions that are welcoming to local and international clients and businesses.
Under the National Development Plan 2018-2027, Ireland plans to invest €116 billion in public infrastructure and capital works. A significant number of new construction projects are already underway in the country, including office buildings and other commercial properties. Rental prices for offices over here are among the most competitive across Europe.
Another key reason for companies investing in Ireland is its highly skilled, educated, young and multicultural population. The country ranks in the top 10 globally for its education system that meets the needs of a competitive economy. This bright and well educated workforce has been a vital factor in attracting foreign direct investment into the country.
Moreover, Ireland’s state agencies are responsible for supporting the development of manufacturing and internationally traded services companies. They provide funding and support across a wide range – Covid-19 sustainability and recovery funds to companies, as well as business planning and accelerated growth funding to small, medium and large sized industries- be it entrepreneurs and potential start-ups or large companies expanding their activities and growing international sales.
Ireland has a long history of achievements in science and technology, and continues to invest in research and technological skills and competencies. It continues to be a centre of excellence for technology as many large technological companies develop their innovation and data centres here.
What makes Ireland the destination of choice for incoming and investing companies is evident from the above outlined factors. A third of multinationals in Ireland have had operations in the country for over 20 years, which demonstrates the durability and commitment of these companies to Ireland. Not just large multinationals, Ireland also encourages potential multinationals by helping them forge their future in the country.
The experience of working with international business partners has helped the Irish develop an understanding and a significant level of experience which benefits its investors. With this backdrop, international students can certainly take advantage of studying in a place like Ireland- where opportunities and a bright future are within reach.