Wix, Amdocs, Teva, Facebook, Google, LinkedIn, Guinness… Ireland is one of the best places worldwide to set up and run an international business. Why?
Ireland is home to many of the world’s largest technology and innovation companies and serves as the European base for:
- 7 of the 10 biggest global software companies;
- Almost all of the world’s leading pharmaceutical and medical tech companies;
- 19 of the 25 largest financial services companies;
- Most of the leading gaming and online betting companies.
There are many reasons the go towards making Ireland such an attractive place for Israeli companies looking to scale-up their European operations. These include:
- Language: Ireland is the only English-speaking country in the Euro Zone and will, following Brexit, remain the only English-speaking EU Member State.
- EU Membership: The European Union is the second largest economy in the world. Ireland – as a committed member of both the EU Single Market and the Eurozone – provides a natural base for multinational companies looking to establish a European base. There is strong public support for Ireland’s EU membership.
- Tax: Ireland’s corporate tax rate for trading businesses is 12.5%, though with R&D tax credits the effective rate is often lower for technology companies. Ireland also enjoys double taxation agreements with over 70 countries worldwide, including Israel.
Legal System: As with many English-speaking countries around the world, including the UK and USA, Ireland is a common law jurisdiction.
- Connectivity: Ireland is an island at the very northwestern edge of Europe, but it is extremely well connected to both Europe and North America.
- Ryanair, headquartered in Dublin, is Europe’s largest budget airline and carries more international passengers than any other airline. Dublin to London is the busiest international air route in Europe.
- Ireland’s US Pre-clearance arrangements – allowing international passengers to arrive in the domestic terminals of American airports – make Ireland one of the most attractive destinations from which to fly to the USA.
- New nonstop flights between Tel Aviv and Dublin will commence with El Al on 24th May 2020!
- Economy: Ireland has enjoyed one of Europe’s fastest-growing economies over recent years. Primarily knowledge and export-driven, Ireland has developed an open economy dominated by foreign-owned multinationals.
- Education: Ireland has one of the most educated workforces in the world. The share of 30-34 year olds in Ireland with a third level qualification is 53.5%, compared to an EU average of 40%.
- Ease of Business: Starting a new Irish company is a straightforward and quick procedure. The World Bank’s recent ‘Doing Business’ report rates Ireland as one of the easiest places in Europe to start a business.
- Employment Rules: Ireland maintains a pro-business, employer-friendly regulatory environment compared to other European jurisdictions. There are low levels of private-sector unionization.
- Workforce Productivity: According to the OECD, Irish workers are now also the most productive in the world, adding an average of $99.50 (€87) to the value of the economy every hour they work.
- Pro Immigration: Ireland, historically a country of net emigration, has emerged in recent years as a business immigration success story. The presence of the foreign-owned multinationals has encouraged the country to employ a fairly straightforward, business-friendly and efficient structure to promote skilled immigration from around the world.
- Diaspora: An often overlooked reason for irish economic success is the country’s enduring ties to the Irish diaspora communities worldwide – particularly those in the United States
- Quality of Life: Ireland is known as a country that welcomes foreigners and promotes a healthy work-life balance to leisure. As a result, Dublin, a vibrant, engaging and multicultural city, has become a leading relocation center for many Israelis.
- Jewish Community: The Irish Jewish community has a long and proud history – Chaim Herzog, born in Belfast and raised in Dublin, went on to become the sixth President of Israel. The recent influx of Israeli tech expats into the country has made the Jewish community one of the fastest growing worldwide, according to the latest Irish census. The community runs regular family-focused activities and Dublin’s synagogues cater for all religious requirements.