Here at the Trademarkroom, we have recently opened an office in Cork, Ireland, in order to expand our services for our existing and new clients.
Doing business in Ireland brings several advantages so much so that it has established itself as a destination of choice for many multinational companies.
Ireland is a committed member of the European Union (EU) and the EU single market giving business owners access to free-flowing EU trade. Ireland is also an English-speaking nation.
With our connections in Ireland, we can ensure that your trade mark registration experience in the EU has not changed, and we can continue to directly file with the EU Intellectual Property Office.
The reason why we chose Ireland as our EU base is clear when we look at the stats.
Ireland’s gross domestic product (GDP) growth in 2018 was 6.8%, the UKs was 1.4%. in 2019, Ireland’s GDP growth was 4.1%, the UKs was 1.3%. In 2020, Ireland’s GDP growth was 3.4%, the UKs was 1.4%. As you can see Ireland’s economy is growing at a faster rate than the UK.
Ireland’s workforce is young, flexible, and educated. 33.3% of Ireland’s population is under 25 and its amount of 30–34-year-olds with a third level qualification is 56.3%, the EU average is 40.7%. Ireland’s hourly labour costs are mid-range in Europe and below the Euro Area average in business economy areas. Ireland is the 2nd most competitive economy in the EU and the 7th in the world according to IMD.
According to the 2019 IMD World Competitiveness Yearbook Ireland was:
- 3rd for real GDP growth;
- 3rd for international investment;
- 4th for GDP per capita;
- 4th for consumer price inflation;
- 4th for corporate tax on profit;
- 1st for investment incentives;
- 3rd for lack of protectionism;
- 6th for business legislation;
- 1st for efficiency of large corporations;
- 1st for national culture;
- 1st for productivity in industry;
- 1st for flexibility and adaptability;
- 1st for English proficiency;
- 8th for secondary school enrolments;
- 2nd for ICT service exports; and
- 3rd for air transportation.
Ireland has a strong legal and regulatory regime which has made the country an attractive and stable place to conduct business.
Ireland’s corporate tax rate is 12.5% which is one of the lowest in the world, the UK’s is 19%. A company can benefit from a 25% tax credit against its current year corporation tax liability, if it engages in in-house qualifying research and development activities, in areas such as, machinery, plant, and buildings. The Special Assignee Relief Programme provides relief from income tax on part of the income earned by employees who are sent to work in Ireland. Ireland was ranked 1st for ease of paying business taxes by the PwC ‘Paying Taxes 2019’ report.
In the UK corporation tax is set to rise to 25% in April 2023 for profits over £250,000. Those with profits of £50,000 or less will continue to pay 19%.
In Ireland corporation tax is set to rise to 15% for companies with a turnover of more than €750 million (£636m). The 15% rate is expected to be implemented in 2023. Smaller companies will continue to pay 12.5%
For the above reasons and many others, thousands of multinational corporations are continuing to expand into Ireland. Ireland has been chosen by:
- All the top 10 pharmaceutical companies;
- 14 of the top 15 medical technology companies;
- 9 of the top 10 United States technology companies;
- The top 5 global software companies;
- 8 of the top 10 industrial automation companies; and
- 8 of the top 10 financial service companies.
Your business could be next to expand into Ireland and we can help you!
(All figures and statistics provided by IDA Ireland which is an autonomous Statutory Agency set up under the Industrial Developments Acts 1986 and 2019. Facts about Ireland September 2019 IDA_Facts_About_Ireland_2019_V4 (idaireland.com))