By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News. October 23, 2024. Article no 1271.
European companies are increasingly choosing to move their operations to Ireland for several compelling reasons. European workers are following them, in search of better wages and better life baalnce.
n April 2024, Ireland’s estimated population was 5.38 million people : 15.5% of the population are citizens of other countries while 84.5% of population are Irish citizens.
From January to April 2024 Ireland had 149,200 people move to Ireland and 69,900 people move from Ireland. People coming into the country consisted of 30,000 returning Irish citizens, 27,000 other EU citizens, 5,400 UK citizens, and 86,800 other citizens including Ukrainians.
Here are the primary factors driving this trend:
Key Reasons for Moving to Ireland
Favorable Corporate Tax Rate
Ireland offers one of the lowest corporate tax rates in Europe at 12.5%, significantly lower than many other EU countries. This competitive rate, along with a robust network of double tax treaties, makes it an attractive destination for businesses looking to optimize their tax liabilities.
Access to EU Markets
As a member of the European Union, Ireland provides companies with seamless access to the EU single market, which is crucial for businesses looking to expand their reach across Europe. This access is particularly vital following Brexit, as many UK companies seek to maintain their foothold in the EU market without facing new trade barriers.
Highly Educated Workforce
Ireland boasts a young and well-educated workforce, with a significant portion of the population under 29 years old. This demographic advantage is appealing to companies in sectors requiring skilled labor, such as technology and pharmaceuticals.
Ease of Setup and Low Bureaucracy
The process of establishing a business in Ireland is streamlined, often taking only three to five days. The low level of bureaucracy facilitates easier management of corporate changes, making it simpler for companies to operate efficiently.
Robust Infrastructure and Business Environment
Ireland has developed a supportive infrastructure for businesses, including modern facilities and a regulatory framework that favors foreign investment. The Irish government actively promotes foreign direct investment through various incentives.
Language and Cultural Factors
As the only predominantly English-speaking country in the EU post-Brexit, Ireland eliminates language barriers that can complicate business operations for many international firms. This cultural alignment is particularly beneficial for companies from English-speaking countries.
Strategic Location
Ireland’s geographical position provides convenient access not only to European markets but also to North America. This strategic location enhances logistics and operational efficiencies for multinational corporations.
Supportive Government Policies
The Irish government has implemented policies that encourage foreign investment, including tax incentives for startups and research and development activities, which further attract international businesses looking to establish or expand their presence in Europe.
In summary, the combination of a favorable tax regime, access to the EU market, a skilled workforce, and supportive government policies makes Ireland an increasingly attractive destination for European companies seeking growth opportunities.
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© Copyright 2024 – Eurasia Business News. Article no. 1271.