Relocating to Ireland post-Brexit?
Starting a business in Ireland may be an option for some UK entrepreneurs post-Brexit. Deciding to relocate your business is an important strategic decision and there are many factors to consider depending on your specific circumstances. These include family requirements such as accommodation, schools and so on. That said, there are many advantages to locating in Ireland.
Post-Brexit, Ireland will be the only English-speaking country in the EU. The economy is growing and, last year, Ireland moved up to seventh place (out of 61) in the World Competitiveness Yearbook rankings, performing strongly in areas such as flexibility and adaptability of people, investment incentives, national culture and finance skills.
Ireland is a committed member of the EU with a business-friendly environment and strong startup and tech sectors. There are good support services for growth focused businesses, including those relocating to Ireland. For example, Enterprise Ireland runs a competition for early stage start-ups based anywhere in the world that are willing to relocate to Ireland. The competition focuses on manufacturing and internationally traded services with applications considered on a competitive basis. The maximum fund support available to successful applicants is €50,000.
Tax advantages to locating in Ireland include a 12.5% corporate tax rate and research and development tax credits for certain innovative businesses.
Other reasons to consider relocating to Ireland
◆ Stable business environment
◆ Access to European and international markets
◆ Educated workforce
◆ 12.5 percent corporation tax rate
◆ Common law system
◆ Incentives for innovative companies
◆ Extensive double tax treaty network
At Brady & Associates, we work with startups and entrepreneurs in many different sectors. In our experience, businesses relocating find the move relatively straightforward as Irish business practices and common law are similar to those in the UK. If you are considering relocating or starting up a business Ireland, contact us today to find out more.