Ireland is one of the world’s most attractive destinations for foreign businessmen if taking into consideration all subsidiaries opened so far by large international corporations. In 2013 alone, Ireland registered about 170 new investments from FDI (foreign direct investment) companies. Ireland is the only country successfully exiting the bailout programs and returning to financial sovereignty due to the investment programs the Government implemented. Among the benefits enterprisers will appreciate are the Irish corporate tax system that is currently one of the most advantageous both in Europe and in the world, the business environment and skilled English speaking workforce.
The technology sector is one of the most attractive industries in Ireland mostly due to the collaboration between IBEC (Irish Business and Employers Confederation) and the ISA (Irish Software Association). The two agencies have worked together to develop a strategy to attract international corporations that have opened companies in Ireland. The Irish ICT industry is considered one of the fastest growing industries in the world because of the skilled labor force, relatively low cost and great potential it offered to foreign investors.
Ireland is currently the second largest exporter of computer and IT services worldwide. Other than the workforce, the open economy and the taxation system has allowed Ireland to attract 8 of the 10 largest IT companies in the world that have set up subsidiaries and branch offices in Ireland. The IT&C industry in Ireland provides more than 50 billion euros per year from exports to the country’s economy.
The pharmaceutical and chemical (PharmaChem) industry in Ireland accounts for the largest contributions from the corporate tax to the country’s economy.For over 30 years now, the Irish pharmaceutical and chemical industry has been creating most of the jobs and provided most of platforms for investments in the country. The PharmaChem industry comprises both local and foreign companies in Ireland. Currently, this industry account for over 20,000 employees in more than 100 Irish companies. Considering the new global environment that poses significant challenges, the Government has created a very advantageous tax regime in order to attract key-players in the sector that would further reinvest their profits in the manufacturing and research and development industries in Ireland.
For information about investment incentives in the most attractive industries please contact our specialists in company incorporation in Ireland.