The first thing you need to decide before you set up a new business or shift an existing business is the location. Among the European countries, Ireland ranks among the favourites among global entrepreneurs in this regard. Whether you are starting a new business or relocating your existing business, the business environment of Ireland is conducive to its growth and development.
The consecutive Irish Government has worked for the past ten years to create a favourable business environment in the country. The pro-business legislations and the positive taxation structure encourage entrepreneurs from all over the world to carry on business at this location. Ireland ranked as the best place for doing business in Europe as per the Forbes survey conducted in 2011.
The World Bank rates the country as the best place in Europe, and 4th in the world, for starting a business. The same rankings give the country the position of 8th amongst the Organisation for Economic Co-Operation and Development countries, and 10th in the world, for the ease of carrying on business. A few details about the business environment will give you an idea about the reason that makes Ireland the right place to create a company.
The chief reason for the interest of investors in the Irish companies is the encouraging taxation structure. The corporation tax rate of the country, which is 12.5% in recent times, is much lower compared to other countries.
Moreover, as the country has tax treaties with 62 countries, companies may also avail of the double tax agreements. Even if you plan to sell off your business later, this may prove to be advantageous.
The new visa programmes, which aim to encourage foreign nationals to invest in Ireland, also add to the popularity of this location for starting and doing business. The two specific programmes in this regard are as follows:
The Immigrant Investor Programme provides individuals, who have successful business backgrounds, to relocate to the State and invest in businesses. The investment thresholds vary between €400,000 and €2 million.
The Start-Up Entrepreneur Programme provides individuals with an innovative business proposal and adequate funds (€75,000) the option to come to the State and set up a business.
The start-up businesses with a strong research and development element also attain generous tax credits for this. These tax breaks may prove to be advantageous for a business in the non profiteering start-up phase.
The Employment and Investment Incentive is also another form of tax relief available to Irish citizens who invest in an Ireland company. However, the company must meet the criteria specified by the scheme.
The tax reduction available on the intangible assets is another reason for the popularity of the location for business. Intellectual property including trademarks, designs and patents comes within this tax relief advantage.
Whether you are an Irish citizen or a foreign national, the business environment of Ireland makes it a suitable place for a new or an existing venture. For this, you may choose a service that helps in company formation and registration. This will enable you to handle the procedure involved in setting up a business in Ireland. You may use online resources to find such a service provider.
Alias Hamilton has experience in working as a consultant providing advice and guidance regarding company registration in Ireland. If you are looking for a service that offers help with company formation or business name registration, he suggests you visit http://www.cadima.ie/ for further details.