What does this really mean for UK-based businesses? Back in June the polls were constantly changing, but one certainty was that it was going to be a pretty close call and when we all woke up on June 24, the impact of the nation’s vote changed the course of history. The UK was leaving.
Sunday 2 October finally saw Teresa May announce she would trigger Article 50, the clause needed to start the process, by the end of March 2017 – meaning that the UK is likely to leave the EU by mid-2019.
It’s an anxious time for business owners, after all you have set up your business and worked hard for it to flourish and judging by the scaremongering and media noise, imminent business growth is way down the list in the UK. This negative growth impact could have significant repercussions for your business. That’s why at CPG Executive, we are working with clients who are looking at business expansion into Ireland and we are actively facilitating their transition.
So, what are the benefits of business expansion into Ireland? For starters, it’s right at the heart of the Eurozone, situated between the USA, Europe and Asia Pacific, is a natural gateway to Europe and is one of the most open economies in the world. Being open means Ireland benefits from and contributes to the expansion of world trade; responding quickly to changing events with industry costs decreasing while productivity levels rise. Sound good? Here’s more.
There are numerous reasons why expanding your business operation into Ireland is a positive step forward; you would be entering an English speaking Eurozone country with easy access to the European market. With a population of 4.581 million, 50% of that figure are under the age of 35 and Ireland is ranked number 1 in the world for access to skilled labour and flexibility and adaptability of workforce.
In education, over 50% of this age range hold at least a 3rd level qualification; the highest in the Eurozone. It already has a wide range of thriving industry sectors including Pharmaceutical and Biotechnology, Medical Technology, Information and Communications Technology, Business Services, Consumer products, Industrial products, Entertainment and Digital Media, Financial Services too.
Many of the world’s leading corporations and global giants have already chosen Ireland as a prime business location and is now home to:
– 9 of the top 10 global pharmaceutical companies
– 9 of the top 10 software companies
– 12 of the top 15 medical tech companies
– 15 of the top 20 financial services companies
– 9 of the top 15 internet companies
– 3 of the top 6 games publishers
Ireland offers barrier free access to over 500 million consumers in Europe – the world’s largest single market and is ranked in the top 10 as one of the easiest places to do business in Europe; it has the freest economy in the whole of the Eurozone. This duty free gateway offers easy access to Europe, the Middle East, Africa and the United States; the only European country to have US boarder-free clearance.
There are also attractive tax incentives to be had as The Irish Government pursues a pro-business economic policy with low tax, a 12.5% corporation tax rate and 68 double taxation treaties in place. Ireland ranks in the top 3 in global innovation index and supports this with generous R&D tax credits of 25%. It is also 1st for investment for qualifying projects; R&D grants, employment grants and capital grants.
Relocating to Ireland is more attractive than ever; if you have a business currently operating in the UK and you feel that waiting for the BREXIT fall out in 2019 is not for you, then come and see us in our London office. We are here to advise and assist with your business expansion so you can continue to grow and enjoy access to the European Single Market.
Contact Helen Roberts on 0207 193 5885 or 07768 733966
*Source: Census 2011 **Source: IDA Ireland 2014:
www.idaireland.com ***Source: IDA Ireland 2014: