Ireland was ranked 11th in the world for foreign direct investment (FDI) inflows, according to UNCTAD's 2015 World Investment Report. Ireland's FDI strategy for 2015 – 2019 has set a number of new targets, including winning 900 new investments for Ireland and creating 80,000 jobs.
Ireland ranked 17th in the World Bank's 2016 Doing Business rankings up two places from 19th in 2015. The rankings identified a number of reforms enacted by the government with regards to the ease of doing business. Ireland strengthened minority investor protections by introducing provisions stipulating that directors can be held liable for breach of their fiduciary duties. However, it made paying taxes more costly and complicated for companies by increasing landfill levies and by requiring additional financial statements to be submitted with the income tax return.
Key facts about starting a business in Ireland:
While establishing a business and investing in Ireland is a transparent and straightforward process, it is important to understand the nuances of any local regime. The manner in which people conduct business in Ireland may differ from the home countries of investors. Furthermore, variations on these distinctions may exist in different regions of Ireland and the industry in which a company operates.
While Irish Gaelic is the first official language of Ireland, English (the second official language) is the language most commonly used and is the lingua franca of business.
Dress codes in the workplace are typically conservative; nevertheless, this will vary according to industry. Punctuality is expected when doing business in Ireland. A handshake is the typical greeting for a new introduction and business cards will be exchanged after initial introductions. Gift giving is not common as part of Irish business etiquette.
Those looking to establish a business in Ireland will often look to countries across Europe as alternative options. While membership of the EU ensures parity in many aspects of the legal, tax and audit regimes, Ireland can be differentiated on the following factors:
Despite the many benefits of investing in Ireland, foreign investors should remain aware of potential challenges. The domestic market is relatively small and is characterised by high competition. Foreign investors may find that the cost of doing business is relatively expensive when compared to other EU destinations. Furthermore, despite the country's low corporate taxes, personal income tax rates are relatively high.
This guide has been developed to provide businesses with an overview of Ireland, its legal regime, start-up and market entry considerations, tax and customs requirements and a general summary of the factors that may affect the decision to do business in Ireland. However, the information contained in this document is generic in nature and you should not act or rely on it without obtaining specific professional advice.
Please note that the Country Guides may only be available in English.
|1||Companies Registration Office|
|2||The Office of the Revenue Commissioners|
|3||Data Protection Commissioner|
|4||Irish Naturalisation and Immigration Service|
|7||Department of Jobs, Enterprise and Innovation|
|2||Ireland FDI Strategy|
|3||Doing Business Rankings|
|4||Ireland Employment Visa applications|
|6||Ireland Economic Growth|
Download Country Guide - Ireland (3.57MB, PDF)
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