Recently, the renowned American magazine Forbes released its 2017 list of the best countries for business. In the overall rankings, Sweden took the top spot, followed by New Zealand, Hong Kong, Ireland, and the United Kingdom.
It is reported that to compile this list, Forbes evaluated 144 countries and regions worldwide based on 11 indicators: property rights, innovation, taxes, technology, corruption, freedom (personal, trade, and monetary), red tape, investor protection, and stock market performance. Each indicator was given equal weight. Ireland ranked fourth, a result inseparable from its favorable investment environment and sound social system.
Rapid Economic Development
Ireland's economy has developed rapidly over the past 20 years, earning it the title of "European Tiger." The World Economic Forum's "Global Competitiveness Report 2013-2014" indicated that among 148 competitive countries and regions worldwide, Ireland ranked 28th. Furthermore, from 1996 to 2007, Ireland achieved an average annual economic growth rate of 7.2%, thus earning the reputation of the "Celtic Tiger."
Ireland's GDP per capita ranks among the highest in Europe, trailing only the United States and Australia globally. It has become one of the world's most important investment destinations, with numerous multinational corporations choosing Ireland as their European investment base, such as HP, Intel, Apple, Google, Facebook, IBM, Yahoo, and Huawei.
Extremely Favorable Tax Policies
For investors, Ireland's greatest appeal lies in its low corporate tax—the average corporate tax is only 12.5%, whereas the UK rate is as high as 21%, China's is 25%, and the US rate is nearly four times that of Ireland, reaching 40%. More importantly, for newly established enterprises, corporate tax is waived for the first three years!
Strong Government Support
The rise of startups can increase employment opportunities and drive exports, thereby stimulating overall economic development, which is why the Irish government has consistently advocated for business creation. The government established Enterprise Ireland to support high-potential growth companies. This vast team has now established branches in over 30 countries. Additionally, Enterprise Ireland is actively working to improve corporate R&D awareness, aiming to develop the Irish economy into one with higher productivity, greater innovation, and strong competitiveness.
Doing Business in Ireland: Assisted by Five Major Organizations
• Enterprise Ireland provides consulting and financial support to high-potential emerging enterprises, encouraging the establishment of various forms of businesses.
• City & County Enterprise Boards support the launch and development of local businesses in Ireland. They provide services including consulting, guidance, grants, or financial assistance for training and expansion.
• Chambers Ireland is a business association composed of local business representatives, aimed at promoting local economic and social development and improving the environment for living, working, and doing business.
• Emerge Skillnet aims to develop and expand minority-owned businesses and assists them in overcoming business obstacles within the regulatory and cultural environment.
• Toil & Trouble: For those wishing to become self-employed in Ireland, Toil & Trouble serves as an excellent guide, introducing entrepreneurs to the various procedures that need to be completed.
At the same time, with the UK's "Brexit," foreign companies and talent will converge in Ireland. The UK's withdrawal from the European Union has had profound and immeasurable impacts on the European and global economies. Ireland, as the only country with a land border with the UK and the only English-speaking country in the EU after Brexit, has come to the forefront. Martin Shanahan, CEO of the IDA (Industrial Development Agency) Ireland, stated that although the series of procedures for Brexit has not yet been completed, Ireland has already received inquiries from over 100 companies originally based in the UK that intend to relocate to Ireland.
It is evident that as a "bridgehead" for overseas investors entering the European market, Ireland has long been a shining star in European immigration, thanks to its advantages such as being a "tax haven," having high-quality talent, and government encouragement of R&D. Immigrating to Ireland will receive increasing attention and favor from investors.
For more immigration information, please call: 400-138-2929.