With her low Corporation Tax rates, it is well-known that Ireland has enjoyed impressive growth, largely as a result of foreign direct investment. However, whatever happens with Brexit, the U.K. obviously needs to find ways to remain competitive and, in the U.S.A., the former President stated a desire to eventually reduce their Corporation Tax rate to 15%.

So, is Ireland’s competitive edge under threat?

We spoke to a number of leaders in financial services companies within our Irish client base and asked them what they thought. In addition to the advantage brought by the low Corporation Tax rate, it became clear that a number of other factors remain vital. There were many factors but the following were the most frequently stated:

Freedom of Services Trading

The ease of trading within the EEA continues to be a major attraction to Globals, who need to have a European Headquarters to ensure they can fully service their Pan-European client base and maintain/increase European revenue streams. Smaller operations also enjoy the benefits of passporting into the EEA from a service hub based in Ireland.

Highly-Educated Workforce

Ireland has the youngest population in Europe, with about one third of the population aged under 25. Our universities and colleges continue to adapt and develop programmes which provide knowledge relevant to the roles provided by companies who have relocated here. For example, we have seen major changes to how information technology, finance, business, engineering and life sciences skills and knowledge are taught and qualified. As well as home-grown specialists, we continue to attract skilled practitioners from all over Europe and beyond. In addition, many Irish ex-pats are returning home and putting their international experience to work for companies offering Pan-European products.

English Speaking Country with many other Languages Spoken

The world is still a global village and while English continues to be the first language of business, companies need diverse language skills to ensure they can manage and develop their global client relationships. Our universities have increased the number of Degree and Masters courses in business studies taught through foreign languages, and we continue to attract quality talent from non-English-speaking countries.

Favourable Regulatory Regimes

Ireland has transparent and open regulatory regimes for Financial Services and Life Sciences, which are broadly well-balanced between ease of development/trade and protection of the individual and consumer. This is particularly attractive to companies emanating from overly-cumbersome regimes, where the cost of labour-intensive regulatory compliance often threatens business viability.

Best Golf in the World! – Great Quality of Life

Okay, that’s the opinion of a few of our clients (!), but everyone we spoke with said the great quality of life in Ireland was a major factor in their choosing Ireland and continues to be important to them as they seek to attract talent. 

The general consensus was that Ireland continues to enjoy a market-leading competitive edge, particularly for companies who have relocated here.

Frank Whelan - Managing Partner