Why Choose IRELAND?
Why Choose IRELAND?Supporting Investment in Ireland1
Ireland named “Best Country for Business”by Forbes, December 20132
ForewordCéad míle fáilteForeign Direct Investment (FDI) in Ireland is at an all-time high andAIB recognises the vital role it plays in the growth of the Irish economy.Over the years FDI has helped to transform Ireland into a modern, open,highly developed and knowledge based economy.To further support the growth and development of FDI in Ireland, AIBcommissioned independent research, the findings of which we haveassembled into this report “Why Choose Ireland?”We hope this research will be of benefit to multinational companiesconsidering setting up or increasing their investment in Ireland.I would like to thank all those who made a contribution to compilingthis publication.Please feel free to get in touch with us if you would like any furtherinformation on any aspect of your financial requirements when investingin Ireland.The research looked at the reasons why multinational companies investin Ireland. It investigated the main drivers and enablers to setting upbusiness in Ireland. It also evaluated companies’ experiences in theIrish market and sought key insights from existing FDI companies.It is evident from the research that Ireland is a very attractive placeto do business. However all stakeholders have a role to play to ensureIreland maintains its competitive advantage.Simon ScroopeHead of AIB Corporate Banking
Ireland receives a very high level ofpersonal endorsement from FDI seniorexecutives – 97% of respondents wouldrecommend Ireland as a country to locateSource: Ipsos MRBI AIB Foreign Direct Investment Research – February 2014Ireland – Leading key competitiveness milestonesRANKING FORIRELANDBRAZILCHINAFRANCEGERMANYFlexibility and Adaptability1103859481739Investment Incentives1362140193022Business Legislation1445528751273574621422836– Openness for Foreign InvestorsAvailability of Skilled LabourSource: IMD World Competitiveness Yearbook 2013INDIALuxembourg4
TRACK RECORDWhy chooseIreland?Ireland was recently voted the best countryin the world in which to do business.In Forbes’ ranking of Best Countries for Business, Ireland was the onlynation that ranked among the top 15% of countries in every one ofthe 11 metrics Forbes examined. It was also a leading country for lowtax burden, investor protection and personal freedom.Dublin CityNETHERLANDSRUSSIASWITZERLAND UK32502231105231315571659251724Reasons to Invest in Ireland:TChoose Ireland for your business.*Source: IDA Ireland 2014: www.idaireland.com**Source: IMD World Competitiveness Yearbook 2013Over 1,000 overseascompanies are inIreland*TThe country’s strong international reputation has been establishedover many decades with successive governments working to ensurethat the country is an attractive FDI location.A natural gateway to European markets, Ireland is also the only Englishspeaking country in the Eurozone. Combine this with its educatedand adaptable workforce, world class business and technologyinfrastructures, attractive 12.5% corporate tax rate and a governmentthat is committed to pro-business policies, and you start to see whyIreland is without doubt the best country in which to do business.TRACK RECORDTALENT1st for flexibilityand adaptabilityof its people**TECHNOLOGYT9/10 Global ICTcorporations arelocated in Ireland*TTAX1st for corporatetaxes*5
Ireland’s FDI track record12/2012 of the top 20 GlobalInternet companies arelocated in Ireland*The right trackForeign Direct Investment to Ireland is atan all-time high. The country remains anattractive investment location because ofits favourable business environment, skillsavailability and its track record of cluster andsector strengths.15/2015 of the top 20 FinancialServices firms are located inIreland*76%Economic Optimism76% think the business environment in Ireland willimprove in the next yearSource: Ipsos MRBI AIB Foreign Direct Investment Research– February 20146
TRACK RECORDQuality and ValueSectors that choose Ireland*Ireland is already home to many of the world’s leading highperformance companies including Google, Intel, Facebook, Twitter,LinkedIn, Apple, eBay, PayPal, EMC, Takeda, Pfizer, Waters, Alps Electric,Salesforce, Trend Micro, Adobe, AON, Allergan, Hewlett-Packard,Amazon and Digital Realty, to name a few.Ireland’s improvement in cost competitiveness in recent years has ledIBM 2013 Global Location Trends Report to rank Ireland first in theworld for inward investment by quality and value and first in Europeand second globally for the number of investment jobs per capita.There is a cluster of companiesalready there in software and in R&D.there is a talent pool.Chris Knight, International Sales Manager at fDi Magazine, Financial Times100%100% of Botox is manufactured inIreland by the fastest growing MedTech company in the world*50%9/103 of the top 6 Gamepublishers9 of the top 10 GlobalPharmaceuticalcompanies8/108 of the top 10 MedTechcompanies13 of the top 20 MedicalDevice companies50% of all leasedaircraft are managed inIreland**Source: IDA Ireland 2014: www.idaireland.com7
Ireland ranks No. 1 in the world for inward investment whenscored for quality and value*, and is rated 1st in the Eurozonefor ease of doing business***Source: IBM’s Global Location Trends Report 2013**Source: IDA What makes Ireland great, makes Ireland great for business 2013Key facts about IrelandPopulation: 4.581m* – 50% of populationunder 35Timezone:GMT 0.00Currency:EuroLanguage:English speakingPolitical landscape: Republic – stable politicalenvironment, parliamentarydemocracyEngSPEAKINGIreland is the onlyEnglish speakingcountry in the Eurozone1,153 companies choseIreland as their strategiclocation in Europe**As a member of theEU, Ireland has accessto over 505 millionconsumers***EUMEMBERBorder preclearanceUnited States border preclearance services areavailable at Dublin and Shannon airports forUS-bound passengers, making these the onlytwo European airports with this facility.*Source: Census 2011 This is Ireland **Source: IDA Ireland 2014: www.idaireland.com ***Source: Eurostat European Demography 20138
ACCESS TO EUROPEIreland – a perfect gateway to EuropeIreland is at the heart of EuropeEurope is one of the world’s largest economies and accounts for circa22% of global GDP. As a long-standing member of the EuropeanUnion, and a member of the core group of 18 countries whosecurrency is the euro, Ireland can justifiably claim to be right at theheart of the Eurozone. For those companies located in Ireland, thisis good news. They automatically have barrier-free access to over500 million consumers in the EU with Ireland as a natural gatewayto this market.Ireland is known for being one of the most open economies in theurbanised world. It has a thriving capital, Dublin, along with urbancentres in Cork, Galway, Limerick, Kilkenny, Waterford, Athlone,Letterkenny, Drogheda and Sligo.Ease of AccessIreland has international airports in Dublin, Cork and Shannon withregional airports in six other locations. Dublin Airport handles over20 million passengers annually. There are circa 50 scheduled flightsdaily from Dublin to all five London airports for onward connectionsto overseas destinations as well as direct flights to the USA, Canada,Europe and the Middle East.96% of FDI companies that exportgoods from Ireland have had a mainlypositive experienceSource: Ipsos MRBI AIB Foreign Direct Investment Research – February 2014Ireland also has a large network of ports offering worldwide seafreight services.Irish Government Buildings, Dublin9
86% of companies stated that access toEurope was critical or important in relation totheir priorities for setting up in IrelandSource: Ipsos MRBI AIB Foreign Direct Investment Research – February 2014Reasons for setting up in IrelandAccess to EuropeWorkforce talentThe Corporate Tax rateEnglish as an official languageIreland’s membership of the EurozoneCritical to setting upphoto by Enda Cavanagh Photography5654484435Important not critical301442 440 1247 94322Not relevantDublin Airport’s new Terminal 2 Building10
One of the factors that makes Ireland good for business is thatit operates as an open, transparent and regulated environment.Independent regulatory bodies oversee the key sectors of financialservices, energy, telecommunications, health and safety andtransport.SEPAThe Single Euro Payments Area (or SEPA) isa European Union regulation that simplifiesfinancial transactions and makes doingbusiness easier.It applies across 34 European countriesincluding Ireland and makes it easier to transferand receive funds.For further information see ding-sepa34COUNTRIESACCESS TO EUROPEIreland represents a small but flexible andopen economy with a strong tradition inknowledge-based industries, providing acritical gateway to international marketsboth within and outside Europe.Data ProtectionIn recent years Ireland has positioned itself as the EU’s premierhub for multinationals setting up their EMEA headquarters.Dublin, in particular, is emerging as an attractive location forinformation and data rich technology firms.The use of personal data in Ireland is principally governed bythe Data Protections Acts 1988 and 2003. The Acts set downbasic data protection principles that apply to those controllingthe use of personal data (data controllers) and those processingdata on their behalf (data processors).The transfer of personal data from Ireland to jurisdictionsoutside the European Economic Area (EEA) is also governed bythe Data Protection Acts. There are a number of ways in whichsuch transfers can legitimately be made and it is generally amatter for a business to decide which way best suits its needswithin the terms of the Acts.The gathering and use of personal data in an online environmentalso comes within the remit of the Data Protection Acts andrelated legislation. The Electronic Privacy Regulations, forexample, govern the use of cookies and the sending of unsolicitedcommercial communications via electronic means.1PAYMENT AREA11
Ireland’s talented workforceIn a world that is increasingly knowledge driven, the availability of talentand competencies is key. Ireland’s workforce value proposition is firstclass, having been ranked by the IMD as 1st in the world for flexibilityand adaptability and 3rd for the availability of skilled labour. The Irishworkforce ranks 4th in the world for productivity.Workforce availability is set to continue with the country’s populationgrowing steadily. Ireland still has among the highest birth rates inEurope. Its population of 4.6 million people is projected to grow by13% to 5.2 million by 2020. At a median age of 36, it remains thelowest in the EU.While English is the spoken language in Ireland, the country has astrong multi-lingual capability in its workforce. Ireland’s pro-businessnational policies have attracted highly skilled workers with multi-lingualcapabilities.I believe the main draw is our highlyskilled, flexible and innovative workforcewhich has a proven record of delivering greatresults for businesses operating in Ireland.Louise Phelan, Vice President of PayPal’s Global Operations in Europe, the MiddleEast and AfricaTrinity College, Dublin12
Labour ProductivitySkilled LabourGDP (PPP) per personemployed per hour (US )Availability of skillsIRELAND (58.97)BRAZIL (12.90)CHINA (8.04)FRANCE (55.88)GERMANY (44.79)INDIA (4.46)LUXEMBOURG (68.12)NETHERLANDS (47.83)RUSSIA (25.18)SWITZERLAND (49.12)UK (42.56)50.4% of the population ofIreland is under 35 years old*Flexibility &AdaptabilityOf workforce452565186011240921IRELAND (7.65)BRAZIL (3.40)CHINA (5.05)FRANCE (6.11)GERMANY (5.27)INDIA (5.85)LUXEMBOURG (5.48)NETHERLANDS (6.88)RUSSIA (5.95)SWITZERLAND (6.38)UK (6.02)Source: IMD World Competitiveness Yearbook 201335746214228369251724IRELAND (8.64)BRAZIL (7.54)CHINA (6.29)FRANCE (3.76)GERMANY (6.06)INDIA (7.15)LUXEMBOURG (6.28)NETHERLANDS (6.44)RUSSIA (5.87)SWITZERLAND (6.92)UK (6.51)50.4%TALENTIMD Education Rankings World Competitiveness Yearbook, 2013110385948173932502231Human CapitalDublin, Ireland is ranked as the best cityin the world for human capital**Source: IDA Ireland 2014: www.idaireland.com13
Ireland was chosen because of the skills of thepeople. There were high levels of skills, particularly inthe Engineering sectorSource: Ipsos MRBI AIB Foreign Direct Investment Research – February 2014IMD Education Rankings WorldCompetitiveness Yearbook, 201348%48% of the Irishpopulation haveattained at leasttertiary educationfor persons 25-34Source: IMD WorldCompetitiveness Yearbook 2013University College CorkHigher Education AchievementIRELAND (48%)BRAZIL (12%)CHINA (26.5%)FRANCE (43%)GERMANY (26%)INDIA (15%)LUXEMBOURG (44%)NETHERLANDS (41%)RUSSIA (35.9%)SWITZERLAND (40%)UK (46%)6513616385011202921914
Ireland has one of the best-educated,knowledgeable, flexible, productive, vibrantand innovative workforces in the world.According to the IMD World Competitiveness Yearbook 2013, Irelandhas one of the best education systems in the world for Higher Educationachievement, ranking 6th overall. In a population of 4.6 millionpeople, there are over 1.1 million currently in full-time education. Thisrepresents a higher percentage of third level graduates than the UK,US and OECD average.We areprivileged inIreland to havesuch a highlyeducatedworkforce.Louise Phelan, Vice President ofPayPal’s Global Operations in Europe,the Middle East and AfricaTALENTEducation1st3rd level CompletionIreland ranks 1st in Europe forcompletion of 3rd level education**Quality of EducationIreland ranks 2nd for quality ofeducation**200,000In 2013 almost 200,000students enrolled inthird level courses inIrish universities andcolleges*25%28%Almost 50,000 students– 25% of total studentenrolments – enrolledin Social Sciencesincluding Business andLaw*A further 28% or 55,000students enrolled inScience and Engineeringcourses*21%2ndThere was a 21%increase in STEM(Science, Technology,Engineering, Maths)for 2013-2014 thirdlevel education courseapplications**Source: IDA Facts about Ireland 2013**Source: IDA Ireland 2014:www.idaireland.com15
As a whole package, it [Ireland]was more compelling. The tax ratewas one aspect. and the attitude ofthe government to business.Source: Ipsos MRBI AIB Foreign Direct Investment Research – February 2014The International Financial Services Centre, Dublin16
Ireland has a pro-business, low corporationtax environment. The Irish tax regime isopen and transparent and complies fullywith OECD guidelines and EU CompetitionLaw.R&DTAXATIONTaxation inIreland12.5%Corporation tax on the worldwide profitsof companies that are tax resident inIreland is 12.5%25%REFUND97% of FDI companies in Irelandare satisfied with the government’scommitment to maintain thecurrent Corporate Tax rate*The R&D tax creditoffers a very significanttax break representinga potential 25% refundof costs incurred,in addition to taxdeduction at 12.5%97%Ireland’s Corporate Tax is one of the top four reasonscompanies give for setting up in Ireland*Access to EuropeWorkforce talentThe Corporate Tax rateEnglish as an official languageCritical to setting upImportant not critical56544844301442 440 1247 9Not relevant*Source: Ipsos MRBI AIB Foreign Direct Investment Research – February 201470COUNTRIESExtensive Tax Treaty NetworksIreland is renowned as one of thebest countries in the world in which toincorporate a company. Ireland hascomprehensive double taxation agreementswith 70 countries, of which 68 are in effectas of 31st December 2013.17
Attractive tax reliefs for corporatesOur IP laws are very, very strong.It’s part of a collection of attributesthat makes [Ireland] very much aunique proposition.Intellectual Property (IP)Tax depreciation is available for capital expenditure incurred on theacquisition of qualifying IP assets (e.g. brands, patents, trademarks,domain names etc.). The deduction is matched with the amortisationor depreciation charge of the IP included in the accounts. Alternatively,a company can elect to claim tax deductions over 15 years, at a rate of15% per annum and 2% in the final year.Bob Savage, Vice President and General Manager, EMCThe IP tax relief available for a given year may not exceed 80% of thetrading income of the company as computed before such deductions.Corporation Tax RateIreland offers a transparent corporation tax regimeaccompanied by a growing network of international taxtreatiesSource: IDA Ireland 2014: www.idaireland.comThe International FinancialServices Centre, DublinIRELAND1 .43%UK23%Attractive Holding Company Regime includes:Capital gains tax participation exemption on disposal of qualifyingshareholdings. Effective exemption for foreign dividends via 12.5% taxrate for qualifying foreign dividends and a flexible foreign tax credit system No withholding tax on dividends paid to treaty countries42%An extensive double taxation agreement network and access to EUdirectives to minimise withholding tax on inbound royalties and interest,and additional domestic provisions to minimise withholding tax onoutbound payments. Double tax relief available for tax suffered onforeign branch profits and pooling provisions for unused tax creditsIrish legislation has no thin capitalisation or controlled foreigncorporation (“CFC”) rules.18
TAXATION100%COMMITMENTDividendsMost dividends and other distributions from Irish-resident companiesare exempt from Irish taxation at the corporate level. Dividendsfrom non-resident companies are taxable in Ireland. However, relieffor foreign taxes may be available to reduce any Irish tax payable.‘Onshore pooling’ allows foreign withholding taxes and underlyingtaxes to effectively be pooled together and used to offset Irish tax onthe dividends. The 12.5% tax rate on dividends from primarily tradinggroups resident in the EU or double taxation treaty states will generallyensure that little or no tax arises on repatriation of overseas profits.Foreign dividend income is liable to corporation tax, generally at 12.5%Withholding tax exemptionsGovernment remains 100%committed to maintaining the12.5% Corporate Tax rate.Irish Minister for Finance, Michael Noonan, Budget 2013Speech89% of FDI companies have had mainly positiveexperiences in relation to Ireland’s transparenttaxation system1st1st for CorporateTaxes*6th for ease ofpaying businesstaxes*Source: Ipsos MRBI AIB Foreign Direct Investment Research – February 2014Multinational corporations are generally exempt from Ireland’s 20%Dividend Withholding Tax which applies to dividends, and the 20%withholding tax which applies to certain royalties and interest.6thFor more -treaties.html*Source: IDA Ireland 2014: www.idaireland.com19
Ireland for SurfingLahinch, Co. ClareIreland for GolfingIreland for Proximity to NatureDromoland Castle, Co. ClarePhoenix Park, Dublin City CentreIreland for FamiliesIreland for Horse RacingIreland for HeritageCo. KerryListowel Races, Co. KerryChristchurch Cathedral, Dublin City Centre20
CREDITSIreland for living and for workingQuality of lifeAttracting key talent to Ireland is about more than the financialpackage or the tax benefits on offer. It is also about the intangiblesand the quality of life available. In this, Ireland is simply unmatched.It offers among the highest quality of life and standards of living inEurope. Excellent schools, sporting facilities and cultural experiencesabound. Its cosmopolitan cities and towns, with their surprising proximityto coasts and wide open spaces, add a richness to downtime that issimply unmatched.Financial incentivesAlong with enjoying quality of life benefits in Ireland, foreignexecutives enjoy financial incentives that help reduce theirtax liabilities. Non-Irish investment income
2 Céad míle fáilte Foreign Direct Investment (FDI) in Ireland is at an all-time high and . IBM 2013 Global Location Trends Report to rank Ireland first in the . In recent years Ireland has positioned itself as the EU’s premier hub for multinationals setting up their EMEA headquarters
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