'Because 5 crucial business indicators are in Ireland's favour,' says Tanaz Buhariwalla, Country Director (India), IDA Ireland.
I am often asked what my job entails. I promote Ireland to Indian companies looking to access Europe and guide them on how they can leverage their Irish presence for Europe. To put it simply, I give Indian companies a reason to invest in Ireland.
Here's a look at the top 5 business indicators that show you exactly why you need to set up a base in Ireland, now:
1) We're young and smart:
While most of Europe is ageing, Ireland is defying the odds, has the youngest population in the EU, a third of the population is under the age of 25.
But, when it comes to doing business, what is needed is not just a labour-force, but a skilled one. And Ireland has got you covered there too: 41% of the Irish population between the ages of 25 and 64, have completed their third level education, which is one of the highest levels in Europe (OECD 2016).
Ireland ranks 6th out of 63 countries benchmarked in the 2017 IMD World Competitiveness Yearbook in overall competitiveness. Ireland has also achieved top ranking positions in crucial sub factors such as No.1 in Labour Productivity, Investment Incentives and Attracting and Retaining Talent. Little wonder that names like Tech Mahindra, Infosys, Google, and over 1,200 others have set up base in Ireland.
Now here's what you give back to Ireland: As Ireland attracts you with her talent pool, the Irish skillset develops while working with you. Together, you enrich the business environment, and your profits.
- One third of the Irish population is under the age of 25
- Ireland has been ranked No 1 for Flexibility and Adaptability of its labour force (IMD World Competitiveness Index 2017)
- Ireland has the highest proportion of science and engineering graduates in the OECD (OECD 2016)
- Ireland has been ranked No 1 for Attracting and Retaining Talent (IMD World Competitiveness Index 2017)
2) We're easy to work with:
Forbes ranks Ireland the 4th Best Country in the World to do business in their 'Best Country in the World to Do Business Report' 2016. So, if you're an Indian company looking to expand your footprint in Europe, you could have your Irish presence registered and up and running within 48 hours.
3) We're your gateway to Europe:
While the Brexit forecast for Ireland remains a topic of hot debate, many global multi-nationals are increasing their foot-print in Ireland. MSD, or Merck, as it is known in Canada and USA has announced that it will invest Euro 280 million in Ireland, over the coming three years. The global financial services giant, J P Morgan is also set to significantly increase its investments in Ireland. These are just some examples. My colleagues and I are engaged on a daily basis with companies looking to establish a presence in Ireland to access the EU market. After all, we are the only English speaking country in the Eurozone.
- As a member of the European Union (EU), Ireland offers you unhindered access to 500 million customers across the EU.
- Ireland follows the Common Law (same as in India and the UK)
- The Irish Immigration laws also offer greater flexibility than her neighbours by allowing for 50 per cent of foreign experts in the workforce of Indian companies in Ireland.
- All of the above comes without any language barriers. Much like the UK, Ireland offers ease of communication with English as the official language of business, which gives her an edge over the rest of Europe.
4) Let's talk tax:
The Irish corporate tax system is simple, transparent and supports foreign investors. Here's how:
- 12.5 per cent corporate tax rate
- 25 per cent R & D tax credit
- Zero tax for foreign dividends
- Double taxation treaty network with India and over 72 countries
- Knowledge Development Box with a tax rate of 6.25 per cent
5) Be part of a thriving eco-system:
An award-winning education system, a growing population, a skilled labour force, a competitive tax system, sector clusters, world class research institutes and Centres of Excellence has led to an efficient business eco-system.
We work with companies in Ireland, understand their needs and with academia-corporate collaboration, create a labour force suited to industry needs. Dublin has emerged as a hub for global tech companies. While, in the midlands, we have a thriving life sciences cluster.
Ireland is an attractive place for talent from across the EU - after all it is the fastest growing economy in EU, providing opportunities to the skilled.
Not only are the local work force absorbed, but Ireland easily attracts talent from across the EU – after all it is the fastest growing economy in the EU and the great base of tech and life sciences companies that it boasts, provides opportunities to the skilled.
Today IBM, SAP, FaceBook, TechMahindra, Wockhardt, the worlds’ top 10 pharma companies and top 13 med device companies have all set up operations including R & D centres in Ireland. The cycle continues as there are a number of spin out companies from these larger giants.