A perfectly poured pint of Guinness with that rich coffee taste, paired with a hint of chocolate… tends to be Ireland’s claim to fame. Of course, Ireland is also known for friendly people, gorgeous landscapes, and quaint towns. However, Ireland is becoming known for a lot more; it’s now the new breeding ground for startups, biotechs, and other companies.
With the increasing focus on international presence and expansion, biotechs are evaluating new global locations to set up shop. A promising economy puts Ireland in the lead as a strategic hub. According to the Irish Bioindustry Association, “[t]he presence in Ireland of a well-established global pharmaceutical industry with annual exports of €42 billion, combined with recent substantial multinational biotech investments places the country in a prime position for the growth and development of the sector.” Key reasons why this is an attractive and upcoming bio tech hub:
- Language: Ireland is the only English speaking country that “operates within the euro zone.” This makes it seamless for English speaking companies to conduct business without having to worry about the stress of language barriers.
- Location: Ireland’s location is central and accessible not only to the US, but also is also a segway to Europe, the Middle East, North America, South America, and Central America. In a lot of cases, it takes US east coast companies less time to reach Ireland, than it does the US west coast. Flights are also easy to come by from country to country or continent to continent.
- Employees & Education: Ireland’s free higher education program paired with access to over 30 universities sets the stage for companies to have a prime pick at knowledgeable, well-rounded candidates. As a result, companies can easily find ideal employees to spearhead operations.
- Relationships: Ireland not only has strong business and political ties with the US, but also with a plethora of other countries. Since Ireland is part of the EU and the euro, there is an ease to conducting business with key European countries.
- Innovation: The push and incentives to bring start-ups to Ireland has created a sound R&D environment. Because of this, there has been buzz around Ireland becoming a world leader in innovation.
- Corporation Taxes: (Rates can be found on: revenue.ie/en/tax/ct/) Ireland has put into play some low attractive rates.
- 5% for trading income unless the income is from an excepted trade* in which case the rate is 25%
- 25% for non-trading income (e.g. investment income, rental income)
* Excepted trades include certain land dealing activities, income from working minerals and petroleum activities