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There are currently more than a thousand international companies in Ireland, with foreign investor interest continuing to grow. There are no restrictions on foreign nationals doing business in Ireland. A company can be 100% owned by foreigners. Ireland currently offers more than favorable conditions for doing business. With its low tax rate, Ireland ranks among the countries with the lowest tax rate worldwide. The so-called avoidance of double taxation works here, which ensures a 0% withholding rate. And it is the tax system, combining domestic tax rates with European Union directives and double taxation, that makes Ireland one of the most sought-after business destinations in the world.

Advantages of doing business in Ireland

  • Low tax rates.
  • Business can be conducted on an international scale.
  • The liability of the shareholders is limited only to the amount of the share capital.
  • Company name is protected. No one else can use the name.
  • There are clear and easy to understand rules how the company must work (Memorandum & articles of association).
  • The company is perceived as an independent legal entity, and is not associated with those who own it

A strong economy. Sure, we all know that in 2008 the country was hit hard by the economic crisis. Despite the recession, the Irish economy is considered very open, with a stable regulatory environment that is based on English law. This means that if you and your employees are familiar with English law, Ireland can be a goldfish for you!

Taxation. The basic corporate income tax rate is 5 %, which is one of the lowest rates in Europe. You will be safe in Ireland. But this rate only applies to business profits, in the case of profits from non-commercial activities, this rate increases to 25 %.

The basic rate for withholding tax on dividend payments is 20 %. Due to the existence of double taxation treaties, it can be reduced to zero. If the company exceeds the profit limit of EUR 75,000 in the case of products or EUR 37,000 in the case of services, the entity is required to register for value added tax, which is 23 %.

The country is the gateway to Europe for many American companies from the IT sector. They are, for example, Apple, Facebook and many others

The most common legal form is a Private Limited Company (Ltd.), which is similar to our limited liability company. When setting up a company in Ireland, only one shareholder and two directors are required. It should be remembered that one of them must be a citizen of a country belonging to the European Economic Area.
It is also an obligation to have a secretary, who can also be a non-resident.

The minimum share capital in Ireland is €1, so virtually anyone can start a business in Ireland, no large capital is required. But be prepared for the paperwork, it is mandatory for an Irish company. But it won't bring any big problems to your business. The company must keep accounts, Irish companies are subject to audit. The company must have an Irish address (must be a physical address) and hold an annual general meeting.

Thanks to the economic crisis of 2008, Ireland realized during the recession how important the business environment is to the economy and currently offers strong business support and attractive incentives for investors. In the Trading Across Borders category assessing barriers to foreign trade, Ireland was ranked 5th. It is primarily characterized by lower time requirements for importing and exporting goods. The administrative complexity associated with it is also lower than the average of OECD countries, the costs are only slightly higher.

According to the Paying Taxes indicator, Ireland took the 6th position. The time required to prepare, report and remit corporate income tax, value added tax, etc., including payroll taxes and social security contributions is a total of 80 hours per year, which is more than twice the OECD average.

Basic information

  • Irish Private company limited by shares: Ltd
  • Submission of financial statements: YES
  • Submission of annual report: YES
  • Mandatory company audit: YES
  • Tax return required: YES
  • Need for two directors, at least one must be EU resident
  • Can be a sole shareholder

Taxation

  • Exemption from corporate income tax for a period of 3 years on a taxable profit of less than €320,000
  • Corporate tax rate: 12.5 % ​​is tax on business profits, 25 % is on non-business profits and 10 % is for manufacturing companies, increase in capital gains tax to 30 %
  • Possibility of using the double taxation agreement: YES
  • Income tax / Standard rate: 41%, Reduced rate: 20 %
  • Corporation tax / Standard rate: 12.5%, Special rate: 25 %
  • Value added tax / Standard rate: 22% Reduced rate: 4.8 % and 13.5 %
  • Capital gains tax / Standard rate: 25%, Reduced rate: 40 % and 0 %
  • Deposit interest retention tax / Standard rate: 30 %, Reduced rate: 0 %
  • Property transfer tax (stamp duty) / Standard rate: 9 %, Reduced rate: depending on the type 0 % – 12 %
  • Inheritance and gift tax (capital acquisitions tax) / Standard rate: 25 %, Reduced rate: 0 %

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