Setting up a new business can be a costly endeavour, in terms of both time and money. Knowing the advantages of a location and having a guide to getting started there can be priceless.
Ireland offers several important benefits to a new or expanding business. This guide will explain why you should set up in Ireland, as well as give you an overview of the steps needed to set up shop.
Why Set Up Business in Ireland?
Perhaps the biggest issue facing businesses in the UK is Brexit. Once the effects of Brexit are implemented in 2019, many businesses will face challenges such as altered taxes, as well as changes in legislation and regulations.
While it is not completely clear how these changes will affect different businesses, the uncertainty alone is cause for concern.
A massive benefit of moving or setting up a business in Ireland is that the Republic of Ireland is not part of Brexit and is still therefore part of the EU. This means that any trade relationships that are already in place or might be established with nations in the EU will remain unaffected.
Ireland also has a highly educated workforce, with some of the best education rates among adults in Europe, making it much simpler to find skilled employees. It also has a low corporation tax and, as a result, it offers a diverse and welcoming economic climate for a variety of businesses.
Steps to Take When Setting up Your Business
- Register Your Business
You will have to register with both CRO (Companies Registration Office) and Revenue. The functions of the CRO include the following:
- Incorporates and registers business names
- Receipt and registration of post incorporation documents
- Enforces the Companies Act 2014
- Makes business information available to the public
Additionally, Revenue is responsible for employee taxes such as PRSI and PAYE.
- Office Space
Begin by deciding what type of office space your business needs and what your budget will cover. If your business is only a small start-up, you may only need or be able to afford a small office space or a virtual office space.
If your business is a larger start-up with other employees to consider and a bigger budget, you will likely require an office where you can set up multiple desks. Factor into your decision whether you will need a receptionist as well. You may also want to look into a shared office, which combines most of the features of a larger office set up but is shared between several businesses in the same building.
Next, scout out locations. Some of the best business locations in Ireland are found in the capital. Dublin has good infrastructure, great co-working spaces, an attractive local culture, and numerous options for local suppliers, distributors and support services for any businesses.
Try to choose a location that best suits your business, whether that’s in the city centre, out in a quieter area, or near the airport or docks. When choosing the building itself, remember that although older buildings offer beautiful aesthetics and cheaper pricing, they may also have their drawbacks when it comes to maintenance and upgrades.
Also look into local funding options that might be available. Many cities offer incentives to attract new businesses and will sometimes cover the cost of setting up. Enterprise Ireland offers a broad range of supports and their investment in companies is focused on export and job creation potential. If you’re a small company or a start-up, Microfinance Ireland provides loans of up to €25,000 to businesses with no more than 10 employees.
Whatever business you have, Ireland offers a lot of advantages as a location; from healthy economic and legal systems, to a strong and well-educated workforce, to the buildings and cities themselves.