Encouraging healthy economic activity is a priority for the government. As a result, Ireland’s GDP growth has been the fastest in Europe since 2017. Despite the effects of the Covid-19 pandemic, it grew by 3.4% in 2020. Ireland is also among the most competitive economies in the world too.
As the top country in the world for investment incentives and with a corporate tax rate of just 12.5%, Ireland is a great place to do business. Double tax agreements with 74 other countries also affirms that international trade is a priority.
Its global connections are unique
Dublin provides a gateway to Europe and has excellent links with the US and the UK too. As one of the most globally connected cities in the world, it is an ideal base for businesses.
Ireland is a committed member of the EU and the Eurozone. It’s also worth noting that, since Brexit, it is the only native English-speaking country in the EU too. With excellent transport links, Dublin provides unique access to the 750 million-strong EU population.
Dublin’s connections with the US on a business, personal and political level also offers easy access to that market. And as the only European country currently offering pre-clearance, Dublin provides convenient travel to a whole host of US locations.
Dublin is modern, multifaceted and multinational
But this city isn’t just for big hitters. Dublin is also home to a thriving startup ecosystem which drives research, development and innovation across a variety of industries. Access to lots of helpful support is also available to those starting a business in Dublin.
Its workforce is unmatched
Ireland is consistently ranked among the top countries in the world for workforce productivity and the availability of highly skilled talent. In fact, just before the Covid-19 pandemic hit, the OECD ranked the Irish workforce as the most productive in the world. While productivity has fallen since then, it would appear Ireland now ranks second – after Costa Rica.
The Irish workforce is one of the most educated in the world. A couple of years ago, one European Commission report even described our third-level alumni as “the most highly employable graduates in the world”.
The city is a centre of innovation
Ireland is a leading location for research, development and innovation. In 2019, over €4 billion was spent on R&D across the economy. And, in 2020, the state continued to increase its R&D spending by allocating more than €869 million to the sector.
The country’s tax incentives, as well as its innovative accelerators, supports and intellectual property regime, drive success and profitability for R&D activities. The culture of collaboration between industry, academia, state agencies and regulatory authorities is a big plus too.
Global leaders in pharma, biotech, ICT and financial services have all undertaken R&D projects in Ireland. In fact, half of the top ten companies on Forbes’ list of the World’s Most Innovative Companies have offices right here in Dublin. These include ServiceNow, Workday, Salesforce, Amazon and Facebook.
Investment in Dublin is at an all time high and these are just a few of the most convincing reasons to invest in the city. For more information about starting a business here, check out the articles below.