Relocating a business overseas is not a decision made lightly, but it can have huge benefits to those who choose to do it.
Cheaper rents on office space, new talent pools, and easier access to raw materials or specialist goods and services are all reasons businesses can decide to up sticks and move to new countries.
One of the most common is the choice to transfer operations from the UK, across the Irish sea – or Irish border – and into the Republic of Ireland.
With much of the same benefits as the UK, no language barrier, a skilled workforce and lower costs than, for example, London offices, Ireland’s increasing in popularity as a corporate headquarters.
If it’s good enough for the likes of Google, Facebook and Intel, it’s more than likely good enough for everyone else. If you’ve settled on the idea, or are considering making the move, here are some key tips for a smooth migration over to the Emerald Isle.
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Migrating to Ireland, despite its neighbouring proximity to the UK, does still mean applying to move to a foreign country with its own unique migration processes. You’re entering agreements and obligations that you need to meet to avoid rejected applications or further legal trouble.
Immigration solicitors, Ireland-based, are typically a popular option for entrepreneurs who need support and insight into getting the application correctly and increasing their chances of acceptance, for the first time.
If you need to continue trading with UK customers while relocating, the legalities of doing so can also become increasingly complex, too.
Therefore, seeking out specialists for advice is highly preferable to make mistakes in applying and being forced to put plans on hold until reapplying all over again. In the case of migrating a business overseas, the more help you can get, the better.
Ireland has long been hailed for its tax haven status, as a country with a very low corporation tax of only 12.5%, compared to the 35% in the US and 19% in the UK.
It’s also a place with business-friendly tax breaks, including 6.25% on revenue accrued through patents or intellectual property. Getting the tax side right is one of the other legal issues that, when handled by professionals, is a really beneficial and attractive prospect.
However, when taxation isn’t handled correctly, or income isn’t declared, it’s a very different story. Tax fines can be troublingly high, and a business newly migrated into Ireland, or a smaller business with poorer cash flow can really struggle with the hit.
Hiring an Irish-based or specialist accountant to support you in registering properly and paying the correct tax is all you need to do.
Deciding where to locate
Many businesses might immediately think of Dublin as the best bet for relocating. It makes some sense, however, it’s also likely to continue costing you a similar fee to a London-based business. Therefore, it’s worth looking at some of the other regions of Ireland if pricing is an issue for you.
Cities like Cork, Limerick, Derry and Galway have quietly fostered thriving business environments as alternative places to set up shop, enjoy the benefits of operating in Ireland and avoid the higher costs of Ireland’s capital.
Not to mention, their scenic, coastal scenery isn’t to be overlooked – there are worse commutes to the office.
Ireland is a beautiful, developed country that has created a highly business-friendly environment. If you can hire the right help, and build a clear vision of where you want to move to in Ireland, you’ll have a smooth transition into one of Europe’s most attractive places to start a business.
However, any business owner has to take the transition process seriously, make sure you get the details correct, and your Irish adventure won’t have to be put on hold.