Ireland has a real opportunity now to become the gateway to Europe for Britain. Given our proximity, our common law system, our flexible labour law, our consistently competitive and low corporation tax rate and we are English speaking, Ireland is being viewed as the ideal country in which to establish an EU presence. All the talk in the media is about the financial institutions, but at OSK we are regularly receiving contact from all manner of UK businesses, including technology, pharmaceutical, financial services and manufacturing who are considering moving here, and they are making their decision to do so sooner rather than later. The main factors driving their decision is that they want a presence in the EU so that they have access to the EU Single Market and their EU customers do not have to pay customs and excise duties and trade tariffs and the EU VAT rules continue apply. Consideration needs to be given, not only the direct costs such as customs duties and tariffs, but also the extra staffing and new technology required to deal with the administration and reporting.
There are many potential tax effects to the UK leaving the EU and it is too soon to comment in details on these as the BREXIT negotiations are only starting. But any UK businesses that trade with the EU must very soon start to consider the tax and legal implications from the perspective of the potential trade tariffs, VAT, access to the EU Single Market, freedom of movement in terms of relocation of staff both into and out of the UK.
OSK is experiencing many UK companies initially incorporating their company here and dealing with administration matters such as taxes registration and banking requirements. A free guide to setting up a business in Ireland is downloadable below.
For information on setting up a business in Ireland, on corporate taxation issues or taxes on employee relocations please contact Imelda Prendergast, Support for Brexit business in Ireland on 00353 1 439 4206 or firstname.lastname@example.org; www.osk.ie
A video message from Tadgh O'Sullivan, Director.
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