We do not need to introduce Ireland which is a member of the European Union for more than 40 years and is one of its major dynamic states with Great Britain. Formerly named the “Celtic Tiger”, Ireland has developed its economy with the establishment of a low taxation system. Even if deeply affected by the so called “subprime crisis”, Ireland recovered quickly by attracting many foreign companies to register on its territory. Actually, many big international companies such as Google for instance have decided to incorporate a subsidiary in Ireland from where they can manage all their European business.
There are different reasons why Ireland is attractive as an offshore destination. First of all, as a member of the European Union, your offshore company registered in Ireland will never face any problem in invoicing another European company. Actually sometimes, offshore companies incorporated in more exotic jurisdictions can have problems in establishing a business relation with the financial departments of big and international groups but Ireland will be considered as 100% secured by them. Secondly, Irish companies can be managed from abroad and the profit tax rate is only 12,5%. Finally administrative obligations in Ireland are lower than in many other offshore jurisdictions.
At FCBA Offshore we do recommend to our clients to either incorporate an offshore company in Ireland or to open their an offshore bank account. But even though if Ireland offers many benefits, be aware of the fact that this destination is expensive regarding all adminsitrative aspects, accounting obligations, secretary… Finally, you may need to have an initial € 38’000 share capital which could be a drag for you to set-up your business there.
Finally, be aware of the fact that the initial deposit required by the banks is quite big and this could prevent you from having an easy and fast running business.