The Republic of Ireland makes up 26 out of the 32 counties (four fifths) of the Irish island, Europe’s third largest island. In 1921 the British government split the island between the Protestant North and the Catholic South with the intention that both regions would remain under the control of the United Kingdom. However the following year, while the north opted to remain, the South chose to leave the constitution and became The Republic of Ireland. Now a member of the European Union, the Council of Europe and the OECD the country has a large international presence disproportionate to its relatively small size.
At the time of Ireland’s admission in to the European Union in 1973 the country was considered one of the poorest members and a predominantly agricultural society. However, the 1990’s experienced an impressive economic boom and today Ireland’s economy is strong and progressive. With international trade now a focus for its expansion,doing business in Ireland is a wise decision.
One of the top twenty-five wealthiest countries in the world in terms of GDP, global firms are now increasingly choosing Ireland as a destination for new headquarters. Strengths of the market include a highly educated workforce and significant presence in high added value sectors such as pharmaceuticals, computing and medical equipment.
However, the potential challenges of doing business in Ireland are a high rate of income tax, labour costs, and competition for skilled staff, meaning the cost of doing business here may be high. Furthermore, firms should be aware of the competition against a robust domestic market.
For more information the World Business Culture website is home to all the necessary knowledge on the advantages and disadvantages of the Irish economy, business etiquette and tax frameworks and legalities.