Profile

Ireland is an island within the British Isles made up of two political regions: Northern Ireland comprising 15% of the island and Eire (the Irish name) or The Republic of Ireland (Its English name, often shortened to just ‘Ireland’) making up 85% of the island. Slightly confusingly Eire contains both the southernmost and the northernmost points of the island. Northern Ireland is a part of the UK and Ireland is an independent country with its own tax regime, regulatory structure and legal system. Unlike the UK, it is also an EU member state. The primary language is English and around 1% speak Gaelic, making it the only native English-speaking member of the EU. The currency is the Euro.

Political

Ireland is generally considered to have pro-business policies, good growth, and is a member of the European Union, offering great access to the EU markets with minimal documentation. Its bureaucracy is fairly light compared to some EU nations, meaning that setup is reasonably quick. The company types available in Ireland include a Limited Company, a Designated Activity Company, a Company Limited by Guarantee, an LLP, and an Unlimited Company.

Tax

Ireland has made itself attractive to business by applying a reasonably light corporation tax of 12.5% on business income. There is an R&D credit of 30%, Individuals pay 40% income tax on income over Eur 44,000 (with a standard tax rate of 20% on the income up to that). Ireland has double-tax treaties in place with 73 countries.

Legal

The legal system used in Ireland is based on Common law and encompasses points of European law. The system is very similar to the British legal system in structure and function. The courts exist at five levels from district court to supreme court, with some specialist courts for complex cases. Cases are held in public.

There is a well-established presence of law firms in Ireland although one of the top 5 London law firms is present there, and does not advise on Irish law from its Dublin office.

Privacy

The Company Bureau in Ireland maintains a public-facing register of Shareholders, Directors and UBOs for companies, so this is not the most privacy-oriented jurisdiction. UBOs here mean significant control over the entity or 25% or greater ownership and refers to the individual. However the use of nominees is permissible for directors and shareholders. For business owners requiring a high degree of privacy, Ireland is not the ideal choice.

In addition Irish companies must take steps to comply with GDPR which governs the storage and processing of personal data.

KYC and AML Regulations

Ireland complies fully with the AML regulations in effect in the EU and requires a full KYC procedure to be completed as a part of the incorporation process.