Businessmen who want to set up a company in Ireland should take into consideration the Irish services sector, which gradually increased during this year. In September 2018, the services sector in Ireland reached the highest development registered in the previous three last months, as the Services Purchasing Manager’s Index reached a level of 58,7 (compared to 58 in August 2018). Our team of Irish lawyers can assist with more details on how to set up a business here.
The consumer spending increased in Ireland due to large number of transactions concluded through debit cards, as presented by the local Central Bank. The trend was observed in catering units, such as restaurants, and for shopping activities. At the level of June 2018, Ireland accounted for more than 5 million debit cards and businessmen or natural persons interested in the procedure of opening a bank account can receive advice on this matter from our team of Irish lawyers.
According to the latest data provided by the European Commission (EC), Ireland is expected to have the highest gross domestic product (GDP) growth at the level of the European Union (EU). The GDP for 2018 is expected to grow at a rate of 5,6%, while for 2019 the GDP growth is set at 4%. Most of the growth registered in these cases is a direct effect of the domestic demand of the country. Businessmen who want to set up a company in Ireland can receive in-depth information on the business climate available here from our team of Irish lawyers.
Waterford City, the oldest city in Ireland, will soon benefit from a major development project, that will be built in the region of North Quays. The investment project that will be developed by the local authorities (including the County Council) will have a total value of EUR 60 million and the main purpose is to regenerate a neglected region of the city in order to meet the future accommodation demands, as well as to enhance the level of investments in this city. Our team of lawyers in Ireland can offer assistance on how to set up a business in Waterford City.
The Irish authorities, through Tourism Ireland, launched the largest project that is set to attract more Chinese tourists in the country. The project was launched along side 29 Irish companies in the tourism industry and the aim is to attract 175,000 tourists from China by 2025, which will represent an increase of 150% compared to the situation of 2017. Our team of Irish lawyers can advise on the tourism regulations available for businesses operating in this industry.
One of the most important cities in Ireland, Limerick, benefits from a major investment project that will transform 75 acres into an economic hub. The project will be carried out under the Framework Stategy launched by the Minister of State at the Department of Finance & Public Expenditure & Reform, which aims at developing the aformentioned region, but it also takes into consideration the commercial development of the Ted Russel Docks. Our team of lawyers in Ireland can advise on the main investment opportunities available in the city of Limerick.
The business relations between China and Ireland will soon be further developed through the assistance of a new investment fund, which has a total value of EUR 150 million. The fund will provide assistance to tehnology companies operating in Ireland, interested in expanding on the Chinese market. At the same time, the fund will help Chinese businesses to extend their business operations in Europe, by using Ireland as their base market. Our team of lawyers in Ireland can offer legal advice on how to obtain funding through this investment fund.
Limerick is one of the most developed cities in Ireland. Recently, the city became an attractive investment destination for foreign companies, especially in the field of construction. The city benefits from extensive investments for the development of residential and commercial buildings, the latest investment project having an overall value of EUR 18 million. Our team of lawyers in Ireland can assist businessmen with information on the legislation in the field and can also advise investors in choosing a suitable business location for their companies in Limerick.
The last decade has brought significant changes on the Irish market related to the field of banking services. In the last 10 years, the consumer behaviour modified to a high degree, as more and more Irish citizens are performing their banking transactions by using mobile services. This activity doubled in the last ten years and the data provided by Eurostat showed that 58% of the citizens in Ireland are currently using mobile banking services. Our team of lawyers in Ireland can provide legal assistance on the Irish regulations concerning this type of transaction.
The level of Irish exports for alcoholic beverages increased at the level of 2017 by 8%, accounting for EUR 1,5 billion. The main factor which influenced the increase of exports was the demand for premium spirit and liquer drinks. Also, another relevant aspect that actively influences the export of Irish beverages is the popularity of whiskey products. The export of Irish whiskey increased by approximately 20%, reaching a total value of EUR 600 million. Our team of lawyers in Ireland can assist investors with legal advice on the import-export regulations applicable to companies which sell alcoholic beverages.
In October 2017, the Irish authorities established the measures that will be taken for the Budget 2018. The tax changes are available for both natural persons and legal entities operating in Ireland and they were created to accommodate the needs of the current market. The Irish Budget for 2018 also takes into consideration the assistance companies may need following the exit of the United Kingdom from the European Union. Our team of lawyers in Ireland can offer more details on the tax measures that will be applicable in the following year.
The property market in Ireland registered in 2016 one of its top record values, a situation which was maintained in 2017 as well. For example, in the first half of 2017, the value of the property transactions accounted for more than EUR 770 million. Businessmen who want to establish a company in Ireland in this economic sector can have very good prospects, as the real estate properties are in demand, with rising prices for both commercial and residential properties, a situation which also applicable for rental activities. Our team of lawyers in Ireland can advise on the legislation regulating this field of activity, as well as on the provisions of the property contracts.
The financial sector in Ireland is developing at a significant rate, as mentioned by the Industrial Development Authority (IDA), the main institution in charge with providing measures that will attract foreign direct investments in the country. Following Brexit, the agency has observed an increase in the financial activities carried out in Ireland, and in the first half of 2017, more than 15 international companies declared that they are interested in relocating their activities in this country. Businessmen who want to register an Irish company are advised to study the regulations applicable in the field, which can be further detailed by our team lawyers in Ireland.
The Irish tourism industry is experiencing a relevant increase in the number of tourists. At the level of 2017 (measurements taken for the period of January – May), the level of tourism increased by 3%. Investors interested to open a company in Ireland in the field of tourism should know that foreign visitors are attracted to the Irish shores, as presented by the Central Statistics Office (CSO). Our team of lawyers in Ireland can offer more details on the business permits that will be necessary when operating in this industry and can provide in-depth information on the legislation available for this sector.
Small and medium sized companies (SMEs) in Ireland declared that the they registered positive business results in the last year. The representatives of Irish companies mentioned that their business activities developed, regardless of the negative effects that resulted as a consequence of the United Kingdon’s exit from the European Union, known as Brexit. It is important to know that 62% of the of the participants of a study revealed a positive business outlook for their current activities. Our team of Irish lawyers can offer legal assistance on how to start a SME in Ireland.
Start-up businesses in Ireland are sustained through numerous financing options, available for investors who are starting their first small company. Ireland provides various grants and loans offering attractive conditions for the applicants. Those who want to start a company in Ireland can access such funding options provided that certain conditions are met and our team of Irish lawyers can assist businessmen with details on the requirements that have to be completed in the process.
Debt collection refers to the legal procedures through which a natural person or a legal entity can recover a sum of money from another party. Under the regulations of the European Account Preservation Order (EAPO), the rules related to the debt collection procedures have been changed. The modification of the law became applicable starting with 18 January 2017. Our team of Irish lawyers can offer legal advice on the new rules available under the EAPO.
The houses which were bought after 2013 are exempt of the property tax. Foreign natural persons buying property in Ireland should know that all property bought from developers or builders are exempt from paying the property tax. Our team of Irish lawyers can offer legal assistance on the regulations related to property purchases in Ireland. It is important to know that, prior to starting the transaction itself, the respective property should undergo due diligence procedures, which will be performed by local specialists who will establish if the respective property is sold with various flaws which are not stated in the property’s documents.
Ireland's unemployment rate decreased to a new low value, set up at 7,5%. According to the data provided by the Central Statistics Office (CSO), the number of unemployed persons in Ireland is now situated at 164,400. In the last 12 months (measured at the level of October 2016), 34,200 persons managed to find a job in Ireland. Investors who are interested in employing personnel for their Irish companies are advised to study the employment regulations applicable here. Our team of Irish lawyers can provide legal assistance on this matter.