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IRELAND IS GREAT for many things, but it’s apparently also one of the easiest places in the world to do business.
Ever year, TMF Group, an international professional services firm, publishes its Global Benchmark Complexity Index Report.
It ranks countries based on how complex they are for doing business.
Considerations are made to a country’s regulations and compliance, its local legal systems, economics and cyber-security risks.
After all countries were assessed, Ireland rose close to top of the pile.
Tax
Ireland is praised as being a favourite for foreign investors in Europe, thanks to its generally low tax rates.
Tech companies like Google, Facebook and PayPal have all set up home in Dublin.
The report finds that the Companies Bill 2012, which is due to be enacted in 2015, will reduce the complexity of doing business here even further.
Changes will allow companies to appoint only one director (previously two were needed).
There will also be no requirement to physically convene Annual General Meetings, and companies will only need a single constitutional document, similar to Hong Kong.
The winners
So, who beat us? That would be Hong Kong, and the island of Jersey.
Hong Kong enjoys a unique status by being part of China, but having its own regulation and tax policies.
The winner of the top prize is Jersey, the largest of the British Channel Islands.
Apparently, what makes this island appealing to do business in, is its tax haven status.
Zero VAT and potentially 0% corporate tax has lured international companies to Jersey. Four-fifths of the local economy in Jersey comes from the off-shore finance sector.
Additional reporting Business Insider
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Pity the ‘low’ taxes don’t apply for those of us who live on the island
I’m guessing these ‘advantages’ will be available to self employed and indigenous companies as well? is ‘a great place to do business’ now one where I can set up a paper based company on my own, and never have to set foot in the country to get generous (close to zero if IP royalties are being flushed) tax rates?
but we are not a tax haven?
if it is that good, DoB might never have to set up a company in the isle of man again.
Not if you’re self employed….you’re simply an outcast then, hardly any rights and tons red tape. I hate these unrealistic surveys, who believes them anyway.
It’s great. 55% tax for the self employed. Great inventive right there
You would be mad to start up your own business here, revenue and the thieving councils (rates) would screw you to the wall.
Don’t vote Huey. Tell them you have no vote because you are a second class citizen without the rights afforded to others. They will answer “But you can still vote!. “Why would I vote for someone who accepts a situation like that?”says you. Let us know the response if it comes up.
Not enough self-employed people hire accountants. See, in Ireland you can set up an umbrella corporation for a fraction of the cost it would run you to set up your own business. You then set yourself up as the primary director of that company and viola! You now can take advantage of all the corporate tax loopholes and avoid a large portion of the fees, taxes, and rates which normal self employed people have to pay. You not only can get away paying 15%-20% for taxes, you are exempt from rates and do not have to contribute to PAYE. You also can write off all petrol, meals, and even throw your own Christmas party and have the government pick up the tab.
So the article is correct – it is great for corporations. Just make sure you have structured your business as a corporation as to avoid all the normal costs the government pushes on to small business owners and the self-employed. Oh, and hire a good accountant who knows how to do your books properly and take advantage of such legal loop holes.
Ireland the best country in the world for avoiding tax if your a big multinational.
The left wing loons will always look for a negative. Upset by more positive economic news.
Unfortunately the little people have to carry the can.
Paul it doesn’t make one a left wing loon to state that MNCs pay f all taxes in Ireland.
Nor should it take a bright spark to figure out that the MNCs would not be in Ireland if we charged them a high tax rate. 200,000 direct and indirect jobs are dependent upon them.
…it still sucks..
So would you sooner we charged the multi nationals huge taxes and then they will leave. Then we can increase the dole que’s . When we take all the taxes generated from the workers in these multi nationals and their spending power low cooperation tax is a small price to pay.
How about they pay the already very low 12.5% corpo tax they are supposed to instead of using tax avoidance to cut to to 1-2%.
The the reason the populous pay so much on direct and indirect taxes is due to these schemes.
Of course not but we do need to gradually decrease our dependence on them for employment. It makes the Irish economy extremely vulnerable in a downturn. By all means keep the MNCs but more needs to be invested to boost indigenous industry.
How many other European countries would love to have Google, Twitter, FaceBook, Apple, LinkedIn etc headquartered in their countries along with the high tech jobs they provide. Meanwhile in the world capital of begrudgery we have people who want to hunt them away. Even if our corp tax is low you couldn’t get better advertisements to attract more investment here.
God help this country if we ever have to increase our corporation tax. We’ll be screwed
We will be royally screwed
Even FG aren’t that stupid
Yeah but many on the left want to..
It would be a great help to the country if someone just enforced the actual rate
thats why the idiotic left will never get to run ireland. the irish people are not that stupid
Thomas we have the best enforcement of corporate tax rates in Europe, our companies pay 12.4% on average only .1% off the actual rate. In france the rate is 33% but they only actually pay 7.5%.
Clare Daly is on record as saying she wants to increase corporation tax. Quite shocking really. She hasn’t a clue.
I nearly choked on my cornflakes after reading that headline! If you are a foreign company if say its true but if you are an Irish entrepreneur you will be frustrated at every turn and if you finally succeed they will roast you with rates etc.
How. Honestly how. I have to live abroad because I can’t pay anything at home. Self employed carpenters are killing themselves to get ahead. These corporate tax shenanigans are an embarrassment. The people of the state have to suck up the bad behavior of the banks and the corporations of the world get away with robbery in the name of our nation. Morality????
That’s wonderful news for the little island of ours. Considering how many economic powerhouses are on the list it’s a big achievement.
It’s exceptional, Ireland has an amazing reputation. 2015 could be just as good as 2014 for FDI.
The economy is certainly flying at the moment. FG make the hard choices and now ireland and its people are reaping the rewards. we can all celebrate this fantastic achievement
Of course, we’re not a tax-haven!
couple of brown envelopes and away you go
Wouldn’t call Jersey a “country”!
Ireland a great little country to do corruption in. FG/Lab the world leaders in “new politics” show the rest how to subjugate and impoverish their lower middle classes and how to starve and enslave the masses for profit before people. Tax water, sh@te, houses, USC, internet/media, pensions, alcohol and we await other jolly japes.
I suggest you go to the police with your evidence of corruption
3rd?
Another Fine Gael fail.
They promised 1st.
Well technically we are first, as neither jersey nor Hong Kong are countries!
The other two are countries so technically we are first
so enda was right yet again. shinnerbots aint going to like this. enda keeps his promises yet again and delivers on the economy
Nice picture, the Egyptians used slaves to build pyramids too
The proposed changes in the Companies Bill, allowing one-director companies in Ireland, should in the future, if passed, knock “The Split” off many AGM Agendas.
This could make Brendan Behan turn in his grave!
Great picture, the occult symbolism is still prevalent and doing well even in Dublin.
Keep up the great work ulster bank you are doing an exceptional job.
Best country in the world to do business? Best country in the world to exploit a highly skilled workforce would be a more accurate statement..nominal wages have decreased by 15% since 2008 and high unemployment provides businesses a large labor pool to chose from, oh also there is the free labor in the form of scamsbridge, sorry jobsbridge..no wonder businesses are rubbing their hands together coming here!
Is that to do a number one or a number two?!
enda said we would be the best small country to do business in, he appears to be delivering. great news
The best little tax haven for businesses to avoid paying taxes. No regulations or regulators to interfere with business making profits and moving them to offshore locations. Our GDP is inflated by manufacturing jobs in China which has seen us pay more money towards the European budget. A paradise for rouge bankers and corrupt politicians. A Cuba economic model without the world class health service.
Who was paid to say that Ireland is a dump
Could have fooled me
.Having been self employed and working for a successful indigenous smell. It’s anything but a good place to do business.
Sme ! damp predictive text
Darn! I green thumbed you ‘cos I was tickled at the idea of a successful indigenous smell. Bit disappointed now.
We once had the most profitable banks in the world one time how did that workout for us . let’s hope theirs
more regulation of these multinationals business now but will that happen ?
Jersey is not a country though
Ireland would be the best place, without stupid and destructive bureaucracy, without idiot officers, who are make decisions without regulations, speak from emotion, serve for corruptions, make devastations.
The Companies Bill 2012 has been enacted but not yet commenced (due for commencement in June)
Ireland is the second largest British isle.
For the ones that need a geography lesson.
For people like you who need to learn to respect other countries and governments have alternative views, especially if you chose to live there.
My Penos is massive
Yeah,but not for the people living in it
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