A British Entrepreneur’s Guide to Launching a Business in Ireland

I was in Dublin and the city fascinates me in many ways. The city vibe, food, friendly people and the business opportunities made me want to do business in Ireland.

So in this guide I will share some insights which I learned from the web, which you can read for more.

Starting a business in Ireland as a British entrepreneur offers numerous advantages, particularly in terms of taxation, access to the EU market, and support for startups.

Here’s a comprehensive guide to establishing your business in Ireland, optimizing for corporation tax, and leveraging the benefits of the Common Travel Area (CTA) between Ireland and the UK that allows British citizens to live and work in Ireland with ease.

Step-by-Step Guide to Setting Up Your Business

1. Develop Your Idea: Utilize resources such as the Local Enterprise Office (LEO) which offers a free Start Your Own Business program to help develop your business idea and provide guidance on creating a business plan​​.
2. Business Plan and Name: Once you’ve validated your business idea, craft a detailed business plan and choose a business name. If the business name differs from your own, you’ll need to register it with the Companies Registration Office (CRO).
3. Legal Structure: Decide on the legal structure for your business (sole trader, partnership, or limited company), which will impact your tax obligations and personal liability​​.
4. Taxation: Understand the tax implications based on your chosen legal structure. This includes corporation tax, income tax, PRSI, USC, and VAT obligations.
5. Register Employees: If you plan to hire, register as an employer with Revenue before making any payments to your employees.
6. Grants and Supports: Explore various government supports and grants available for startups and small businesses in Ireland​​.

Step-by-step guide to setting up a business in Ireland (citizensinformation.ie)

Advantages of Setting Up in Ireland

• Tax Efficiency: Ireland’s corporate tax rate is notably low at 12.5%, and there are specific tax breaks for R&D and intellectual property, which can further reduce the effective tax rate [”]​​.
• Access to the EU Market: Post-Brexit, Ireland offers UK businesses convenient access to the EU market without the complexities associated with being based in the UK[”]​​.
• Supportive Ecosystem for Startups: Ireland is known for its robust support system for startups, including various government incentives and programmes designed to foster innovation and growth[”]​​.
• Skilled Workforce: Ireland has a young, highly educated workforce, with half of the population under the age of 35, making it easier to find talented employees​​[”].​​
• Ease of Doing Business: The country is ranked highly for ease of doing business, with a supportive regulatory environment and a strong emphasis on protecting the interests of shareholders and directors​​[”].

Regulatory and Practical Considerations

• Residency Rights: UK citizens have the right to work and establish a business in Ireland without needing permission, thanks to the CTA between Ireland and the UK​​.
• Visa Schemes: For non-EEA nationals, Ireland offers visa schemes like the Start-Up Entrepreneur Programme (STEP) for innovative startups​​.

Coming to set up a business or invest in Ireland (citizensinformation.ie)

Final Thoughts

Establishing a business in Ireland as a British entrepreneur is not only feasible but also advantageous, especially when considering the strategic benefits related to tax efficiency, market access, and a supportive startup ecosystem. By following the outlined steps and taking advantage of the resources available, you can successfully launch and grow your business in Ireland.

For further details and support, engaging with local organizations such as Enterprise Ireland, IDA Ireland, and the Local Enterprise Offices can provide valuable insights and assistance throughout the process of setting up your business in Ireland.