Doing Business in Ireland

May 10, 2018

Ireland is thriving, but it almost gets lost among the headlines of Brexit news in the UK and other global business news. In 2017, Forbes ranked Ireland as the fourth best country globally to conduct business and first in Gross Domestic Product (GDP).

Language

 

It is interesting that one of the two official languages in Ireland, Irish, is only spoken by about a third of the country and only 10% speak it fluently. The west coast is where it is most widely used.

 

English, also an official language, is the predominate language used throughout the country and spoken by about 94% of the population. But you will find some residents on the west coast in particular that do not understand English and only speak Irish.

gpi-doing business in ireland-1Business Culture

 

Ireland is a member of the European Union (EU). It was originally considered a low level economic member of the EU, but through smart leadership and developing strategic business programs to partner with industries and tech giants, Ireland has become a leader in business development within the EU. Many citizens from other EU members have come to Ireland for employment opportunities.

 

The government is stable, the banking community is strong, crime rates are low and international airports are easily accessible in multiple locations throughout the small island.

Economy

 

The economy has had some fluctuations over the past 10 years, but generally it has been healthy and positive.

 

For 2018, the expectations were recently raised by the Bank of Ireland for Gross Domestic Product (GDP). Investment was initially expected to be 3.6% and the projection was raised to 6%. Low inflation, rising employment and wages and reduced debt all point toward a very good economic picture in Ireland for 2018.

 

The uncertainly of Brexit does loom for the EU and Ireland's ties to the UK are worth monitoring, but Ireland has a strong global business focus that should help minimize what ultimately may be the outcome of Brexit.

Business Laws and Regulations

 

Ireland has a mature structure for new businesses to start and expand in the country.

 

In addition to the points made above, Ireland has a low corporate tax rate, strong court system, clear and respected regulatory system, EU membership, incentives for research and development and other business incentives to encourage new investment.

Future Outlook

 

The economic future of Ireland is very bright as you will have read from the details mentioned in this blog. Another point that has and will continue to aid Ireland is that they are a country that is open to migration of talent to move from other countries. Not just from a legal standpoint, but in cultural acceptance of foreigners.

Further Resources from GPI


You may gain further insight into country specific cultural facts and related topics by reviewing some previous blogs written by GPI:

 

 

Please feel free to contact GPI at info@globalizationpartners.com with any questions about our translation services. Also let us know if you have any interesting blog topics you would like us to cover in future blogs.

Sources:

 

https://www.siliconrepublic.com/companies/best-countries-for-business-ireland-2016

http://www.worldatlas.com/articles/what-languages-are-spoken-in-ireland.html

http://businessculture.org/northern-europe/ireland/

https://www.irishtimes.com/business/economy/irish-economy-forecast-to-grow-by-4-8-despite-brexit-concern-1.3162945

http://www.matheson.com/images/uploads/documents/Doing_Business_in_Ireland_Guide.pdf

Category:
Country Specific
Tags:
Doing business in Ireland, Ireland

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Peter has over 20 years’ experience in business development within the localization industry supporting clients for documentation, software and website globalization services. He started his career in the translation industry in 1995 and over the years has worked for several leading localization service providers including LMI, Berlitz, Welocalize, GPI and Beyondsoft. Throughout his career Peter has led by example and always put his clients’ needs first to ensure client expectations are understood and successfully met. Over the years Peter has trained extensively in Solution Selling, Action Selling and Localization Sales, Testing and Project Management. Peter handles many of GPI’s global accounts helping educate clients on GPI’s comprehensive suite of globalization services and industry best practices.