Opportunities and challenges of being an entrepreneur in Ireland
Ireland is a nation that is experiencing a consistent and important economic growth, especially in the areas of goods, consumption, industry and services. Consequently, if you are thinking about starting in Ireland, this is the best time to do just that.
However, before taking the risk of starting a business in Ireland, it is necessary that you take into account all the factors, positive and negative, that could influence the objectives of your enterprise.
In that sense, we invite you to read about the opportunities and challenges you face in any enterprise in Ireland.
Business opportunities in Ireland
- Great business opening
Ireland, at this moment, is experiencing a great opening in economic matters. This growth is mainly related to the export activity of the nation, which influences the business development of the agri-food sector, services and industry. However, the technology sector has also experienced an important boom in software development businesses and those linked to media digital which are in full swing.
- Social capital and minimum taxes
One of the clearest and most important reasons to invest in a business in Ireland is that the costs to start are relatively low. At first, you don’t need to have a minimum social capital to set up a company. Besides, the VAT declaration is optional for small businesses.
Additionally, the option to manage taxes online is extremely simple and doesn’t require a digital signature.
Last but not least, entrepreneurs in Ireland have access to the cost per worker in this country that is between 8.5% and 10.74%, a minimum rate for small and medium-sized enterprises that have few or no employees.
- Commercial bridge between Europe, United Kingdom and United States
On the other hand, Ireland is seen as a much more profitable opportunity to entrepreneurs, since it has an excellent air connection with Europe, the United Kingdom and U.S. In fact, it is considered a commercial bridge between these powers and the European country with the best growth prospects in the euro zone.
In fact, with the departure of the United Kingdom from the European Union (EU), Ireland would be the only country of this community where English is spoken and whose currency is the euro.
Business challenges in Ireland
- Competitive and reduced market
Undoubtedly, Irish culture influences, to a large extent, the possibilities of business. The traditional customs of this country demand a lot from enterprises, since not only is it difficult to penetrate the market if companies do not have previous trajectory, but that every business must provide quality, reliability and credibility.
As a consequence, the local market, despite being in expansion, is still very reduced and extremely competitive.
- High labor and life costs
Although the costs to start a business in Ireland are relatively low, the cost of living in this country is high. This includes high costs of food, transportation and services.
Likewise, for an enterprise, which usually has few or no employees, the cost of labor is high, since there is currently a clear demand to recover the urchasing power that was had in more prosperous years of the Irish economy.
- Complexity of documentation processes
In the same way, the documentation process to create a new company in Ireland is complex. At least one resident of Ireland is needed on the board of directors to register a business. In addition, it is also complicated to obtain documentation accredited to obtain the Social Security number and a bank account.
Even though Ireland is a good country to develop profitable business opportunities, it is also true that not everything is that simple and all of the elements must be evaluated to guarantee the success of a venture.
That is why we recommend that you strengthen your project before venturing into the execution of it.
Do you want to know if your business idea is profitable in Ireland with total security?
Contact us and, with pleasure, we will guide you through the process.