Why do Ireland Startup Visa holders enjoy Low Corporate Tax?

 

Ireland Startup Visa provides a unique opportunity for all aspiring and established business professionals to migrate to Ireland by investing EUR 50,000 in a new business. The program is considered one of the cheapest startup programs in the world. For this reason alone, abundant business professionals are flocking to the country. Another attractive feature of the country is the low corporate tax rate at 12.5%. It is why Ireland is considered as the Tax Haven Country in Europe.

 

Due to the low corporate tax rate, global MNCs and tech companies establish their new companies in Ireland. The prominent examples are Google, Facebook, Apple, Twitter, IBM, LinkedIn, HP, and Pfizer. The country attracts a considerable amount of Foreign Direct Investment (FDI) due to the robust startup ecosystem in the country. In fact, the country is the second most attractive country Foreign Direct Investment (FDI), only behind Singapore. Due to this, there is an immense demand for Ireland Entrepreneur Visa 2021 and other visas.

 

The significant reasons for Ireland being a very attractive country are:

·        The low corporate tax rate at 12.5% which can be further lowered by financial engineering

·        The country has an abundant young, technically skilled workforce

·        The startup ecosystem of the country is very progressive and sustainable, giving more opportunities for new startups and foreign businesses

·        The country is a part of the EU with the currency Euro which should lead to a more stable currency than sterling

·        The IDA Ireland is one of the most influential lobbying organizations in the world that attracts foreign MNCs and businesses into the country

·        Moreover, the country enjoys low business operations cost and low cost of living as compared to the European neighbors

 

Recently, US President Joe Biden introduced a proposal to implement a Global Minimum tax of 15%. More than 100 countries supported to implementation of the Global Minimum corporate tax at 15% for all businesses. The proposed global minimum tax applies only to a country’s profits earned overseas. The new system is designed to prevent the MNCs and Big Tech Companies from dodging tax obligations by offshoring.

 

However, Ireland is one of those countries that opposed this proposal and decided to continue with 12.5 corporate tax in the country. Due to these tax haven benefits, Ireland was able to revise the GDP growth rate from 7.8% to an enormous 26.3%. Many immigration visas, such as Ireland Self-Employed Visa and startup visas, played an essential role in reviving the economy. The country has one of the highest GDPs per capita in Europe, which was achieved by the presence and profits of around 1500 multinational companies in the country.

 

For guidance on the process, updates, and timelines of attaining Ireland Permanent Residency with Ireland Startup Visa option, reach us @ 8595338595 or at web@businessimmigrationvisas.com.