foreign direct investment
TRANSCRIPT
Crowleys DFK
All Roads Lead to Ireland
WWW.CROWLEYSDFK.IE
Contents
01 02 03 04
About the Firm
Our International Network
Our Partners
About Us
Ireland’s Economic & Competitiveness Update
Why Invest in Ireland
Investing in Ireland
Our Sector Experience
Our Services
Case Studies
Our FDI & SME Experience
Benefits of working with Crowleys DFK
Why Work With Us?
2
Foreign Direct Investment
Small & Medium-Sized Enterprises
Family-Owned Business
Public Sector
Technology
Markets Served
Audit & Assurance
Tax
Advisory
Outsourcing
Service Areas
5 Partners 55 Staff
Resources Locations
At Crowleys DFK we never lose focus on clients’ objectives
Crowleys DFK in a Snapshot
Corporate tax
International tax
VAT
Transfer Pricing
R&D tax reliefs
IP structuring
Capital tax
Relevant Contracts Tax
IP structuring
Personal tax
Cork
5 Lapps Quay Cork
Dublin
16/17 College Green Dublin 2
3 WWW.CROWLEYSDFK.IE 3
WWW.CROWLEYSDFK.IE
Managing Partner
James O’Connor
James has been instrumental in developing our membership of DFK International.
Tax Services
Edward Murphy
Specialises in international corporate structuring, property transactions, VAT and employment tax.
Audit & Assurance
Tony Cooney
Specialising in the areas of audit, risk, governance and compliance services.
Advisory Services
Colette Nagle
Secialises in business advisory and outsourcing services.
Particular experience working with SME clients.
Business Consultancy
Vincent Teo Specialises in strategic and operational management consulting.
Plays a key role in inward investment work, focusing on South East Asia.
Designer
4
https://ie.linkedin.com/in/jamesgoconnor
Meet our Partners
Our Partners
https://ie.linkedin.com/in/edwardmurphy2
https://ie.linkedin.com/in/cooneytony
https://ie.linkedin.com/in/colettenagle
https://ie.linkedin.com/in/vincentteo
WWW.CROWLEYSDFK.IE 5
215 member firms
DFK International (“DFK”) is a major international association of independent accounting firms and business advisers that has been meeting the needs of clients with interests in more than one country for more than 50 years.
Our DFK membership provides our clients with an integrated and robust global delivery mechanism across the world.
Where DFK member firms work together on cross border assignments we operate as one team. This is a powerful and important feature which save clients time, money and allow resources to be best utilised.
5
420 offices worldwide
Across 90 countries
worldwide
11,011 Partners and
staff
US$1.237bn total fee income
DFK International
Local Knowledge - Global Presence
The firm is an independent member of DFK International
Ireland: One of the Best Places to do Business
WWW.CROWLEYSDFK.IE 7
Ireland’s Economic Update
Q1 2016
Among the leading investments secured during 2015
2015 was a record year for FDI. The number of investments up 8%.
Number of investments won 213. 94 were from companies investing in Ireland for the first time.
Total new jobs created in 2015 was 18,983.
Net jobs created was 11,833 – up 66% on previous year.
Source: IDA Ireland
WWW.CROWLEYSDFK.IE 8
Ireland’s Economic Update
Q1 2016
Fatest growing advanced economy in the world
Labour market recovery continues
Recovery is most clearly evident in the labour market with employment having increased in each of the last twelve quarters.
The European Commission, the OECD and the IMF all forecast that Irelnad will continue it’s strong expansion from 2015 right into 2016.
2014
5.2% 2014
4.3%
2016
6.2% 2015
3.5% 2017
Employment grew 2.9%
between 2014 & 2015
Labour costs relatively
stable since 2008. Up 4% compared to
14% in the EU
Source: IDA Ireland
WWW.CROWLEYSDFK.IE 9
Why Ireland as an Investment Location?
Ireland’s performance as a hub for Foreign Direct Investment is unrivalled
Best Country in Western Europe
to invest in
1st in the world
for availability of skilled labour
1st in the world
for inward investment by
quality and value
1st in the world
for investment incentives
In the top 10
most innovative countries in the
world
Source: IDA Ireland
WWW.CROWLEYSDFK.IE 10
01 One of the lowest statutory corporate rates in the world at 12.5%
02
Effective zero tax rate for foreign dividends 03
Attractive holding company regime
04
25% R&D tax credit plus R&D grants 05
A strong legal framework for development, exploitation and protection of Intellectual Property rights
06 The world’s first OECD-compliant Knowledge Development Box (Patent Box) at a rate of 6.25%
Why Ireland as an Investment Location?
Ireland’s Tax Regime
Crowleys DFK Foreign Direct Investment Experience
WWW.CROWLEYSDFK.IE
We are proud of the reputation and long term relationships we have built with our Foreign Direct Investment clients over the years. We have particular experince working with FDI clients in the SME and Family-Owned Business sectors.
At Crowleys DFK we have a wealth of experience advising and working with foreign SMEs looking to
locate to Ireland.
12
Our experienced team advise on how best to structure Irish operations. We work with clients in securing Government funding and on dealing with Irish tax and company obligations. Once set up, we provide a full range of compliance and advisory professional services.
WWW.CROWLEYSDFK.IE
Initial Work
• Incorporation of new private limited company
• Taxes registration for the purposes of Corporation Tax, Employer Tax and Value Added Tax (VAT)
• Assistance with opening of a Bank account
• International tax planning and structuring
• Tax efficient IP structuring
Annual Compliance Work Advisory & Outsourcing Services
• Preparation of annual financial statements
• Statutory audit of financial statements
• Corporation tax annual compliance
• Company secretarial compliance
• Provision of registered office
• R&D tax credits
• Management accounts and reporting
• Budgetary control
• Bookkeeping including the preparation and filing of VAT Returns
• Payroll outsourcing
• Corporate finance
13
Services to FDI Clients
01 02 03
WWW.CROWLEYSDFK.IE
Portfolio
In conjunction with our DFK USA colleagues and the clients lawyers, we advised on the optimum corporate structure, with two main objectives of:
1. Qualifying for Ireland’s corporate tax rate of 6.25% available to companies whose activities are within the remit of the Knowledge Development Box (KDB) tax regime; and
2. Protecting ultimate anonymity of the US shareholders.
We also:
1. Assisted with locating office space in Dublin for the client to purchase.
2. Organised the taxes registration of the company and its non-resident employees in Ireland.
Working with the US based Group CFO, we now:
1. Provide monthly payroll and management accounting services.
2. Ensure the company meets all its annual compliance and tax obligations.
14
This New York based software development company, referred to us by a DFK USA firm, is an SME company with gross revenues of €50m.
The company chose Ireland as its EU base to develop a new suite of software products.
Software Development Company
Lorem ipsum amet stetur adipiscing elit. Nunc enim sem, commoarhonc stamet, elementum
After meeting with the company executives in Dublin, we assisted the company with the following:
1. Forming the Irish company.
2. Registering the company for taxes.
3. Attending the initial on-site Irish Revenue Value Added Tax (VAT) verification visit.
4. Providing payroll, VAT and management accounting services in addition to the annual financial statements and corporate tax compliance requirements.
We also provide the company with ad-hoc tax consultancy advices on various matters including VAT and withholding taxes.
This Atlanta based data-hosting provider, referred to us by our DFK USA colleagues, required assistance in setting up a European operation in Ireland
As well as the low corporate tax rate and highly educated workforce, Ireland was chosen because of the IP connection speed required to deliver the Infrastructure as a Service (IaaS) solution to their customers.
Data Centre Company
Case Studies
WWW.CROWLEYSDFK.IE
Portfolio
Our first task was to advise the client in negotiating the purchase of a site for the building of their manufacturing facility. This involved recommending local expert lawyers and planning consultants.
On the corporate side we advised the client on the:
1. Tax advantages of transferring of Intellectual Property to Ireland and the potential to re-charge to their other (non-US) companies.
2. R&D tax credits available.
3. Tax Capital Allowance available for the plant construction and fit-out.
4. Transferring pricing issues for inter-group transactions.
The Irish company is now formed and construction is due to be completed at the end of 2016. We have been appointed to provide ongoing monthly payroll, book-keeping and tax filing services as well as preparing annual financial statements, statutory audit and consolidation reporting to the parent company.
15
This Minnesota family-owned company, with 18 production plants and sales offices globally, wanted to locate to Ireland for both commercial and family reasons.
Plastics Engineering Manufacturer
We advised the client on:
1. The corporate structure.
2. Share capital requirements.
3. Requirements to avail of Ireland’s low corporate tax rate at 12.5%.
4. Advised on dividend payments and any withholding tax considerations.
Since forming the Irish entity and registering it for taxes, we:
1. Service the client with our in-house payroll and management accounts bureau.
2. Advise on ad-hoc tax and queries.
3. Prepare and audit the financial statements and file the client’s corporation tax returns.
A fast growing North American media company wished to set-up a European operation to further its expansion.
Working with our DFK colleagues, we discussed with the client the advantages of using Ireland as its EU base.
Media Publications Company
Case Studies
WWW.CROWLEYSDFK.IE
01
02
03
By having a dedicated team of tax experts we can ensure that we are always on-hand to answer crucial questions at the point when they are needed.
Always available
At Crowleys DFK we have built our reputation on our ability to deliver professional services based our promises.
We will work closely with all of your key people to ensure we understand what you need to achieve from our relationship. This will then ensure we always deliver on our promises.
Reputation through delivery
16
We always deliver to our promises
Why Work With Us
Subject matter experts Our talented tax people are proven subject matter experts in specialist tax areas including corporate taxation, structuring of tax-based investments withholding taxes and dividends.
WWW.CROWLEYSDFK.IE
Connect With Us
17
www.crowleysdfk.ie
Crowleys DFK @CrowleysDFK
This publication is intended only as a general guide and should not be used as a substitute for professional advice.
Directors: James O’Connor Tony Cooney Edward Murphy Colette Nagle Vincent Teo Crowleys DFK Unlimited Company trading as Crowleys DFK. Registered Office: 16/17 College Green, Dublin D02 V078. Company No. 393878 A member firm of DFK International a worldwide association of independent firms. Registered to carry on audit work and authorised to carry investment business by the Institute of Chartered Accounts in Ireland (ICAI). Chartered Accountants Ireland is the operating name of ICAI.
Contact Us
+353 01 6790800
www.crowleysdfk.ie
https://twitter.com/CrowleysDFK
https://www.linkedin.com/company/crowleys-dfk