Corporate Banking

Living and working

in Ireland

Céad míle fáiltehundred thousand welcomes

January 2015

Ireland for business 1

Ireland for living 8

Find out more 13

Meet our FDI team 14

Ireland is a great place...

...for Business

Population

4.6m2

Visitors per year

6.9m1

Currency

6

Capital City

Dublin

Population under 29

40%3

1 Central Statistics Office 2011-20142 Central Statistics Office 20153 Eurostat 2015

As an open economy, situated at the centre of the Eurozone yet accessible to both the US and Asia Pacific markets, Ireland is the strategic destination of choice for many multi-national, high growth companies.

Ireland offers numerous benefits to both business leaders and their employees in terms of a location to cultivate business as well as family life. A high standard of living, where there is access to a well-developed infrastructure, excellent education opportunities at all levels, a strong sense of community and a collective drive to foster entrepreneurship and nurture growth in the economy.

This guide will illustrate the very best that Ireland has to offer across all of these areas.

Ireland is the gateway to Europe

for Livingfor Business

1

...for the worlds top companies

Ireland provides an astute blend of the commercial and the creative, a fruitful combination that works for all.

One remarkable aspect of Ireland’s industrial success is the sheer variety of varying business sectors that work in close proximity – sharing in and contributing to overall collective success.

The common ground all these enterprises enjoy is their active participation in a pro-business, technologically advanced environment.

Many of the world’s leading companies have chosen to set up in Ireland, including:

9 of the top 10 global software companies9 of the top 10 global pharmaceutical companies3 of the top 6 game publishers Source: IDA Ireland, Jan 2015

Ireland is where different business sectors grow in harmony

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for Business for Living

...to access all EU marketsAs a long standing member of the European Union, and one of 19 countries that use the Euro currency, Ireland enjoys barrier-free access to a potential market of 500 million customers. This offers rich export opportunities for companies based here. Furthermore, the open economy makes it more straightforward to trade on both Euro and International markets.

For the last 40 years, there has been a focus on attracting quality foreign direct investment (FDI) from companies across many sectors, most notably in hi-tech areas like Digital and Social Media, Information and Communication Technologies and Pharmaceuticals.

With an availability of skilled labour, highly rated education system and nationwide emphasis on improving our research and development capabilities, it’s no wonder that Ireland has been ranked 3rd in the Eurozone for innovation4.

4 Source: Global Innovation Index, 2015

" Ireland is a great place to do business "

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for Business for Living

...to recruit a young talented workforce

Ireland’s flexible and highly educated workforce has attracted a consistent level of FDI into the country. Ireland’s workforce, with the youngest median population age (35) in Europe, has been ranked No. 1 for both flexibility and adaptability and for its readily available skilled labour.5

Continued investment and emphasis on education courses in key growth areas, like Digital Media, ICT and the Pharmaceuticals industry have resulted in many Irish students graduating with highly relevant degrees in the disciplines of engineering, science, technology or business.

5 IMD World Competitiveness Yearbook 2014

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for Business for Living

... for a favourable tax regime

Our 12.5% corporate tax rate on trading income is one of the factors that has made Ireland very attractive as a global investment location. It has one of the lowest corporate tax rates in the world. Other features of Ireland’s competitive tax regime include;

• A 25% Research and Development tax credit

• An intellectual property (IP) regime, which provides a tax write-off for broadly defined IP acquisitions

• An attractive holding company regime, including participation exemption for gains on disposals of most shares

• An effective zero tax rate for foreign dividends (12.5% tax rate on qualifying foreign dividends, with flexible onshore pooling of foreign tax credits)

• An EU-approved stable tax regime, with access to extensive double taxation agreement network and EU directives

• Generous domestic law, supporting withholding tax exemptions

12.5% corporate tax rate

25% R&D

Tax Credit

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for Business for Living

Source: IDA Ireland 2014

...to connect to the rest of the world

Broadband penetration

67%7 tweets per day

1mMobile phone

subscriptions

5.5m8

People on

2.3m

From both a business and social perspective, the community in Ireland enjoys a high degree of digital connectivity. The 3G Wifi network extends across the country, concentrated in main cities and in key business hubs. The 4G network is in the process of being rolled out across the existing infrastructure to ensure even faster Wifi speeds and connectivity. National train and bus networks offer free Wifi to facilitate mobile working and commuter entertainment. Meanwhile, Ireland’s burgeoning café culture, with access to Wifi in many cases, offers opportunities for business people to remain connected on the move.

Social Media has been wholeheartedly embraced by the Irish community, with 2.3 million people in Ireland on Facebook, 1 million Tweets generated each day and over 1 million Irish people connecting and networking on LinkedIn.6

Mobile phone penetration has surpassed 100%, with 54.8% of all mobile subscriptions using Smartphone technology.7

6 LinkedIn, Facebook and Twitter 20147 Comreg 20148 European Commision 2014

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for Business for Living

...to travel the world from

There are four international airports on the island of Ireland – Dublin, Shannon, Cork and Belfast.

Dublin airport handles over 20 million passengers annually. There are around 50 flights daily from Dublin to London and 9 direct routes to the USA including Boston, New York and Washington.

There are now direct flights to Dubai and Abu Dhabi from Dublin which makes flying to Asia and Australia very accessible.

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for Business for Living

Source: Dublinairport.com, 2014

...for living

Ireland offers a high standard of living and a strong community spirit to those who chose to live here. In the OECD Better Life Index, Ireland is ranked number 4 in terms of offering a solid “sense of community” making it very attractive to families. Although traditionally an island of emigration, this has shifted over the last few decades and now Ireland is an increasingly multicultural society where people from other countries feel comfortable and at home.

Natural beauty and access to the outdoor life is available to all in the abundance of open green spaces, parks and recreation areas as well as proximity to the coastline. Culturally, there is a colourful tapestry of Irish creativity waiting to be explored, from traditional craft-making, history and literature to modern, festivals and music events.

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for Business for Living

...for your children to grow upIf you are moving to Ireland with your family, then you will be interested in finding out more about the Irish education system. The education system here comprises primary, secondary, third level and further education. There are excellent schools and educational institutions in Ireland to choose from and Ireland’s education system has been ranked in the top 10 in the world9. The cost of school fees of up to e5,000 per child paid to an Irish school can be reimbursed or paid by the employer tax free. Some helpful information can be found on the Schooldays website at www.schooldays.ie or on the higher Education Authority at www.hea.ie.

1st

for completion of third level education 10

Ireland’s education

system ranks in the top 10 in

the world 9

9 OECD PISA survey, 2014. 10 OECD ‘Education at a glance’, 2014.

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for Business for Living

...to make yourself at homeWhen you travel away from home, it’s always good to see a few familiar faces too. You’ll find plenty of well-known brands here in Ireland – from coffee shops, to retail outlets and familiar brands in our department and grocery stores. Dublin is home to one of Europe’s largest shopping centres just minutes from the city centre.

Online entertainment is a huge part of our lives. Following the success of Netflix achieved in the US, Ireland welcomed its launch in 2012. Breaking Bad, House of Cards and of course Game of Thrones, which was filmed here, are just some of the series that have been extremely popular in Ireland.

Ralph LaurenMacDonaldsStarbucks

Abercrombie & FitchChanel

American ApparelTommy Hilfiger Gap

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for Business for Living

...for sport

Ireland has a wealth of sporting achievements on a national and global scale. There are many sports that are particularly popular both from a spectator and participant point of view. These include rugby, soccer, golf, Gaelic football and hurling to name a few. Why not join the crowds at one of the many matches, fixings and other events scheduled throughout the year to experience the atmosphere? Or you may even like to try out one of the country’s native sports, such as Gaelic Football or Hurling.

Gaelic FootballThis is an Irish Team Sport between teams of fifteen players, with a goal resembling that used in Rugby but having a net attached. A score can be made over the crossbar (I point) or into the net (3points).

HurlingRegarded as “the fastest game on earth”, hurling is played by two teams equipped with sticks (hurleys), chasing a small ball across a football-sized field. The ball can be prodded along the ground like in field hockey, may be carried on the hurley or smacked mid-air like a baseball. A point is scored by hitting the ball over the crossbar of the opposing team’s goalposts, and three points are scored by driving it under the crossbar.

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for Business for Living

...for socialising

The Irish love to socialise, and with a young population, there are plenty of opportunities to do so. For more information, go to:

www.entertainment.ie or check out www.irishtimes.com/culture

Going to a real Irish pub is still a unique experience. For more information, go to: blog.goireland.com

Music is an inte gral part of Irish life; you can see national and international acts at great venues, annual festivals, or pub sessions.

There are plenty of places to eat out, serv ing quality food using the best of Irish pro duce. For more information, go to: www.discoverireland.ie/Things-To-Do

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for Business for Living

Find out moreIf you want to do more research, here are some useful sources:

Organisation & Associations Description Website Twitter

Chambers IrelandIreland’s largest business organisation with a network of chambers of commerce in every major town and region in Ireland

www.chambers.ie(find details of your local chamber here) @chambersireland

American Chamber ofCommerce Ireland

A representative body for US companies based in Ireland at both Government and industry level, and within the Irish and international media

www.amcham.ie @americanchamber

Irish Exporters Association (IEA) An association, representing companies within the export industry www.irishexporters.ie @irishexporters

Irish Software Association An association, representing the Digital and Software Technology sector www.software.ie @irishsoftware

IbecIbec represents Irish business; home grown, multinational, big and small, spanning every sector of the economy

www.ibec.ieFind the relevant representative body for your industry on the IBEC website

@ibec_irl

Irish Single Point of ContactThe Irish Point of Single Contact brings together information on procedures and services to those intending to establish a business in Ireland

www.pointofsinglecontact.ie

News & Media Description Website TwitterIrish Independent Irish daily newspaper www.independent.ie @independent_ieBusiness & Finance Irish business magazine www.businessandfinance.ie @BandFSunday Business Post Irish weekly newspaper www.businesspost.ie @sundaybusinessSilicon Republic Irish technology news publication www.siliconrepublic.com @siliconrepublic

Business Intelligence Description Website Twitter

Bank of Ireland Foreign Direct Investment portal A one-stop-shop for all you need to know when considering setting your business up in Ireland www.bankofireland.com/fdi @boibusiness

Citizen’s Information Provides comprehensive information on public services and on the entitlements of citizens in Ireland www.citizensinformation.ie @citizensinfo

Central Statistics Office (CSO) Government body responsible for compiling Irish official statistics. www.cso.ie @CSOireland

Irish Internet Association (IIA) The independent representative body for internet businesses in Ireland www.iia.ie @iia

Development Agencies Description Website TwitterIrish DevelopmentAuthority Ireland (IDA)

Irish state agency responsible for inward investment to Ireland www.idaireland.com @idaireland

Enterprise Ireland Irish state agency responsible for the development of Irish business www.enterprise-ireland.com @entirl

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for Business for Living

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Other Description Website Twitter

Daft Irish property website www.daft.ie @daftmedia

My Home Irish property website www.myhome.ie @NewToMyHome

Revenue CommissionersIrish Government agency responsible customs, excise, taxation and related matters

www.revenue.ie @RevenueIE

Discover Ireland Irish Tourism website www.discoverireland.ie @DiscoverIreland

Boards Popular Irish bulletin board and forum www.boards.ie @boards_ie

Entertainment.ieOnline source for entertainment news and event listings

www.entertainment.ie @entertainmentIE

If you want to do more research, here are some useful sources:

News & Media Description Website Twitter

The Irish Times Irish daily newspaper www.irishtimes.com @IrishTimes

RTÉRaidió Teilifís Éireann, Ireland’s National Public Service Multi-Media Organisation

www.rte.ie @RTE

Journal.ie Irish online news publication www.thejournal.ie @journal_ie

Score.ie Irish online sport publication www.thescore.thejournal.ie @thescore_ie

Irish Examiner Irish daily newspaper www.irishexaminer.com @irishexaminer

Irish Independent Irish daily newspaper www.independent.ie @independent_ie

Business & Finance Irish business magazine www.businessandfinance.ie @BandF

Sunday Business Post Irish weekly newspaper www.businesspost.ie @sundaybusiness

Silicon Republic Irish technology news publication www.siliconrepublic.com @siliconrepublic

for Business for Living

Find out more

Derek CollinsExecutive Vice President

+353 (0)86 259 2495 derek.collins@boi.com

Chen TianAssistant Vice President

+353 87 227 2888chen.tian@boi.com

Dan O'DonnelVice President

+353 (0)86 389 4652dan.odonnel@boi.com

Deirdre CeanntAssistant Vice President

+353 (0)76 6244589deirdre.ceannt@boi.com

Kevin ElliottSenior Vice President FDI Team (US-based)

+1.212.856.8207 Kevin.Elliott@boi.com

Our leading Foreign Direct Investment Team have a wealth of experience in supporting businesses, across all sectors and stages, when they are setting up in Ireland. Over 70%11 of all international companies establishing in Ireland have chosen to work with us. If you are planning to establish in Ireland, let Bank of Ireland share our experience with you.11 BOI analysis of publically available information in relation to FDI companies established in ROI 2014.

Ireland is eager for your call and so are we

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for Business for Living

Corporate BankingBank of Ireland is regulated by the Central Bank of Ireland.