Services

Brexit Support

The Brexit transition period was completed on the 1st January 2021 and the United Kingdom is no longer a part of the EU customs union and single market. Many companies have now found themselves in a predicament and may feel that they are being forced to choose a side as part of their Brexit strategy.

The completion of Brexit brings a serious threat for certain business operations across European borders. Whilst a last-minute free trade deal was reached between the UK and the European Union the cross-border trade of goods has become a lot more burdensome with customs and regulatory checks, rules of origin and stringent local content requirements.

Moving your UK company to Ireland

The Department for International Trade (DIT) recently advised that the best way for UK Companies to avoid border issues and VAT problems is to register new firms within the EU. Furthermore, The British government recently announced that the Corporate Tax rate across the UK will rise from 19% to 25% from 2023, twice that of the 12.5% rate in the Republic of Ireland.

The challenges brought on by Brexit have put the Republic of Ireland in a unique position because of its shared land border with the UK via Northern Ireland. Ireland’s trade relationship with the UK has led to special provisions with the United Kingdom, which is currently the world’s 6th largest economy. The deal states that the Irish land border will remain open and customs checks will take place in the Irish Sea. Northern Ireland will continue to be aligned with the EU single market in a limited way, avoiding new regulatory checks.

The UK has remained part of the Common Transit Convention post-Brexit. This creates a key advantage for Irish businesses allowing exports to pass from Ireland through the UK to their final destination with reduced customs checks and controls. Additionally, the Republic of Ireland maintains the EU Free Trade agreement allowing businesses to trade across European borders freely.

Benefits of moving your Company to Ireland

Cross-border trade is not the only benefit of registering a company in Ireland.

Some of the main advantages include:

  • Very favourable tax system for companies. Low corporate tax rate of 12.5%;
  • Ireland will be the only predominantly English-speaking country in the EU
    Euro currency, no exchange fees when dealing across the majority of EU countries;
  • Excellent Holding Company Regime;
  • One of the easiest and most efficient countries in the world to do business;
  • No Withholding Tax (‘WHT’) on dividends from Irish Holding Company to EU/tax treaty countries;
  • Reduced rate of corporate tax for R&D/intangibles

Ireland is the ideal country for foreign direct investment and an attractive market for a business aiming to establish an EU presence.

Company Structure options

  • Irish Subsidiary Company – 51% or more of this company’s shares are owned by the existing UK or overseas company;
  • Irish Branch Company – This company does not issue shares and is viewed as an extension of the parent company;
  • Irish Holding Company – This is a parent company that typically exists to hold shares of various subsidiary companies;
  • Stand Alone Irish Company – This would entail registering a company in Ireland and transferring all assets of the existing overseas company
EN