Ireland as a Digital Economy

 Ireland as a Digital Economy

Good morning fellow bloggers, Its Sophie here and this week we will be starting into our digital economy blogs. For our first official blog we will look at Ireland as a Digital Economy. There are a number of reasons of why Ireland is becoming more popular for companies looking to expand their businesses:

Low Corporate Tax Rate

The corporation tax rate is at an average of 12.5% for majority of incorporated firms throughout Ireland as opposed to it being 20% in a lot of EU countries. This attracts companies to reside in Ireland in order to achieve their businesses with levying low corporate tax.

Educated workforce

Ireland has one of the most highest educated workforce in the EU with a high rate of 59% of Irish workers have been educated with either level 5 or equivalent, bachelors, masters and doctoral degrees making workers the most skilled and educated in the EU (The Irish Examiner, 2023).

Advanced Technology

Ireland has a high achievement of investing in technological and research powers with venture capital investments at the start of 2023 increased by 24% to €963.2m. Apple also announced for a data centre in the north-west of Ireland a development of €850 million.

English Speaking

Ireland was one of two English speaking representatives of the European Union post Brexit but is now the only English speaking country which is a huge factor for any firms allocating their businesses in the Eu as it can effect the firms performance. 

Low unemployment rate

With a very low unemployment rate of 4.1% in Ireland as of August 2023 (Statista 2023), this is evidence that Irish workers are in a high educated workforce and these figures have fallen almost double since the financial crisis occurred.

Tourism 

Since Ireland has a high tourist rate, this can be a huge benefit to companies especially set up in popular tourist areas which could attract consumers and have a high success rate in their firms, it also helps promote a positive image for incoming tourists.

Research and Development

For the past 20 years, Irelands Research and Development Tax Credit is considered as one of the finest worldwide. It is beneficial to multinational companies as profit and loss accounts can be credited higher up than usual with accountancy policies. 

Work Flexibility 

Citizens of Ireland tend to be more satisfied by travelling for work especially Tech firms of being flexible with their careers which would increase the chances of relocating for work purposes which could be beneficial for multinational companies who would relocate to Ireland.

Education

Ireland has a very high rate of learning and education with many Irish Universities and IT's ranked in the top 1% worldwide. Irish Education contributes to innovation and skill development which links to becoming an educated workforce.

Brexit's positive impact on Ireland

Since the UK has left the EU, this has opened doors for well established EU countries such as Ireland and a benefit of this includes the possibility of securing a great share of foreign direct investment. It also gives Ireland the ability to trade more freely with non EU countries. 

 I hope you liked our first proper blog about Ireland as a Digital Economy. If you enjoyed this blog, please feel free to share and comment as I would love to get these blogs out to as many readers as possible to engage readers from near and far. I will be back this time next week and it will be worth the read! Bye for now....