2. Dublin is a gateway to world markets
Ireland has a reputation as one of the most open and globally connected countries in the world.
As far back as 2013, Forbes rated Ireland as the best country in Europe for doing business. This accolade was further backed-up by some of the biggest companies in the world – Apple, Google, Facebook, Twitter and Amazon – setting up bases there.
The capital has fantastic transport connections to other key countries – both inside and outside the European Union. Thanks to newly-launched services to Boston and Miami, Dublin Airport is now the fifth largest airport in Europe for transatlantic connectivity.
This is only set to grow. New long-haul destinations are planned to be launched in the coming years, connecting the city to Hong Kong and Montreal, for example. Furthermore, a new runway is scheduled to be completed in 2021, opening up connectivity to Southeast Asia, South America and Southern Africa.
3. The low tax rate in Ireland
An undeniable draw of Dublin is the fact that Ireland has a very competitive tax rate. The 12.5% corporate tax rate for active business is one of the lowest in the world, providing a big advantage over the city’s EU rivals.
There is also a tax relief programme set up to support foreign companies in relocating top staff to Ireland. The Special Assignment Relief Programme (SARP) was introduced in 2012 as part of a push to encourage more multinational companies to send key talent to Ireland. This scheme reduces the cost of moving executives to Ireland and is a large part of how the country has boosted its financial reputation over recent years.
4. English speaking and highly educated workforce
It is much more convenient to move English-speaking London employees to an English-speaking country. While Frankfurt, Brussels, Paris and Amsterdam are attractive to relocating firms for their mainland-Europe location, communication forms a barrier for some staff-members that simply wouldn’t be an issue with Dublin.
However, that is not to say that moving to Ireland would limit interactions with non-English speakers from other European financial hubs. Quite the opposite, as data from the Irish Central Statistics Office shows that over half a million people in Ireland speak a second foreign language fluently. Polish, French and Lithuanian are among the most common second languages in Dublin, followed by German, Russian, Spanish, Romanian, Chinese, Latvian, Portuguese and Arabic. This puts the businesses of the capital in very good stead for interacting with European contacts.
In addition to the high rate of language prowess in Ireland, the country has one of the most highly educated workforces in the world. The Organisation for Economic Co-Operation and Development noted that 52% of 25-34 year-olds have a third-level qualification (university standard), compared to the EU average of 42%.
Over 30% of students are enrolled in Science, Technology, Engineering and Maths courses, with another 20% studying Social Sciences, Business or Law. This is indicative of a very rich pool of talent in Dublin, from which relocating financial firms can hire a high quality of prospective employees.