Why would you consider Ireland as a place to do business, and if you were, why would you choose to bank with Ulster Bank?

There are many excellent reasons why you would chose to do business/locate your business in Ireland. Our favourable low corporation tax regime is well documented, we have a highly educated and multi skilled workforce, a supportive business environment where entrepreneurship is embraced, an economy that is rebounding at the fastest rate in the European Union (EU), an enviable geographic location and on a personal level, Ireland is just simply a great place to live.

Ireland is located off the North West coast of Europe and has a population in excess of 4.5 million people. Ireland is divided into 32 counties. 6 of these counties are in Northern Ireland which is part of the United Kingdom (UK). The remaining 26 counties form the Republic of Ireland.

It has international airports located in Dublin, Belfast, Derry, Knock, Cork and Shannon together with a network of regional airports. Ireland is the closest EU European country to the United States (US) and most European cities are accessible within a two to three hour flight. Its main language is English and it is the only Eurozone country in which English is the principle language.

Ireland is home to :

  • 9 out of 10 world leading technology and internet companies

  • 8 out of 10 leading online game companies and platforms

  • 8 out of 10 world leading pharmaceutical companies

  • 15 out of the top 20 world leading life sciences companies

  • And over 50% of the world’s leading financial services companies

Familiar names such as Google, Facebook, Twitter, Microsoft, Boston Scientific and more have significant HQ operations in Ireland and this concentration of world-leading organisations has positioned Ireland as a major European business centre attracting some of the world’s most talented people.

These businesses have been able to draw on the availability of a young, flexible, ambitious, well-educated and multilingual workforce as many foreign nationals from across Europe and beyond have combined with Ireland’s indigenous workforce to ensure a plentiful supply of highly qualified workers.

Successive Irish Governments have encouraged foreign direct investment (FDI) and entrepreneurship and they actively encourage international companies to choose Ireland as their European base. The Industrial Development Authority (IDA) is Ireland’s FDI agency and they have helped over 1,100 companies establish & develop themselves in Ireland. The 2015 World Bank ‘Doing Business’ report ranks Ireland in the top 10% of 189 economies surveyed.

Irelands tax regime helps make companies based in Ireland more attractive to investors. This includes a low corporate tax rate of 12.5% as well as a comprehensive double tax treaty agreement with over 70 countries. The availability of improved tax credits for research and development expenditure and the introduction of tax relief on the acquisition costs of intellectual property, patent rights and other intangibles have heightened Ireland’s tax attractiveness for investors.     

Ireland’s economy continues to rebound at the fastest rate in the EU. Growth figures for 2015 have been a good deal stronger than expected with the economy growing by 6.9% year on year in the first half of the year. The European Commission recently commented that the strong recovery was initially driven by strong net exports but it is now firmly based on domestic demand across many economic sectors. It also noted that the growth is being driven, not just by foreign multinationals, but by Irish Small and Medium Sized Enterprises (SMEs) which are exporting more due to the weak euro and access to finance. The domestic labour market also continues to register healthy improvement across the country where the jobless rate stands at 9.3% (October ’15) compared to 15.2% in early 2012 and the strengthening recovery is also evident in the public finances with Ireland set to comfortably deliver a fifth consecutive year of fiscal outperformance.   

As a place to live Ireland has a lot to offer. Ireland is blessed with a rich history, culture and a beautiful landscape. It is an island where you can’t get more than 150 miles from the sea. Its weather is moderate and its people are renowned worldwide for their friendliness and their willingness to embrace change.

The Republic of Ireland is a parliamentary democracy where the Euro is the common currency. Health care is available free to all residents including those from the European Union and European Economic Areas living in Ireland. Its education system is excellent where primary, secondary and third level education is strongly encouraged. Ireland is often referred to as the’ land of saints and scholars’ referring to the golden age of monastic learning or ‘the emerald isle’ referring to its green landscape.

Popular culture in Ireland is very similar to many Western countries in terms of TV, cinema, traditional music and literature. However, it’s probably best known for its pub culture where friends ,family, neighbours and tourists can meet in a relaxed and friendly atmosphere to enjoy some of the best food, drink and ‘craic’ in the world.

So, if you were tempted to consider Ireland as a place to do business and you needed a bank, why would you choose Ulster Bank?

If you are taking your business across international borders it can put a strain on your cash flow and expose your business to new risks. In response to these challenges Ulster Bank recently launched a compelling international proposition to help our customers’ trade internationally with greater efficiency, security and peace of mind.  As a wholly owned subsidiary of Royal Bank of Scotland, we can leverage local connectivity and banking services across the UK via RBS and Nat West. We can also support UK companies coming to the Island of Ireland to do business here through our extensive network of over 200 branch & business centre locations providing you with a full service banking operation for both personal and business needs.

The scale of foreign direct investment into Ireland continues to thrive and there is no shortage of innovative, international companies seeking to locate here. The work of bodies such as the IDA, British Irish Chamber of commerce, Inter Trade Ireland and others have all played an integral part in bringing high growth companies to Ireland and as a domestic bank with an international footprint Ulster Bank is very well placed to support these businesses through its dedicated FDI team.    

Ulster Bank is also the only Irish Bank that is a member of the International banking partnership IBOS (International Bank, One Solution). IBOS includes over 25 member banks, all operating globally (including Silicon Valley Bank, US Bank, PNC Bank, Unicredit, Santander). The advantage of this partnership for our customers is that we can provide them with on the ground banking services in a large number of countries with the same level of service you’d expect to get from Ulster Bank. This allows us to support our customers as they expand into Europe, America and beyond. 

Ulster Bank is building a bank that is relevant to the future with a stated ambition to become the number one bank on the Island of Ireland for customer service, trust and advocacy. Many of the companies we meet coming to Ireland see innovation as a key competitive advantage. Through our parent, RBS (Royal Bank of Scotland), we have access to the RBS innovation team based in Silicon Valley, the heart of the tech start- up community. Ulster Bank’s ongoing investment and focus on innovation is a key component of our offering and we are excited for the future benefits this investment will bring to our customers.  

So, if the business attractions that Ireland offer seem attractive to you and you want to explore the extensive possibilities of partnering with a domestic and international bank, we’d be delighted to hear your plans and share our insights with you.


Important Information

Ulster Bank Ireland Limited. A private company limited by shares, trading as Ulster Bank, Ulster Bank Group and Banc Uladh. Registered in the Republic of Ireland. Registered No. 25766. Registered Office: Ulster Bank Group Centre, George’s Quay, Dublin 2. Member of The Royal Bank of Scotland Group plc. Ulster Bank Ireland Limited is regulated by the Central Bank of Ireland. Calls may be recorded.

For Invoice Finance and MaxTrad: Please note that the provision of this product or service does not require licensing, authorisation or registration with the Central Bank of Ireland and, as a result, it is not covered by the Central Bank’s requirements designed to protect consumers or by a statutory compensation scheme.

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