Every legal business entity operating in Ireland is obliged to pay VAT, save for a few businesses and individuals who are exempted; fishers, farmers and a few others. VAT is added on to the value of services or products at each stage of production or distribution. It’s rather a clever structure set up by governments to make companies unpaid tax collectors. The upside to VAT is that if your business is VAT registered, you can claim a VAT credit from the Irish Revenue for the tax you paid to other VAT registered entities. Sadly final consumers can only pay VAT but they cannot claim it.
Just like any other country, the Irish government requires businesses to be registered and obtain licenses before they can start their operations. Apart from the obvious company registration license, certain business activities such as pharmaceuticals, telecommunications and IT would require separate and additional licensing.
Ireland is currently home to nine out of ten of the world’s largest pharmaceutical companies. A lot of multinational companies are finding convenience in Ireland and over the years the pharmaceutical sector has grown to be one of the major backbones of the Irish economy.
Trademarks serve as markers or identifiers by which companies can use to mark their products or services and distinguish them from those supplied by other businesses. The registration of trademarks in Ireland is not mandatory, however you are highly recommended to register your trademark to protect your brand. A trademark gives you exclusive rights to your services and products such that no one will be able to legally use your trademark without your consent.
Setting up a bank account in Ireland is no different from other countries. It’s a pretty straightforward process as long you have all the required documents. Both foreign citizens and national citizens are free to choose any Irish financial institution they would want to work with. The most common types of accounts in Ireland are:
Over the years, Ireland has grown to be one of the best investment destinations in the world. This is credited to its business-friendly laws and low corporate tax rates.