Invest in Ireland, do business in Singapore.

Investors include both the world’s largest and most successful companies, plus a growing number of emerging, high- growth businesses, from sectors such as technology, life sciences, financial services and fintech, internet, engineering and business services. These companies undertake a range of strategic activities in Ireland including advanced manufacturing, research and development (R&D) and global business services.

Using Ireland as a regional hub for European operations offers a significant number of advantages to companies from around the world.

As a member of the EU, Ireland allows companies barrier free access to Europe’s 500 million consumers and the ability to trade across Europe from a single location. Ireland’s time zone also makes it the perfect location as an interface to Europe and the USA for Asian companies.

The Irish Government, through the state agency for FDI, IDA Ireland, provides a warm welcome and free assistance to both SME’s and large MNC’s to set-up and run their European operations quickly and easily from Ireland. IDA Ireland helps companies to execute their plans swiftly and remains in contact throughout the lifetime of a company’s operations in Ireland to provide assistance where required.

Key incentives for foreign investors include the pro-business attitude of the Irish Government, Ireland’s committed membership of the European Union and access to its markets, its highly skilled, educated and English-speaking workforce, a very favourable corporate tax regime and the general ease of doing business in Ireland.

There are, in fact, many reasons to invest in Ireland, from the favourable corporate tax regime of 12.5% and supportive business environment, to the availability of a well-educated workforce: Track Record, Talent, Tax, Ease of doing business, Education, Europe, Cities & Clusters, Connected Research and Cutting-edge Companies

Ireland’s ability to continually attract foreign multinationals is a testament to the breadth of incentives available to prospective investors, as well as its sophisticated, but flexible, pro-business environment.

Ireland’s performance as a hub for foreign direct investment is unrivalled. We continue to attract businesses from sectors such as technology, engineering, life sciences, global business services and financial services. To date, over 1,500 foreign-headquartered companies have chosen Ireland as their strategic location in Europe including:

• 9 out of 10 US Technology Companies
• All of the world’s top 10 Pharmaceutical Companies
• 14 of the world’s top 15 Medical Devices Manufacturers
• 20 out of 25 of the World’s Leading Financial Institutions
• All 10 of the world’s largest Born on the Internet Companies
• 8 of the top 10 Industrial Automation Companies
• 3 out of 6 global Games Publishers
• 9 of the top 10 Aircraft Leasing companies

• Productivity and efficiency of companies and large corporations by international standards
• Openness to foreign investors
• Investment incentives which are attractive to foreign investors
• Inward investment by quality and value of projects

Ireland’s population is currently approx. 4.8m people, a third of whom are under 25 years of age, giving Ireland the youngest workforce in the EU.

Our young workforce is capable, highly-trained, highly adaptable and well-educated. 53.5% of Irish 30 - 34 year olds have a third-level degree which ranks higher than any other country in the EU, and which is well above the EU average of 40%.

Ireland is the only Eurozone country in which English is the principal language.

Ireland’s young population is also culturally diverse.

With 17% of the population being international, Ireland has proportionally the 3rd highest international workforce in Europe and over half a million Irish residents speak a foreign language fluently.

Ireland remains an attractive location for young, educated Europeans, with 11% of workers coming from other EU countries.

Companies such as Google employ people from over 65 countries speaking over 50 languages in Ireland.

The IMD World Competitiveness Yearbook also ranks Ireland 1st in the world for availability of skilled labour, worker motivation, flexibility and adaptability of workforce, attitudes towards globalisation, and the ability to attract and retain talent. Ireland is also highly ranked for its availability of senior management.

Ireland has one of the most favourable tax regimes in the world attracting hundreds of foreign companies to the Emerald Isle:

• A corporate tax rate of 12.5% which applies to all Irish corporate trading profits.
• Generous 25% R&D Tax Credit incentive for research and development
• An extensive network of double taxation agreements.
• An excellent Intellectual Property (IP) regime which provides a tax write-off for broadly defined IP acquisitions.
• An attractive holding company regime, including participation exemption for gains on disposals of most shares
• An effective zero tax rate for foreign dividends (12.5% tax rate on qualifying foreign dividends, with flexible onshore pooling of foreign tax credits).
• An open and transparent EU-approved stable tax regime, which complies fully with OECD guidelines and EU competition law
• Generous domestic law withholding tax exemptions.

Ireland’s business environment makes it easier to do business in Europe than you think possible. As an English-speaking country, operating a common law system similar to the Singaporean legal law system, it is one of the most accessible litigation platforms in the world with a dedicated commercial court.

Ireland prides itself on having an accessible, efficient, bureaucracy-free system, for instance, the ability to register a company in Ireland takes just a few days with minimum red-tape.

The presence of clusters of leading global companies across sectors means the local supply base is already tuned to the needs of companies.

Plus, Ireland’s workforce is ranked 1st in the world for flexibility and adaptability according to IMD.

Ireland’s education system is ranked in the top 10 in the world where 53% of 30 to 34-year old’s have successfully completed third level studies compared to the EU average of 40%. Ireland’s 98% participation rate in education amongst 18-year olds is also the highest in Europe.

Irish IT specialists are the best educated in the EU. 82% have third level qualifications compared to the EU average of 62% and Ireland has the fastest-growing tech worker population in Europe.

Ireland has the 3rd highest numeracy and literacy rates amongst 10-year olds in Europe and we are implementing a comprehensive and forward looking National Skills Strategy & Action Plan for Education which aims to make Irish education the best in Europe by 2026.

Ireland has been a member of the European Union since 1973 and provides easy access to the European market of 27 countries and over 500 million consumers. Through Ireland, companies can also access the wide network of existing EU trade agreements.

Ireland is the only English-speaking member of the Eurozone and companies have access to the entire EU labour force of approximately 250 million with no requirements for work permits or visas for EU employees.

Singapore has carved out a competitive niche as one of the easiest and most accessible locations to do business in Asia. It is an increasingly popular destination for regional headquarters, branch offices and holding companies seeking to access the wider Asian and ASEAN markets.

An independent state just over 50 years old, Singapore is an economic powerhouse that values its diverse multi-ethnic and multi-religious society.

Singapore is not just one of the most advanced free- market economies within the 10-member Association of Southeast Asian Nations (ASEAN), it is also one of the most politically stable countries in Asia.

While Singapore’s domestic market is relatively small, a high-level of state intervention in the economy has powered the city-state’s growth and positioned it as Southeast Asia’s most attractive destination for regional corporate headquarters. This has also been aided by a regulatory environment which is not only pro-business and free trade but also committed to ongoing optimisation. Thus, Singapore is well deserving of its number two ranking in the World Bank’s Ease of Doing Business index for 2018.

Singapore continues to be a regional business hub for ASEAN and wider Asia-Pacific due to its highly- educated workforce, excellent air transport links, developed infrastructure, transparency in business operations and western business practices. Many companies adopt a “hub and spoke” approach, using Singapore as a base from which to access opportunities in neighbouring markets.

Singapore is a potential gateway for Irish businesses into the nine other ASEAN member states - Malaysia, Indonesia, Thailand, Philippines, Vietnam, Myanmar, Cambodia, Laos and Brunei. With a population of 634 million, the scale of ASEAN’s marketplace, almost US$2.6 trillion in gross domestic output in 2016, is matched only by the diversity of its economies. As efforts toward further integration within the region continue, ASEAN’s projected growth rates are set to remain at around 5.3% until at least 2020.

• Aerospace, Aviation and Traveltech
• Construction and Cleantech
• Financial services and Fintech
• Healthcare - medical devices, digital health, consumer health
• Telecommunications and Internet of Things (IoT)

Singapore offers foreign-owned businesses four options of establishment within the city-state - Branch Offices, Representative Offices, Subsidiary Companies (Private Limited Companies), and Partnerships. For companies seeking to establish a low-risk, exploratory presence in Singapore or for those entering Asia for the first time and seeking to explore options for regional expansion in ASEAN, the Representative Office is typically the most effective option.

Irish passport holders can stay in Singapore for up to 90 days visa-free. Irish travellers should be aware that the entry requirements of almost all Asian countries, including Singapore, stipulate that passports must be valid for at least six months at the time of entry.

Ministry of Foreign Affairs: visa requirements

All foreign workers must hold the relevant work permit prior to commencing work in Singapore. To view the different options and what might apply to you, please see the Ministry of Manpower website. If you are an entrepreneur starting a new business in Singapore, you will require an Entrepass. For details of requirements to obtain this pass, please click here.

Ministry of Manpower: work passes and permits · EntrePass: before you apply

Enterprise Ireland’s Market Research Centre offers client companies access to market intelligence in the form of company, sector, market, and country information to explore opportunities and compete in international markets.

Enterprise Ireland is committed to assisting and supporting clients to enter new markets and expand in their current markets. Our team of experienced market professionals in our overseas offices are ready to help you. Enterprise Ireland offers flexible solutions for client needs, as well as business supports for success in the market. This includes our Market Research Centre and local market supports, our experience in building selling capabilities, and our assistance with trade events and missions.

A key tool to assist with accessing the Singaporean market is the recently published Going Global Access Asia Guide produced by Enterprise Ireland. Covering success factors, routes to market, legal issues, growth sector and government information, the guide can be downloaded here: Access Market Guide, Singapore

Enterprise Office Ireland in Singapore contact details: Mr Kevin Ryan, Director ASEAN, Email: kevin.ryan@entreprise-ireland.com Telephone: +65 6804 9380

Going Global Access Asia: Exporting to Singapore (PDF)

By joining the Irish Chamber of Commerce, we can facilitate meetings with members who have been down this route, from setting up their own companies, to setting up offices for companies with a global presence, our introductions can help you through the minefield of information. As a member you will be able to attend our events at a member’s rate, providing you with networking opportunities, industry insight and introductions to senior officials and business people.

Relevant government organisations details are:

Enterprise Ireland, Singapore office · Embassy of Ireland, Singapore · IDA Ireland · Bord Bia (Irish Food Board), Singapore