Since the UK voted to leave the EU in 2016 we have being witnessing the up and downs of the UK EU negotiations and the considerable uncertainty UK businesses are experiencing. Some commentators are saying the UK economy will take a big hit, while others are saying it will be a soft landing.
Large companies are urgently looking at ways to tighten their belts and ‘Brexit-proof’ their business, small business owners can move with far more speed and agility than bigger competitors to secure their position.
A recent survey of UK-based financial firms identified Dublin as among the most popular choices for relocation in the wake of Brexit. 21 out of 59 of the financial services companies surveyed revealed that they are committed to moving staff or operations to the Irish capital. For example, Barclays is transferring 150 jobs and its new EU base to Dublin, and the Bank of America is doing likewise. It is estimated that – in total – approximately 13,000 financial services jobs will move from London to Dublin.
The reasons why using a Dublin virtual office, will greatly help UK firms overcome Brexit are:
1. Your firm will have an EU presence again:
By having your UK company or part thereof, set up a sister company in Ireland and registered with the Companies Office in Dublin, your company will be back having a presence in the EU. By using a virtual office service in Dublin, you will have an affordable business presence, without having to rent a physical office.
Once the UK leaves the EU, Ireland will find itself the only English speaking EU member, still sharing many legal and institutional structures with the UK. These advantages may account for an upsurge in the numbers of financial institutions and manufacturing and service providers, inquiring about relocating part or all of their operations to Ireland as a means of staying in the EU.
2. Attractive business environment & low corporate tax rates
Ireland has a very attractive business environment, lower corporate tax rates and we have a positive connection with the EU, UK, US and globally. There is an ease of doing business here that is attractive to foreign investors.
Ireland is an obvious partner to do business within the EU and setting up your presence in Dublin by employing virtual office solutions, allows your firm to, not only remain in the EU, but to position your company to attract further investment from within the EU and from outside the EU.
3. Ease of Incorporation and Administration
A new company can be registered, within a few days, from date of lodgement of incorporation papers. An registered business address, can be procured from an established virtual office provider. Once a company has been established, any subsequent changes, such as the allotment of new shares, changing directors, or amending Memorandum and Articles is easily done in the Companies Registration Office. Making any of these changes does not require physical attendance. Ireland has an ease of doing business not seen in many countries in mainland Europe.
At a time of global economic and political uncertainty, Ireland offers a stable, pro-business environment and is an excellent location from which companies seeking to establish a base in the EU can develop and expand their businesses.