Why is Ireland so popular in the tech arena?
Ireland has witnessed the fastest growth in tech workers in EU since 2016. As of 2020, Ireland is home to 9 of the top 10 global software and U.S. technology companies. The top 3 global enterprise software companies are also located here. Add to that, 4 of the top 5 IT services companies are located here.
Since 1956 when IBM established itself in Dublin, many of the large tech firms have eventually followed suit to take advantage of the high tech culture being cultivated on the Emerald Isle. Google established its European headquarters in Dublin in 2003. Major tech giants like Microsoft, Dell, Intel, SAP, Facebook, LinkedIn, Twitter, Amazon, Hubspot and Paypal soon followed. The sector has generated employment for 37,000 people and €35 billion in exports as of 2020.
Home to nearly 1000 tech companies and fondly called the ‘Silicon Valley of Europe’, Ireland has become the hotspot for global superpowers as well as nascent start-ups. Investors and venture capitalists are also showing tremendous interest and perceiving Ireland as an innovation hub as well as a land of lucrative opportunities. This has given birth to Ireland being a home for many start-up accelerators and incubators that offer invaluable support and advice to lead, scale and commercialize. Due to this thriving start-up – investor ecosystem, Irish companies such as Stripe and Intercom too have succeeded in expanding their reach and resources beyond the Emerald Isle.
A comfortable, affordable living environment, easy access across the EU, UK and USA as well as a hard-working, intelligent and multilingual talent pool are just a few reasons high tech companies are flocking to Ireland.The highly skilled population of the nation is constituted primarily of citizens who are below the age of 25. About 1 million Irish people are involved in the full-time education system and third level institution students taking courses in STEM (Science, Technology, Engineering and Maths) stand at 30%. A strong connection between companies and universities help Ireland to maintain a globally competitive economy. The country’s education system is putting in a conscious effort to equip students with the right skills to meet the requirements of the fast paced, new-age tech industry.
The government leaves no stone unturned in its commitment to foster a pro-business environment by charging a low, attractive corporate tax rate of 12% and 25% tax credit for Research and Development. Organizations such as Enterprise Ireland which are powered by the government assist and support companies to start, innovate and scale.
One of the most alluring incentives of setting up business in Ireland is membership to the European Union, which allows over 500 million potential customers to gain access to services provided by Irish based companies. Companies incorporated in Ireland have the liberty to enjoy the Free Trade Agreement and customs union that is present between EU states.
Ireland has managed to create the perfect ecosystem for tech businesses to come set up base and this is working to their advantage in the wake of Brexit. Many global companies are now shifting their EU headquarters to Ireland from the UK to enjoy the advantage of access to EU and UK.
To sum up, this is why you should choose Ireland as your home if you’re a global tech giant or a tech start-up:
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