Ireland captures a disproportionate amount of Foreign Direct Investment (“FDI”) in Europe thanks to a business friendly legal and tax environment. Today almost 100,000 people are directly employed by 600 US companies in Ireland including Intel, Hewlett Packard, Boston Scientific, Dell, Pfizer, Citi, Bank of America Merrill Lynch, Medtronic, Google, Johnson & Johnson, Facebook, LinkedIn, Abbot and PayPal. In 2010 Ireland continued to attract FDI, despite challenging global circumstances. In total, 126 foreign direct investments were won, and those new companies investing in Ireland for the first time is up 20% on 2009.
The benefits of Ireland include:
- A low corporate tax rate of 12.5% on trading profits
- An R&D tax credit of 25%
- Very limited transfer pricing rules
- Extensive double tax treaty network
- Company formations available within 5 business days
- A highly skilled, flexible, English-speaking workforce
- EU and euro-zone member country.
The FDI projects establishing in Ireland can occur by way of greenfield site set-up, investment into already existing operations or via merger / acquisition. In addition, Ireland acts as a “gateway to Europe” for many US and other non-European companies, including the ability to easily “passport” into all other European Economic Area countries in the insurance and other financial services sectors.
Ireland has a vibrant international financial services sector, centred around Dublin's IFSC. The centre is host to at least half of the world's top 50 banks and half of the top 20 insurance companies. This is supported by the full range of international and domestic names in areas such as professional services, shared services and software provision that have developed around the IFSC.
Our multi-disciplinary International Business practice has unrivalled experience assisting corporations in conducting business in and through Ireland; advising on company formations and group structures, tax, restructurings and reorganisations, intellectual property, information technology and commercial contracts, property, employment, pensions and executive benefits. We are leaders in IFSC activities – insurance and re-insurance, asset management and investment funds, and financial services. We are a full service, business law firm, and as such, we have the legal expertise “in-house” to advise our international clients on all facets of their business.
Our focus is client service: to be efficient, responsive and commercial in assisting our clients in setting up and conducting business in a new jurisdiction. We support the in-house counsel of our clients as if we were an extension of their in-house legal team.
We have extensive links to other service providers including banks, accountants, property advisers, HR and recruitment specialists who are key to the success of any inward investment project.
We maintain strong links with the IDA and other Government legal and regulatory agencies, and can short-cut much of the information gathering, liaising with government bodies and project planning.
Our international clients cover the spectrum of industries from pharmaceuticals, technology, financial services, healthcare, and includes advising:
University of Pittsburgh Medical Center (UPMC) on its acquisition of a majority stake in Beacon Medical Group Limited.
Schwarz Pharma (UCB), on various development agreements in relation to its facilities in the South-West of Ireland.
Yahoo! on multi-jurisdictional IT projects and related tax arrangements.
Mubadala Development Company PJSC (investment company owned by the Abu Dhabi government) on the Irish merger control aspects of its acquisition of the aircraft
maintenance company, SR Technics.
RSA Insurance (formerly Royal & Sun Alliance) on the domestication of its entire Irish branch business.
NewPEL Group on its acquisition of the life insurer Combined Life Assurance Company of Europe from the ACE Group, and the on-going roll-out across Europe of its high and ultra-high net worth unit linked and portfolio bond business.
LCL Acquisitions on its acquisition of Irish non-life insurance undertaking Santam Europe Limited.
Medifiq Healthcare on Irish elements of a financing package for the purpose of refinancing existing facilities and completing the acquisition of a target group of companies.
IKEA International on the procurement of its new 30,000 sq metre store in Ballymun, Dublin.
Duke Street on the acquisition of the majority of Payzone.
Advising Millipore Corporation on winding up its approved profit sharing scheme for Irish employees in connection with its global takeover by the Merck KGaA.
"William Fry was instrumental in guiding us through all aspects of the complex transaction and due diligence. The expertise includes Irish law, government contracting, tax, property, bank restructurings, real estate/leasing as well as general advice on the Irish business culture...Overall, the service provided by William Fry was excellent. At all times, they approached matters with professionalism and with UPMC's best interest...Our business objective was successfully completed. It would have been impossible without the counsel of William Fry. It was well worth the investment spend".
David Farner, Senior Vice President and Chief of Staff, UPMC