The following is a summary of relevant features of the Republic of Ireland as an international offshore financial centre.
The Republic of Ireland is situated in Europe, 30 miles west of Great Britain.
(b) Political factors:
The Republic of Ireland is an independent republic. The form of government is a parliamentary democracy based on free elections. The elected government is normally drawn from predominantly conservative parties. Dublin is the capital of the Republic of Ireland, accommodating the Government, Parliament and ministries.
The Republic of Ireland has been a member of the European Union (EU) since 1973.
(c) Legal system:
The Republic of Ireland has a common law jurisdiction. The legal system is derived from and based on the British system.
The official languages of the Republic of Ireland are English and Irish. English is the language used predominantly in all aspects of day-to-day life.
Ireland is part of the Euro-zone. The Euro is the only official currency as from 1 January 2002.
(f) Foreign investment:
The Government of the Republic of Ireland has an active policy of encouraging foreign investment. There is normally no restriction imposed on foreign ownership of enterprises operating in the Republic of Ireland.
(g) Business climate:
The Republic of Ireland is a committed member of the European
Union and OECD and, accordingly, the business climate is internationally orientated.
Government agencies, equipped with sophisticated grant aid systems for capital investment and employment creation, actively seek foreign investment. Tax and investment incentives are actively marketed by state agencies which will provide considerable support to prospective investors in Ireland.
There is a highly skilled and educated pool of personnel available to new ventures locating in Ireland, with a strong emphasis at third-level institutions on business related disciplines and computer technology.
Commercial relations with the United States, United Kingdom and other EU countries are strong. Major Irish investments have been made in manufacturing, distribution and financial services by companies headquartered in these countries.
The financial infrastructure is highly sophisticated, having been developed along British lines. Professional advice in all banking, financial, legal, corporate, tax and general international areas is readily available.