Starting a small business requires certain qualities regardless of where you decide to lay down roots. Organisation, commitment to quality, pride in your work and a natural ability to market yourself are all fundamental virtues of great sole traders and SBO (small business owners).
The individual who wants to leave an organisation takes on a much wider range of responsibilities in exchange for the lion’s share of success. That’s why, while there are plenty of skills you need regardless of where you’re working, the country you decide to set up shop in can have plenty of ramifications on how you operate, and which hoops you must jump through to get started. So, why Ireland?
Ireland, like many Western European countries, is a wonderfully business-friendly place to work in for a number of reasons. Here’s why Ireland is a great place for you to start your new venture, and a few key tips to remember before you start working.
Ireland’s first great benefit to businesses is its continued membership in the EU. For many businesses, the Brexit process rewrote many of the conventions and wiped the slate clean. For small businesses, the loss of EU ‘passporting’ rights that used to allow the UK’s financial services companies unfettered access to European markets was devastating. Operating out of Ireland offers you all the benefits that the EU can provide whilst still maintaining close proximity to the UK market.
Ireland is also incredibly keen to welcome new businesses. With a business environment that is highly accommodating to start-ups – essentially very close to the UK’s own – the Irish business laws have also enjoyed a much more recent refreshment compared to their neighbours over the Irish sea. Starting a business in Ireland offers you faster, efficient and welcoming incentives, particularly for smaller, incoming businesses. If you needed more convincing, the recent 2018 Doing Business report from the World Bank named Ireland as the eighth-best country to start a business in, globally.
Considerations to make
Starting a business is naturally defined on a case-by-case basis. As such, your industry type is going to bring its own risks. For many professional, specialist trades, you’re naturally going to have to consider the potential for injuries on the job and coverage in that unfortunate event. It’s important to research the legal landscape and identify a few personal injury solicitors in Ireland. It’s good to ensure you select a provider with a proven track record and should be considered basic due diligence to keep one of these on retainer if you’re in a trade that carries day-to-day risks of that nature.
In addition, you’ll want to consider your whereabouts in Ireland if you decide to base yourself there. The capital, Dublin is an obvious, sensible, and beneficial choice with a strong startup presence and ecosystem, however, it’s also not an obviously affordable choice – you’ll be expected to pay some of Ireland’s highest prices.
There are alternatives like Galway, Cork, or even Limerick – each will offer a variety of different pros and cons to your business type. Everything from logistical complexity to communications quality, internet speeds and educational hubs that produce the right talent are all factors that can come into your decision.
Beyond that, you’ve got your administrative obligations, the specifics are unique to Ireland but always a hurdle to be cleared in any country. A few things to remember will include the fact that all businesses based in Ireland need to have an official company seal, used to stamp documents as proof that the Board of Directors has approved the decision. Registering with the Revenue Commissioners will be another step, to ensure you fulfil all your tax obligations.
These sorts of small details feed into a mindset that many SBO have by default – a need to have visibility and commitment, and a desire to be at the heart of your business and your profession. It’s true that you can set up a business anywhere in the world you choose. However, if you choose Ireland and you have what it takes to run your own venture, you’re sure to have an adventure on the Emerald Isle.