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Ireland is open for business. The IMDO and Maritime Ireland are here to support companies in the Maritime sector looking to explore the advantages and opportunities in Ireland
Transcript of Maritime Ireland
- 1. Maritime IrelandIrish Maritime Development Office Irelands Business landscape
- 2. Irish Maritime Development Office The Irish Maritime Development Office (IMDO) is Irelands national dedicated development, promotional and marketing agency for the shipping services sector. It is a state agency 100% funded by the Irish Government. To promote and assist the development of Irish shipping and Irish shipping services and seafarer training. To liaise with, support and market the shipping and shipping services sector. To advise the Minister on the development and co-ordination of policy in the shipping and shipping services sector so as to protect and create employment.Services Offered Data and reports on Ireland as a place to do business Introductions to local service providers/companies Facilitation with obtaining work permits and Visas, Provision of financial incentives through the Irish Government. Long term view of relationships with foreign direct investors in Ireland
- 3. Facts About Ireland Northern Population - 4.24 million Ireland Member of EU / Eurozone 1,000 Foreign owned companies in Ireland Consistent approach in relation to economic policy Sligo 1st in World for availability of skilled labor (IMD World Competitiveness Report, 2009) 1st in Euro Zone of best countries to do business (Forbes 2010) Galway Dublin 1st in Europe for completive locations for R&D investment (Mazars Global Review 2010) 1st in World per capita employment from FDI (Global Location Trends 2010) Limerick 1st in World for most-highly employable graduates ( EU Com. 2010) 1st in World for FDI, Technology transfer and Adoption (World Economic Waterford Forum 2011) 2nd most Globalized Economy in World (E&Y Globalization index 2011) Cork
- 4. Home for Global Leaders Novell
- 5. Recent Activities include Nasdaq listed TBS International relocates to Ireland from Bermuda. TBS owns a fleet of 47 multi-purpose cargo ships trading world wide. Ardmore Shipping bases itself in Ireland. The company operates a fleet of chemical and specialty tankers from its main office in Cork. Murray & Associates opens an office in Cork. The firm is a respected member of the marine design and engineering community. Looking to expand its presence in Europe the firm chose Ireland as its base.
- 6. Recent Activities include Arklow Shipping a leading dry bulk vessel owner with its head office in Wicklow recently announced plans to build 4 new vessels expanding its fleet to 39 vessels. Glenda International is an Irish based joint venture between the Damico Group and Glencore. The company based in Dublin operates operates a fleet of double hulled tankers just announced a $700 million investment to build 14 new vessels. IMERC partners with the Cork Institute of Technology, the University College Cork and the Irish Naval Service to develop the Irelands maritime and energy opportunities with a focus on marine renewables.
- 7. Ireland is competitive 2010/2011 saw Irish competitiveness improve significantly: Business costs including: energy, private rents, office rents, services, construction and labour have all become more competitive. Apart from outright reductions in nominal pay rates, companies have been able to reduce pay bills in a number of ways, including reductions in bonuses, shift and over-time premiums, short-time working arrangements and decreases in employee numbers. The National Recovery Plan 2011-2014 sets out policies to assist a resumption of output and employment growth including structural reforms to enhance labour market flexibility and cost competitiveness. Salaries for new personnel are lower by up to 20% compared with 2008/2009, with largest decreases for graduate/newly qualified positions The cost of hiring new technical support personnel also decreased substantially Systems administrators, application support staff, finance and IT management salaries are lower by up to 20%. Bonuses has been greatly reduced and eliminated in many instances. Employee expectations are much lower, and employees are more flexible. Further salary decreases are expected over the coming 2 years.
- 8. Ireland & TaxationIreland & Taxation Corporation tax: One of the most favorable taxation locations in the world: a 12.5% Corporation Tax rate on trading activities. Holding Company: An excellent holding company location Double Taxation Agreements: A huge range of double taxation agreements Corporation Tax: The Basics The corporate tax rate in Ireland is 12.5%. Corporation tax is charged on the profits of a company. "Profits" for corporation tax purposes consist of income (business or trading income comprising active income). Investment income comprising passive income is taxed at 25% and capital gains tax is 25% One of the key benefits of Irelands corporate taxation has been the stability and consistency of taxation policy by successive governments over the past 20 years. The current corporation tax rate of 12.5% has been negotiated with the European Union and has been agreed to run to 2025.Tonnage tax Tonnage tax: The most competitive, business friendly tonnage Tax for shipowners and managers in the European Union. Irish tonnage tax was introduced in 2002 to offer shipping companies a competitive, stable and flexible corporation tax regime. It is flag neutral and crew neutral. Tonnage tax is a misnomer since it is not a tax in itself, rather it takes a notional profit and taxes it under the normal Irish corporation tax rate of 12.5%. The notional profit is calculated according to the tonnage of the vessel, hence the title tonnage tax.
- 9. Irelands Key Advantages Business friendly policies Openness to New Business People / Skills Service Providers Education Regulation Immigration Policy Location Diversity Positive Taxation Environment Property Solutions English Speaking Risk Management Cluster Effect Overseas Network Track Record Team Ireland
- 10. Service we can offer IMDO will facilitate a 1-3 day itinerary on your behalf You will meet the leaders of major companies in relevant business areas to discuss operating environment, skills availability, Government support and answer any questions you have Recruiters, legal providers, accountants and consultants can be matched to your requirements and introductions made If required, relevant viewings of relevant property options can be organized from the private sector options Agenda is fully flexible and collaborative ensuring you get the maximum value for your time Contact: Jack Mylott or Tim Green Polaris Consulting LLC U.S.A. representatives for the Irish Maritime Development Office Tel: 1 954 577 5100 mailto: USA@IMDO.ie www.imdo.ie