Grainne Loughnane, managing partner at Tully Rinckey’s Dublin office, this week introduced a seminar on Ireland as a gateway to international business for US companies.
Manhattan-based Rinckey said that it can be difficult to succeed in Ireland if US firms and their staff are not prepared to spend considerable time here.
Personable
“Ireland is a personable country. Networking is key.
"The Irish are very social and a lot of networking is going to revolve around the pub and or getting a coffee or a tea.
“Bribery and corruption is less of an issue in Ireland than in the States.
"Ireland is a pretty transparent country,” he noted.
Irish employment laws are very different to those in the US, he said, and he advised early planning and review of high-cost items such as accounting and IT, when setting up in Ireland.
Rinckey commented that banking and insurance are challenging for start-ups because of stringent anti-money laundering legislation.
It took “forever” to get the utility bills needed for bank account set-up, he noted.
Emmanuel Dowdall of IDA Ireland said that, as a Government agency, the iDA can influence the environment for policy-making.
One-third of multi-nationals have been in Ireland for longer than 20 years, with half here for over ten years, Dowdall said.
Companies setting up here will have access to pan-European talent, he said.
Eight of the top ten pharmaceutical companies globally are in Ireland, with nine of the top ten ICT firms also based here.
Solicitor Grainne Loughnane said that Ireland ranked fourth on Forbes list of the best countries in which to do business, and the only one to have a top 15 placing under all 11 metrics.
Workforce
Ireland has a clever and highly-educated workforce as well as a common law system, Loughnane said.
It has the EU’s youngest and most productive workforce, with good talent mobility.
Tully Rinckey co-founder Greg Rinckey said the EU market amounts to 500 million customers in 27 countries, and membership also gives access to regional and social and rural development funds.
This was a key reason for Tully Rinckey's decision to set up in Ireland.