by Company Bureau, 4th November 2009
Despite being in recession, Ireland continues to atttact the cream of multinational companies to its shores. AVIVA has become the latest multinational to consolidate its European interests under the incorporation of a single Irish holding company. There has been a trend among US multinational corporations to register a company in Ireland, especially in the wake of proposed tax reforms in the US.
Back in May, US president Barack Obama declared his intention to clamp down on the channelling of US company profits through offshore entities.
Since then, a number of large firms have relocated their place of incorporation from countries identified by the US as tax havens, such as Bermuda, to Ireland.
These include massive consultancy firm Accenture, insurance giant Willis Group Holdings, international shipping company TBS International, manufacturing giant Ingersoll Rand, medical device distributor Covidien, and electrical goods manufacturer Cooper Industries, .
Warner Chilcott plc, a pharmaceutical firm employing over 1 thousand people worldwide, is currently seeking court orders to facilitate its relocation to Ireland for tax reasons.
WPP, one of the globes’s largest advertising and marketing groups, moved to Dublin from the UK in Autumn 2008, following their stark criticism of changes in British corporate tax policy by the treasury in London.
Accenture and TBS have complemented Ireland’s “sophisticated” and “well developed” legal and regulatory environment as the driving forces in their decision to relocate to Ireland. In addition to this Ireland’s low corporate tax rate of 12.5% is thought to have been one of the key factors.
To join these discerning companies in relocating to Ireland, please contact Company Bureau – Ireland’s no. 1 Company Formation & Corporate Service Provider.
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