Business Profile of Ireland Essay

Ireland is an island located in the eastern part of the North Atlantic Ocean. Almost all the aras of the verdant argon covered by coastal argonas. The density of rainfall is more than in the western part of the terra firma that receives heavy which exceeds 3000 mm (120 inches) per category and only 60% of rainfall is received in remaining argonas having 762 mm rainfall per year. The country is hugely populated with Christians society (Thompson, 1849). The official language of the country is English and m otherwisewise tongue is Irish. The nurture background of the country is that, 52.3% of the population are primary educated, 23.3% of the population are secondary and only 24.4% are t highly educate (Hall, 1995).Ireland is unitary of the most emerging countries of the United Kingdom. It allows the enthusiastic entrepreneurs to commence small as tumesce as medium sized industries which facilitates in the growth and successfulness of the country. For this the so numerous assi stance were provided like financial assistance from twain the sides of government body and other institutions, imposing tax at concession rank, simplified procedures for incorporating, economical tariffs and transportation costs. And other running costs prevailed is similarly lower compared to other parts of the UK. In addition to these the country is fill with energetic, enthusiastic, young, skilled and highly educated workforce.Ireland is a developing country with a constitutional population of 436, 6193 tally to the survey carried out in 2007. Since1980, somewhat 40% of the inward investment in the European Electronics sector has been contributed by Ireland (Hall, 1995). Now, it is being accepted as one of the growing countries in the realism. intimately of production functions are undertaken by the country itself and the well known bundle packages are designed in this country i.e. around 60% of the total software packages sold in different parts of the world.It is ali ke well known that for the software export in the world. Out of top 15 pharmaceutical companies, 13 companies guard been manufacturing and conducting R&D operations in Ireland. It also has been a full member of Euro Currency Zone from its inception. It toilette also simplify the transactions including cross border transactions and other administrative costs that enables the Irish market to gain competitive profit over costs and gets economies of scale. The Doing Business Report reports that the country is ranked 7 out of 181 economies in terms of ease of doing affair ( parsimony Ranking, 2008). The report also documents that the country is accepted as the 5th economy among the 181 economies across the world to start a new venture.Source (The Doing Business Report 2009, Economy Ranking, 2008)Political EnvironmentThe countrys semipolitical stability, risk assessment, governing body and policy-making are very much feasible to the care the great unwashed in domestic and their for eign policies are too favorable to the investors. Evaluating and anticipating the political stability and security to the business environment in Ireland, it can be said that the political stability of the country plays an important role in determining the entrance of new ventures in to their market. Their trade policies attract many new entrepreneurs to commence their business operations in the country.Recent issuing of emigration, environmental risk and the affect of technological changes to the political agenda have been seen along with Irelands economic performance, their peace process, the policy areas of health, housing and industrial relations of the country. Economic growth rate since past decades of the country in terms of per capita GDP level showed a higher trend. The reason git such suppuration was imaginative i.e. the dynamic programs developed by Irish political and administrative leaders irrespective of the governing body generally focused on the development of th e country as a all told and not as an individual. Irelands good working condition and check relationship with the United Kingdom has enabled the two governments to achieve significant fortify and developments in the country.Comparative advantage of the countryWhen we are talking about the proportional advantage of the country it is necessary to evaluate the overall development of the country. There is a good sign in inflation rate which is showing decreasing trend from last decades, this resulted in increase in the purchasing power of the people and also the micro factors GDP and Per Capita of the country also showed a positive sign. In addition to these foreign substitution rate increased. This inspired more and more outside companies to establish their business in the country and increased the amount of contribution of the foreign companies in the country, this factor provided employment opportunities to the people of Ireland. The following are the various categories that qu ip large amount of employments to youth.Ireland Industries Ireland Hi tech Ireland real estate Ireland work SundryThe other comparative advantage of the country is the prevailing revenue policy of the country. It impose lower rate of taxation for existing industries as well as new industries. The policy of taxation is based on the individual income .In other words, higher the income higher the rate of tax net profitable. Companies those who are following the conditions as mentioned in the assessment year of July 1998, only 10% corporate tax lead be applicable. This tax slab rate will remain unchanged till 2010. If it is a passive income only 25% is applicable (Cantillon, 2001).Income tax imposed on individuals is also low as compared to other countries in the world. For an individual, tax will be payable according to income earned in Ireland and overseas who follows the requirements to become a resident of Ireland for. A foreign resident who is employed in Ireland is also liabl e to pay tax on income earned in Ireland. It is yet another comparative advantage over other countries. Besides this they are also preventing the levy of double tax to the foreign companies even though it is followed in other parts of the country. In addition to these advantages, the government of Ireland provides VISA to the foreigners to do business in their country.In certain occasions they give passport having 3 months validity to the foreigners to stay. And a work permit will be habituated to the foreigners by the government if all the conditions in the gazette are complied by them. And suppose they are issued without fulfilling the conditions it will badly affect the employ Tax. They are liable to pay tax on income earned in Ireland and overseas by an individual who meets the test of a permanent resident of Ireland. A foreign resident who is employed in Ireland pays tax only on income earned in Ireland and not on overseas. The work permit is give for the period of one year i f required it can be extended.The major(ip) industries of IrelandThe major industries located in Ireland are Agriculture, Beverages, Chemicals and Fertilizers, Clothing, Construction, Electronics and Data Processing, Food Processing, Machinery, Pharmaceuticals, Textiles, Tourism.major(ip) companies working in IrelandBarrys Tea LtdIt is a privately have association. It was founded in Republic of Ireland in 1901 whose headquarter is situated at Cork. The main products of the company are Tea. About 73 employees are working in the company. The yearbook turnover of the company is 31 million.Baltimore TechnologiesIt was founded in 1976 at Dublin, Ireland. About 12 employees are working in the company. The main products of the company are everyday Key Infrastructure Solutions. The Company was acquired by Oryx International harvest Fund in July 2006.AirtricityThe company was established in 1997 in Ireland. capital of Minnesota Dowling is the current CEO of this company. Mainly they ar e producing electronic items. About 380 employees are working in the company.ArnottsIt is one of the oldest and largest department stores at Dublin, Ireland. It was established in the year 1843 by Sir John Arnott. It is a privately owned company. 750000000 is the summation of the company. Market capitalization of the company is US$13billion.