Is opening an office in Dublin going to help with Brexit?
With ‘Brexit’ comes a whole host of potential changes and uncertainty. It has been almost a full year since the decision and there has been much discussion about the practical challenges to businesses. So what steps are companies considering?
A common theory is that it will be more difficult for Britain to trade with ‘Europe’ whilst not being a member of the European Union. It is therefore logical that British based business are considering options and potential relocation is at the top of some agendas.
It was reported by the Guardian that over 100 large companies began contemplating relocation to Ireland; many being banking and finance institutions in the City of London. If they do relocate there, not only would these companies be able to get the trade benefits of EU membership they would also benefit greatly from favourable corporation tax levels. As it stands, corporation tax in Ireland is at 12.5% compared to 19% in the UK. A very motivating ‘pull’ factor?
If British companies do begin to re-locate to Dublin, competition to rent offices and workplaces in Dublin will likely be disproportionately high post-Brexit. The cost to rent or buy office space in Dublin may inevitably rise long-term too.
Relocating to Dublin could be ideal on a number of levels; the city is colourful and vibrant and there is an array of great shopping to be done. When you add to this the large attraction of being on a port so that goods are very easily imported and exported, it has great potential. However, many commentators note that there is no question the strength London has as a global city that remains a leader in its field.
We at SA Law have kept a close eye on ‘Brexit’ developments and the potential legal and commercial ramifications. Please get in contact with the SA Law Corporate Team should you wish to discuss the impact of Brexit on your business and we will be happy to talk you through your options. With the benefit of our experience and expert guidance we can make sure you get the important decisions correct.