Ireland has emerged as the least complicated country in the world for businesses to stay compliant with corporate regulations and undertake commercial operations, according to a new study.
In a recent report ranking 95 countries according to compliance requirements, Ireland was ranked to be the least complicated country in the world in terms of compliance requirements when doing business.
Ireland Ahead of UK and USA
The ranking of Ireland ahead of jurisdictions such as the UK and USA in this regard is another considerable endorsement for the beneficial enterprising culture that has been developed in Ireland over a number of decades.
This commitment to simplifying commerce continues within Ireland, and has seen the unveiling of a number of successful measures that continue to attract further business.
The New Companies Act 2014
One of the key measures and fundamental reasons for the recent strong performance of Ireland in unravelling the complexities of business, has been the introduction of the new Companies Act.
The introduction of the new Companies Act 2014 in Ireland, which replaced the old Act on 1 June 2015, has been transformational for conducting business in Ireland. The new Act has consolidated company legislation and also simplified and reformed the obligations of many corporate entities; consequently this codifying of Irish Company Law has made Ireland an ever increasingly desirable place to do business for multinational companies of a diverse background and size.
The role of the 2014 Companies Act in creating a smoother compliance culture has been undoubtable. Receiving support from across the business community, the efficiencies and simplifications of the new legislation have been advantageous for current Irish based organisations, and have also proved attractive to prospective international investors.
As a result of the new Act, red tape corporate bureaucracy has been dramatically reduced within Ireland, and the introduction of the new Act has provided a modern, state-of-the-art Company Law code, that has resultantly made it considerably easier for doing business in Ireland.
In tandem with the reforms and streamlining of Company Law that the Companies Act 2014 has provided, a number of other key factors have also played a significant role in making Ireland a leading destination for carrying out business operations.
Among these other significant considerations that have secured international accolades are the stability of the Irish state, the highly educated make-up of the Irish population and the benefits of Ireland being the only English speaking member of the Eurozone.
These key characteristics, alongside the reforms of the Companies Act 2014, and the work undertaken by public institutions such as the Industrial Development Authority, have all considerably contributed to making Ireland one of the most attractive destinations for locating businesses globally.
The reforms of the Companies Act 2014 and actions being taken by public institutions once again highlight the substantial positive actions being taken within Ireland to remove the unnecessary burdens of corporate compliance and build upon the pro-business culture already prevalent within the Irish state. Consequently, the evidence that this report outlines serves to highlight the vast benefits that can be seized upon by undertaking business operations within Ireland.