Working for you in Ireland
Dublin, London & New York
What others say about us… Our Corporate Team
Our Commercial Team “The team is phenomenal - super efficient, productive and business oriented.”
“Great leadership in getting the transaction signed.” Chambers & Partners Europe, 2016
Chambers & Partners Europe, 2015
Our Financial Services Team Our Tax Team “A fantastic firm across all its departments.”
“Quick and responsive, and strong in several areas. Very impressive overall.” Chambers & Partners Europe, 2016
Chambers & Partners Europe, 2016
Our Dispute Resolution Team “Adds value and provides direct contact at partner level.” Chambers & Partners Europe, 2016
Contents Managing Partner’s Welcome 1 Advantages of Ireland as a Business Location
Business Structures in Ireland
Technology & Intellectual Property
Energy,Utilities & Projects
Employment 18 About Mason Hayes & Curran
Managing Partner’s Welcome As an award-winning Irish law firm working with international market-leading companies doing business in Ireland, we understand the challenges organisations face when investing or locating in a foreign country. We have the necessary skills to assist you during your initial set-up and in meeting your ongoing legal and commercial imperatives. We have established offices in both New York and London, two of Ireland’s most important conduits for inward investment to Ireland. Ireland has a lot to offer foreign organisations.
Given this context, it is easy to understand
We have an attractive and stable corporate tax
why nine of the world’s top ten ICT companies
regime and a flexible and skilled workforce.
have chosen to base their EMEA operations
These two factors, amongst others, have
in Ireland. We are pleased to represent eight
resulted in Ireland becoming one of the most
of these. Our specialised technology team
favoured locations for foreign investment in the
operates at the top end of this market, advising
last decade. The data below underscores the
on highly complex issues with an international
international confidence in the Irish proposition,
impact, particularly regarding data privacy,
and why major organisations choose to invest
outsourcing, strategic partnerships and IP.
in Ireland. Another major beneficiary of investment in • Forbes ranked Ireland as the ‘Best Country for Business’ in 2015
Ireland is financial services, which includes banking, investment funds, asset financing and
• 1,200 foreign companies have chosen Ireland
insurance. Ireland is home to over 50% of the world’s leading organisations in this sector. Our
as a strategic location in Europe
financial services regulatory practice advises such
• Ireland’s corporate tax rate is 12.5%. Organisations also benefit from a
businesses on establishment and investment in
comprehensive tax treaty network providing
Ireland. Our award-winning finance teams work
tax treaties with 72 countries
closely with local and global finance houses.
• In 2016, the IMD World Competiveness
We hope this guide is helpful in your organisation’s
Yearbook ranked Ireland first in the Eurozone, fifth in the OECD, and seventh in the world for overall competitiveness
assessment of its investment options. If I can be of any further assistance, or if you require additional information, please feel free to contact me.
• Ireland’s membership of the EU and Eurozone provides easy access to the EU
internal market • Post-Brexit, Ireland will be the only Englishspeaking member of the EU which has a legal
Declan Black, Managing Partner
system based on common law principles.
INVEST IRELAND • Page 1
Forbes ranked Ireland as the ‘Best Country for Business’ in 2015
Ireland’s membership of the EU and Eurozone provides easy access to the EU internal market
1200 foreign companies have chosen Ireland as a strategic location in Europe
Ireland’s corporate tax rate is 12.5%. Organisations also benefit from a comprehensive tax treaty network providing tax treaties with 72 countries
In 2016, the IMD World Competiveness Yearbook ranked Ireland 1st in the Eurozone, 5th in the OECD, and 7th in the world, for overall competitiveness
“Ireland’s ability to source talent and long track record of attracting global companies makes a compelling case for FDI. This is underpinned by our strong and stable tax offering, which rests on a central pillar of a 12.5% tax rate. These three factors are supplemented by the ease of doing business here in Ireland, our education system and our access to European markets. The proof that these factors continue to resonate with investors can be seen in Ireland’s recent inward investment statistics.”
Michael Shanahan, CEO, IDA Ireland
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Advantages of Ireland as a Business Location Ireland continues to be attractive for FDI. US companies have in excess of US$180 billion in FDI in Ireland, which is more than the total amount invested by them in the BRIC economies put together. In addition, there are many legal benefits for international operations to establish in Ireland including:
• Establishment: incorporating a new Irish
• Common Law System: Ireland is a common
corporation or registering a branch is a
law jurisdiction. It is regarded as more flexible
straightforward and quick procedure. The
and less prescriptive than many civil law
World Bank’s recent ‘Doing Business’ report
rates Ireland as the easiest place in Europe to start a business.
• Employment: Irish employment law is regarded as providing a fair balance between
• Tax: Ireland’s 12.5% tax rate for trading
a business friendly set of rules for employers
activity, tax exemption for collective
while at the same time affording appropriate
investment undertakings, and regime for
protection to employees.
asset finance, is a cornerstone of Ireland’s offering as a business location.
• Dispute Resolution: The Irish Commercial Court is a specialist court designed to
• Financial Services: The Single European
facilitate the speedy resolution of business
Market is premised on a mutual recognition
disputes. Actions are case managed and are
of licences and the ability to passport those
heard by experienced commercial judges.
licences from one European jurisdiction
Approximately 90% of actions are resolved
to another. Ireland serves as an attractive
within one year. In relation to arbitration,
platform for banks and numerous other
Ireland has enacted the UNCITRAL Model
financial services institutions such as
Law on International Commercial Arbitration
investment firms, insurance undertakings,
and is also a signatory to the 1958 New
payment institutions and electronic money
York Convention on the Recognition and
institutions, seeking to gain access to the
Enforcement of Foreign Arbitral Awards.
Single European Market. Currently, there are 22 banks established in Ireland and over 400 others are operating in Ireland. Over half of the world’s top 50 banks have internationallyfocused operations in Ireland.
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Business Structures in Ireland Incorporating a new Irish corporation or registering a branch of a non-Irish corporation with the Irish Companies Registration Office is a straightforward and quick procedure. There are various corporate structures available in Ireland, but in the main most enterprises establishing in Ireland choose an Irish-incorporated private company with limited liability and a share capital. Such a new company can be established within 5 working days. There are two types of private companies limited
Ireland specifically permits US GAAP to be used
by shares in Ireland. These are a simplified
in the preparation of financial statements, both
private company limited by shares (LTD), and a
standalone and consolidated, by certain Irish
designated activity company (DAC). Companies
establishing themselves as credit institutions or insurance undertakings must incorporate as
Financing of Irish companies can be by way
DACs but most other enterprises who wish to
of debt, subscription for shares, and in some
be private companies limited by shares can be
circumstances, contribution of capital without
constituted as LTDs.
the issue of shares. Shares must be issued with a par value – usually €1, but the par value can be
Irish company law was consolidated in the
any amount in any currency.
Companies Act 2014 and now provides some of the most flexible methods in the EU of
Once a company has been incorporated,
enabling the distribution of capital to investors.
any subsequent changes, such as changes
It also permits domestic mergers between Irish
in directors, the allotment of new shares or
companies. Ireland’s EU membership facilitates
changes to constitutional documents, can be
EU cross-border mergers, of which we have
easily achieved and filed in the Companies
The fiduciary duties of directors in Ireland are
There are no requirements for minimum payment
similar to the UK and Delaware. Ireland operates
of dividends or interest. A 20% withholding tax
a unitary board system unlike the dual board
can apply to payments of dividends or interest,
systems that exist in a number of other European
but there is a wide range of exemptions from
jurisdictions. Creditor and investor protection
such withholding taxes. Exemptions are generally
is further enhanced by the requirement for the
available where the recipient is tax-resident in an
boards of certain large companies to issue an
EU country or a country with which Ireland has a
annual statement in respect of compliance with
double tax treaty.
the law, including tax law.
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LTDs can have just one director, but every other
The Irish Government agencies, the Industrial
company type, including DACs, must have at
Development Agency Ireland (IDA), and
least two directors. All Irish companies must
Enterprise Ireland, promote business
have a company secretary, but for LTDs with
development in Ireland. While Enterprise Ireland
a sole director, the sole director cannot be the
is mainly concerned with the promotion of local
company secretary. A corporate entity may act
Irish industry, the IDA deals with attracting
as company secretary, but directors must be
foreign investment projects to locate in Ireland.
natural persons. An Irish company must also have at least one director who is resident in a
Particular areas in Ireland – the Shannon region
member state of the European Economic Area
South-West and the ‘Gaeltacht’ areas, where
(EEA). If it does not, an insurance bond to the
Gaelic, the Irish language, is spoken - have extra
value of €25,395 must be put in place.
specific incentives above and beyond the normal investment incentives provided by the IDA.
By law, every Irish company, except where specific exemptions apply for small companies,
The grants available from the IDA provide
must appoint an auditor who will report to the
financial assistance to businesses, which
shareholders on the accounts prepared by the
become repayable only where the grant terms
directors. Auditors must generally be members
are broken within a five year period or where the
of the main professional accounting bodies
in Ireland, Scotland or England and Wales. All the major international accounting firms have
Grants are given for both manufacturing
member or affiliate firms in Ireland.
activities and internationally-traded services. These grants include capital grants, employment
Companies incorporated in Ireland and
grants, research and development grants and
branches registered in Ireland are obliged to
publicly file accounts. Small and medium-sized limited companies may prepare short-form
The IDA can make available specific grants, or a
profit and loss accounts, and are free from the
combination of grants, which will frequently be
obligation to disclose particulars of turnover
calculated as an overall amount of grant per job,
in audited accounts. Irish non-filing structures
based on the number of jobs to be created by
involving unlimited companies will shortly
the grant-aided project.
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Ireland is a world-leading location for finance, insurance and investment funds Ireland currently has signed comprehensive double taxation agreements with 72 countries, of which 68 are in effect. The countries outside the EU with which Ireland has a double taxation agreement are: Albania, Armenia, Australia, Austria, Bahrain, Belarus, Belgium, Bosnia Herzegovina, Botswana, Bulgaria, Canada, Chile, China, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia,
Ethiopia, Finland, France, Georgia, Germany, Greece, Hong Kong, Hungary, Iceland, India, Israel, Italy, Japan, Korea (Rep. of), Kuwait, Latvia, Lithuania, Luxembourg, Macedonia,
Malaysia, Malta, Mexico, Moldova, Montenegro, Morocco, Netherlands, New Zealand, Norway, Pakistan, Pakistan, Panama, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia,
Singapore, Slovak Rep., Slovenia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, Ukraine, United Kingdom, USA, Uzbekistan, Vietnam, Zambia.
Negotiations for new agreements with Azerbaijan, Jordan and Tunisia are ongoing. Ireland also has tax information exchange agreements with Montserrat and Dominica.
INVEST IRELAND â€˘ Page 6
Ireland has a leading reputation as an onshore EU OECD white-listed location. It is a key EMEA hub for the financial services, information technology, e-commerce, gaming and pharmaceutical sectors. It has a growing profile as the holding company EU location of choice and a location from which to own intellectual property. In the financial sector, Ireland is a world-leading location for asset and structured finance, insurance and investment funds. In common with all other EU Member States,
A company which is tax-resident in Ireland is
Ireland uses a sophisticated toolkit of tax rates,
liable to tax at 12.5% on trading activities carried
exemptions, allowances, credits and reliefs to
on in the State and in respect of dividends from
attract various activities to its shores. At the
certain foreign trading subsidiaries. A system of
epicentre of this regime is a 12.5% corporation
onshore pooling of foreign tax credits enables
tax rate for almost any trading activity carried
credit for foreign tax, including municipal, state
out in the State, an exemption from tax for
tax and withholding taxes on profits out of
certain investment funds and share portfolio
which dividends have been paid, to eliminate the
income, and an ability to structure cross-border
incidence of Irish tax. A 25% corporate tax rate
transactions, including big ticket leasing, through
applies to passive income, certain land dealing
Irish corporate and other vehicles without Irish tax
and oil, gas and mineral exploitation. Non-trading
leakage, so as to utilise Ireland’s extensive double
activities subject to tax at 25% are typically
tax treaty network. The Irish Government has
outside the scope of the new Irish transfer pricing
published a statement on Ireland’s international
regime. Irish regulated investment funds are
tax strategy highlighting the open, transparent
exempt from Irish tax on their income and gains
and low corporate tax rate as a cornerstone for
derived from their investments.
attracting foreign direct investment.
INVEST IRELAND • Page 7
9 of the top 10
US ICT Companies are based in Ireland...
...we represent 8
INVEST IRELAND â€¢ Page 8
Technology & Intellectual Property Ireland is a world-leading centre for the tech industry, and serves as a gateway for international technology businesses seeking to enter or serve the European market. For instance, nine of the world’s top ten technology companies are located in Ireland, eight of which are clients of our firm.
The Irish Government takes an active role in
These factors also make Ireland attractive
this regard, proactively promoting Ireland as a
for international high potential start-ups
global digital hub and strongly encouraging the
and entrepreneurs, which have a growing
development of e-commerce and foreign direct
representation here, particularly in software,
investment by ICT companies into Ireland.
online and FinTech sectors.
This support from the top down makes Ireland
Data Protection & Privacy
an ideal location for international tech, online
Our data protection and security team
and communication companies, as is evident
provide world-class expertise and strategic
from the thriving tech ecosystem. For instance,
advice on all issues surrounding data
“Silicon Docks”, Dublin’s area where we are
protection, security and privacy law
located, is the EMEA location of choice for global
compliance. With clients ranging from the
giants like Google, Facebook, LinkedIn, Twitter,
world’s best known data driven companies,
AirBnB and many others.
to high potential start- ups, we offer unparalleled global expertise coupled with detailed local knowledge.
A combination of Ireland’s liberalised electronic communications industry, a highly-educated workforce, and an internationally-respected Data
We have the foremost data protection and
Protection Authority are some of the benefits
privacy law team in Ireland and are earning
for a technology company locating its European
a reputation as one of the premier teams
headquarters in Ireland.
in the EU. We advise US and other nonEuropean companies on global privacy
From a technology contracts perspective, Ireland
structures, European wide compliance with
is a common law jurisdiction, which means
privacy law, and complex multi-jurisdictional
that its legal concepts are recognised and
data transfers, processing (including big
understood by most foreign investors, including
data analytics) and services agreements.
As part of this trans-border work, we frequently co-ordinate complex and international data protection projects with counsel across Europe.
INVEST IRELAND • Page 9
Intellectual Property Tax Advantages
Intellectual property (IP) covers a range
In addition to the 12.5% rate of corporation
of intangible assets arising out of the
tax on trading profits, the Irish tax regime also
creativity, innovation and goodwill of
offers the following benefits to companies
a business. Ireland’s strong legal and
involved in the management of IP:
common law framework, advantageous tax regime for the exploitation of IP and highly
• Tax write-off for the capital cost of acquiring
educated workforce puts it in a unique and
IP which can result in an effective tax rate
favourable position for companies seeking
of 2.5% on related income.
to exploit their IP here.
• Extensive treaty network limiting foreign withholding tax leakage on royalty
The Irish legal system is based on common law principles similar to North American,
payments to Ireland. • Exemption from Irish withholding tax on
British and Commonwealth jurisdictions. As
royalty payments from Ireland to both treaty
a long-standing member of the European
and non-treaty jurisdictions.
Union (EU), businesses located in Ireland also benefit from the expansive EU
• Unilateral relief for foreign tax suffered on royalties received from abroad.
protections for IP.
• Exemption from Irish stamp duty on the sale or transfer of intellectual property.
Ireland has an independent and efficient
• Tax credit in the amount of 25% of
court system with a fast-tracked and case-
qualifying expenditure incurred on research
managed Commercial Court process which
and development activities.
deals with IP rights.
• Ability to utilise research and development tax credit against current year tax liability
Ireland’s commercially-progressive IP laws
with any excess allowed to be carried
protect four principal rights – trademarks,
back against prior year tax liability, carried
copyright, patents, and designs. With the
forward indefinitely or offset in future tax
exception of copyright, all IP rights can be
years, surrendered in a tax efficient manner
registered for protection. Additionally, EU
to key employees or claimed as a refund.
legislation and the various international
• Ireland has introduced a knowledge
conventions which Ireland has signed up
development box with a tax rate of 6.25%.
to, provide the ability to simultaneously
To avail of the rate, actual research and
register IP to obtain protection for
development needs to occur physically
trademarks, designs and patents across a
within the EU.
number of jurisdictions.
INVEST IRELAND • Page 10
Energy, Utilities & Projects We are a market leader in advising on energy and infrastructure transactions in Ireland, leveraging three decades of experience. Our Energy & Projects team advises a wide range
Although the window for applications to the
of clients, including project developers, utility
REFIT schemes has now closed – the Irish
companies, lenders, network operators and public
government is devising a successor scheme –
sector stakeholders. With complementary expertise
there is an abundance of Irish renewable energy
in key areas such as corporate, real estate, banking,
projects that have been granted support, and are
regulatory, construction and planning, we are
seeking funding for development. Investment
well-positioned to provide clients with the most
opportunities also exist through an active
comprehensive, up-to-date advice they need.
secondary market in projects at various stages of development.
Ireland’s Atlantic location has endowed it with abundant renewable energy potential, and this
Electricity from onshore wind farms is not the
potential is being realised with the development of
only opportunity in Irish energy. By way of Irish
a highly active onshore wind energy industry.
government initiatives, the Offshore Renewable Energy Development Plan promises to unlock
The Irish government has committed that, by
the renewable energy potential of Ireland’s
2020, 40% of Ireland’s electricity demand will be
generated from renewable sources. In order to meet this target, it has been estimated that a total
A further area of activity in the Irish energy
of around 2,000MW of wind generation will need
sector relates to the international energy export
to be connected on the island of Ireland.
and trading opportunities presented by the recent construction of a 500MW electricity
To assist in bringing this new renewable electricity
interconnector between Dublin and North Wales,
to market, the Irish transmission system operator
and the proposed construction of a 700MW
has undertaken a significant and path-breaking
interconnector between Ireland and France.
programme of operational innovation and grid
Ireland’s progress towards its renewable energy
enhancement. In line with the requirements of
targets has not gone unnoticed by foreign
European law, renewable generators are, where
investors in other sectors, such as the developers
possible, dispatched in priority to conventional
of data centres and pharmaceutical facilities.
generators. The Irish government supports its renewable energy target with a number of feed-in
The Irish energy sector represents both a source
tariff (REFIT) programmes. Our experience is that
of opportunity in its own right, and a key facilitator
this support is highly ‘bankable’, as well as being
of wider Irish economic activity.
of interest to equity investors seeking relatively stable returns.
INVEST IRELAND • Page 11
Financial services available and accessible in Ireland include: · Investment funds · Investment fund administration and custody · Investment servicing, investment research and trading · Investment management · Banking and asset finance · Payment services · Treasury management · Finance leasing · Insurance and reinsurance · Asset management services · Securities trading · Securitisation · Debt capital markets
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Financial Services Ireland has developed into a significant global centre for financial services. Ireland is a very attractive location for international financial services institutions and groups seeking a European presence, based on a unique combination of the Irish legal and regulatory system, the specialist skills and expertise of its workforce, the country’s pro-business approach, low taxation, excellent infrastructure and government support. Activity in the financial services international
sector has grown to an extent that over 250
The Irish tax regime has been a key driver
global financial institutions now operate in
in the growth of the asset finance industry,
Ireland, employing in excess of 25,000 people.
particularly aircraft leasing, in Ireland.
Many of the world’s leading financial institutions
have established significant operations in Ireland, and many have selected Ireland as the location of their European headquarters.
• a low standard corporation tax rate of 12.5% on trading profits; • no withholding tax on equipment lease rental
The Central Bank of Ireland (the “Central
payments paid to non-residents;
Bank”) is the regulator of financial services
• tax depreciation for equipment can be claimed
activities in Ireland, and is responsible for both central banking and financial regulation. Some of the global treasury activities carried out in and through Ireland include treasury management services, cash pooling, netting, cash management, market pricing, exchange and interest rate risk management and cross-
over 8 years i.e. 12.5% per annum; • access to Ireland’s extensive double taxation treaty network (72 signed treaties); • no stamp duty or transfer taxes on the transfer of ownership of aircraft; • no value-added tax on international aviation leasing as aircraft lessors typically enjoy full
recovery of VAT on costs associated with the A large number of financial services companies are established in Ireland to carry out insurancerelated operations, particularly captive insurance
aircraft leasing business; and • wide domestic law exemptions from withholding tax on interest and dividends.
INVEST IRELAND • Page 13
Ireland is a key strategic location for domiciling
Certain funds which pursue more alternative
and servicing investment funds. Ireland offers
investment strategies may not be permissible
a sophisticated and attractive regime to the
under the UCITS regime, but can be set up as
investment funds industry, resulting in over
AIFs. AIFs in Ireland can be established either
800 managers from 53 countries having their
assets administered here. In particular, Ireland is an internationally recognised major hub
• Retail Investor AIFs – RIAIFs
for the global distribution of fund products,
• Qualifying Investor AIFs – QIAIFs
with Irish domiciled funds sold in over 70 The QIAIF has become one of Ireland’s most
countries. Ireland is also a market-leader in alternative funds, being the largest hedge fund
successful fund products, offering flexibility
administration centre in the world, with over
for alternative investments, e.g. infrastructure
40% of global hedge fund assets serviced here.
funds, hedge funds, funds of hedge funds, private equity funds, real estate investment
The two regulated fund regimes for Irish
funds. The minimum subscription per investor
domiciled funds are:
in a QIAIF is e100,000, and investment is limited to certain classes of professional
• UCITS – Undertakings for Collective Investment in Transferable Securities
investors. Accordingly, QIAIFs are not subject
• AIFs – Alternative Investment Funds
to investment restrictions which would apply to other categories of funds. A QIAIF, for example, may be established as a single asset
fund, and may also have unlimited leverage. In
Ireland excels as a European domicile for UCITS funds, with over 80% of assets of
order to meet speed-to-market demands of the
Irish domiciled funds held in UCITS. A UCITS
industry, QIAIFs are authorised on a filing basis
fund can avail of a “passport” for distribution
only, within 24 hours of submission of the
in the EU, meaning that once established
in Ireland, it can be sold in all EU Member States once the appropriate notifications have
A key advantage for AIFs is the availability of a
been made to the local authorities. Indeed,
marketing passport similar to that which UCITS
regulators in jurisdictions in Asia, the Middle
have enjoyed with great success. Accordingly,
East, Latin America and elsewhere have also
following the completion of a relatively
approved Irish UCITS for sale to investors in
straightforward registration process, AIFs may
be publicly offered to professional investors in other jurisdictions of the EEA.
INVEST IRELAND • Page 14
system for life assurance companies. This
There are several legal forms available for the
allows policyholders’ investments to grow tax-
establishment of investment funds in Ireland
free throughout the term of the investment.
and these include the Irish Collective Asset-
A charge to tax is imposed at the time when
management Vehicle (“ICAV”), a variable
payment is made to the policyholder, following
capital investment company, a unit trust, a
the surrender or encashment of the policy.
common contractual fund and an investment
The investment return or growth is liable to tax
at the current rate of 41%, depending on the nature of the payment, which the assurance
The ICAV is a new corporate vehicle for Irish-
company is required to deduct on payments to
regulated investment fund, and is fast becoming
the policyholder. There are exemptions available
the vehicle of choice for new funds established
from this tax charge where the policyholder is
in Ireland. The ICAV is incorporated and operates
not resident for tax purposes in Ireland.
under legislation designed, in consultation with the funds industry, specifically to meet the
Securitisation and Structured Finance
operational needs of investment funds, their
managers and investors.
Irish tax law also includes favourable provisions
As with other Irish regulated funds, income, gains and profits of the ICAV roll up on a
for qualifying Special Purpose Companies (SPCs) who hold and/or manage, or have an interest in, a wide range of qualifying assets
gross basis without any charge to Irish tax
including, in the case of plant and machinery
applying. Further, for non-Irish resident investors and certain Irish-exempt investors, no exit tax applies on all forms of distributions and proceeds on the sale/transfer of shares in an ICAV, other than in respect of certain Irish property-related returns.
acquired by an SPC, a business of leasing that plant and machinery. This allows for the creation of an effectively tax-neutral onshore, OECD and EU member SPC which can avail of Ireland’s extensive double tax treaty network to minimise withholding tax leakage on payments received by the SPC and made to non-resident investors.
Anti-avoidance tax law applies the use of SPCs
In recent times, some of the leading players in
for investment in Irish real estate-related loans.
insurance and reinsurance have re-domiciled their global headquarters to Ireland. A number of factors, including the favourable tax regime
This is widely used to facilitate finance of aircraft and the consolidation of debt portfolios.
in Ireland, have been cited as the basis for this decision. These include a gross roll up
INVEST IRELAND • Page 15
More than 378,000m2 of new office stock currently under construction
INVEST IRELAND â€¢ Page 16
Real Estate Irish land titles take two forms, perpetual or “freehold”, and a term of years or “leasehold”. Commercial occupiers often rent property instead of buying it outright. Traditionally, these leases have been in the form of full repairing and insuring obligations for twenty five years and upward-only rent reviews. However, due to a change in the law and a change in market conditions owing to economic circumstances, upward-only rent reviews are no longer possible in new leases and the length of a typical lease has reduced to ten years or even less. Short-term leases, five years or less, are
Real Estate Registers
becoming more frequent, particularly in the
Ireland has two types of property registries:
technology sector where landlords are learning
The Land Registry and the Registry of
that the property needs of technology companies
Deeds. Land Registry gives confirmation of
can expand rapidly, thereby repaying the
ownership but the Registry of Deeds only
confidence of a landlord who is willing to give
records that documents exist. The Government
such a tenant options over more space in a large
is encouraging registration of titles in the
Land Registry with a view to facilitating e-conveyancing in the future. All purchases for
Overseas occupiers made up 64% of all lease
value now result in an obligation to register the
activity in 2013. Companies such as Twitter took
title in the Land Registry.
space and are looking for more. The need to provide top quality office accommodation for international companies will be a driver for the restart of commercial development in 2014. estate acquisitions, with the likes of CAPREIT amounts of real estate.
Foreign investors in significant Irish commercial property often structure their investment
International investors also dominated major real and Kennedy Wilson acquiring substantial
Acquisition of Irish Property
in Ireland using a collective investment undertaking (fund), an Irish-incorporated company, or various limited partnerships. Each investment has differing tax analysis.
INVEST IRELAND • Page 17
Employment Law Ireland’s clear employment laws and access to a young, highly-educated, Englishspeaking workforce have attracted many international companies to locate here. Our country’s stable labour costs, proximity to Europe, and membership of the EU also contribute to companies choosing Ireland. We have the largest employment and benefits
Regulation of the Employment Relationship
team in Ireland. We provide on-going strategic
The employment relationship in Ireland is
advice and detailed guidance to many of the leading
governed by the express and implied terms
foreign companies operating in Ireland. In addition,
of the employment contract. Irish statute and
we have a dedicated team that provides Irish
common law also imply provisions into the
business immigration advice to both employers and
employment contract, such as ones relating to
prospective non-EEA-national employees.
holiday entitlement, national minimum wage, maternity, and minimum notice. Employees
Statute, common law and the Irish Constitution
in Ireland also have statutory protection from
all have a bearing on the employment relationship
discrimination on certain grounds.
in Ireland. Most statute law is driven by our
membership of the European Union (EU).
In order to effect a dismissal fairly, and avoid
Although there are differences between how
liability under the unfair dismissals legislation,
Member States of the EU have interpreted and
an employer must have a fair reason to dismiss
implemented various pieces of employment law,
an employee, and an employer must follow a
what sets Ireland apart is the distinct absence of
process before dismissing an employee.
works councils and almost any obligation to inform and consult with employees.
Under common law, the employment relationship can be terminated for good reason,
Right to Work in Ireland
or no reason, so long as an employee is given
Unless a person is an EEA or Swiss national, he
notice in accordance with their contract of
or she will require permission to work and reside
in Ireland. Applications for permission to work for more senior employees, with salaries in excess of €60,000, are relatively straight-forward. In addition, Ireland operates an intra-company transfer scheme, whereby senior management and trainees who have been working for the foreign entity for over a year, can be transferred to work in the Irish operation for up to five years.
INVEST IRELAND • Page 18
About Mason Hayes & Curran We give clients a clear understanding of their options. This allows them to confidently make good, informed decisions. We work collaboratively and openly. This
Our lawyers give more than quality technical
creates a shared perspective and builds
advice. Our advice is grounded in wisdom
trust so that solutions to clients’ issues are
gained by combined experience. It is commercial
developed quickly together.
and strategically informed. We deliver it quickly and clearly.
We are versatile, recognising each client’s preferred way of working and responding to it.
This approach is how we make a valuable and practical contribution to each client’s objectives.
INVEST IRELAND • Page 19
Contact Mason Hayes & Curran Managing Partner and Chairperson
Energy & Projects
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Corporate | Governace & Compliance
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INVEST IRELAND • Page 20
Attracting Great Business Represented McKesson Corporation on its acquisition of the pharmaceutical distribution business of UDG Healthcare.
Represented Activision Blizzard on its $5.9bn takeover of King Digital Entertainment by way of a scheme of arrangement.
Represented Deutsche Bank AG, London Branch, in relation to the €1.4 bn acquisition of Aer Lingus by IAG.
Represented Irish Residential Properties REIT on its €200m IPO on the Irish Stock Exchange, and its €215m secondary offering.
Represented Dragon Oil on the recommended £4bn takeover by Emirates National Oil Company.
Represented global ﬁnancial information service provider Markit on its acquisition of Information Mosaic.
Represented Ormonde Mining on the hostile approach from Almonty and $100m investment by Oaktree.
Representing Virgin Media on its acquisition of UTV Ireland from ITV plc.
Represented Steripack Ltd on the sale of its medical device packing operations to Bemis Company Inc.
Dublin, London & New York
South Bank House Barrow Street Dublin 4 Ireland
60 Lombard Street London EC3V 9EA United Kingdom
1450 Broadway 39th Floor, New York NY 10018 USA
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