Flagship Management established their Maritime Recruitment Company in the West of Ireland in 2010. Flagship Management had a significant amount of support from government agencies and directly from government departments throughout their set up process. Senior management from the US met with Ireland’s Taoiseach (Prime Minister) during the early stages of set up.
Low Cost Base
“As a service company the 12.5% tax rate was pretty important to us”
One of the primary drivers for Flagship Management was the cost of doing business. The nature of the business Flagship Management is involved in means that proximity to clients is not essential. The cost of doing business in Ireland and in particular the low base tax regime compared very favourably with other locations considered such as Rotterdam and London.
“It’s just a very easy place to do business; the legal structure would be very familiar to anybody, particularly anybody in the shipping industry that is used to doing their business under English common law”
The tax structure proved to be hugely important for Flagship Management at the outset which can be the costliest stage of a company’s business cycle. Flagship Management found that the Irish tax authorities were very amenable to approach. As well as a range of government supports for new businesses, Ireland is an excellent country for start-up businesses.
“The biggest benefit for us is the tax environment, not just the taxation rate; it is the interaction with the tax authorities in Ireland”
The standard of professional services in Ireland and their ability to get through the work quickly and in a cost effective way also proved to be important for Flagship Management.
“We couldn’t believe the value you get from legal and accounting services in Ireland, and the standard is very high. When you add that to general Irish attitude towards supporting businesses, general Irish friendliness, our business partners were delighted in the states, this was the standard and they couldn’t believe it”
Ease of Doing Business
Ireland is a simple, straightforward place to do business. In addition to everything else that Ireland has to offer, it also has a politically stable and certain tax environment, which cannot be underestimated.
“From the service providers to getting the company incorporated very quickly, getting the bank accounts established and getting support primarily from the government agencies, just the general ease of doing business is unbeatable”