The Ireland International Financial Services Centre Company in 2023
Since 2003, Healy Consultants Group has been assisting our Clients with registering the optimal vehicle for financial services companies across the globe. One attractive investment option is establishing a financial service company in Ireland’s IFSC to exploit the opportunities provided by Ireland’s favorable tax regime and conducive business environment.
What is the Ireland IFSC?
The Ireland IFSC is one of the leading financial services centers in the world. It was set up in 1987 by the Irish government to attract international investment. Now, it has become a hub for economic and financial services like banking, insurance, asset management, fund management, trade financing and other allied services. Lately, aviation leasing has been a special point of growth, with more than half of the world’s leased aircrafts leased in the IFSCl;
The IFSC has over 400 companies employing over 40,000 people in the international financial services sector in Ireland, and its cumulative corporate tax payment exceeds €1 billion each year. 20 of the top 25 financial services companies have their subsidiaries in the IFSC. Strategically located within the EU, Ireland serves as a great access point to the European Single Market.
What are the advantages of registering an Ireland company to offer financial services?
Business environment benefits
- The IFS2020 is the government’s strategy to promote Ireland as a strategic location for international financial services;
- The IFSC offers a well-developed financial infrastructure which provides a platform for growing financial services companies;
- Brexit may attract a new set of opportunities for the Irish IFS sector because of its strong commitment to the EU;
- The IFSC has a highly sophisticated communications system which provides Information and Communications Technology (ICT) firms the perfect environment to grow and develop;
- Ireland has the most productive workforce in the world which makes it more attractive and efficient for investors;
- The IFSC is a breeding ground for the FinTech industry and incentivizes R&D activities;
- Asset financing, funds management, payment solutions, and other such upcoming financial solutions receive preferential treatment within the IFSC.
- A low corporate tax rate of 12.5%;
- No withholding tax on interest payments to EU/ treaty countries;
- 25% R&D tax credit available to companies involved in innovation activities;
- No municipal taxes;
- Special tax regime for regulated investment funds;
- A corporate tax relief for the acquisition cost of IP and other intangibles;
- Ireland has an extensive tax treaty network with 72 signed agreements and 68 in effect.
What are the possible financial services licenses available in Ireland?
The Central Bank is the regulating authority for the authorization of all financial services firms working in Ireland. Multiple options are available to our Clients looking to venture into the financial services sector. Some of the popular choices are:
- Brokers/retail intermediaries: A broker / retail intermediary is a regulated firm that receives and transmits orders in certain financial products and/or provides advice in relation to those products;
- Money exchangers (Bureau de Change): A bureau de change business provides members of the public with the service of buying or selling foreign currency;
- Credit servicing firms: Credit servicing firms typically manage or administer credit agreements such as mortgages or other loans on behalf of unregulated entities;
- Debt management firms: Firms which provide debt management services like advising about the discharge of debts, negotiating with creditors on a person’s behalf, and other similar activities;
- Electronic money institutions: An undertaking that has been authorized to issue e-money in accordance with the European Communities (Electronic Money) Regulations 2011, as amended (EMR);
- Funds and fund service providers: Investment funds established for investing the pooled funds of investors (held as units or shares) in assets in accordance with the objectives and policies published in a prospectus. Service providers can be fund administrators, depositaries, alternative investment fund managers, investment managers and advisers.
Our service packages
- Our standard package of services includes the following: i) company registration services ii) company secretary and registered address services iii) nominee services for one professional passive resident director and iv) assistance to confirm registration and property lease with the IFSC;
- Additionally, our Firm can also offer multiple additional Ireland company formation support services, including: i) virtual office services ii) assistance to recruit employees iii) accounting and bookkeeping services and iv) merchant account opening services.