Ireland is one of the most open and export-driven economies in the world. Although it faced some challenges in the last decade or so, it’s still known for its almost ideal representation of economic freedom and its stellar growth.
Tax rates in Ireland are notably low, with multinational companies flocking to set up companies due to the low tax rates. As a result host of global corporates have set up their European headquarters in Ireland.
Setting Up to Launch
Launching your brand in Ireland can be a daunting task, but with the right steps, it can be a smooth and successful process. As a non-resident importer, the first step is to obtain a VAT Registration and an EU EORI number. This will allow you to comply with the periodic filings assigned by the local tax office, which in Ireland is typically bi-monthly.
It’s important to note that Ireland has strict regulations in terms of product compliance. This means that you will need authorized representation or responsible persons for food and contact materials, electronics, and toys.
Launching Your Brand in Ireland
Even with the proper registrations and compliance measures in place, it’s important to have an Importer of Record acting on your behalf when sending your goods into Ireland. Additionally, VAT of 23% will be payable on the import value, which can be reclaimed. It’s crucial to classify your goods correctly, as duties are non-refundable and dependent on the classification.
Shipping options to Ireland and other countries within the EU are also available, making it easy to expand your brand. With the right preparation and compliance measures in place, launching your brand in Ireland can be a success.