Ireland wants more and more Indian startups to set base, offers tax benefits

While on one hand several countries seem to have shut their doors for India with stronger immigration laws, Ireland is treading on a different path.

The Investment and Development Agency (IDA) there wants to triple the number of startups, IT services organisations, and entrepreneurs from various sectors in India in the coming three years setting up base in different cities of Ireland.

IDA, along with its sister firms like Enterprise Ireland, is considering helping Indian startups and enterprise companies lay their focus on the European market.

"We are willing to give Indian companies competitive tax rates, access to funding, 48-hour registration period, easy regulatory surroundings so that we become the go-to destination for companies from India," Martin D Shanahan, CEO, IDA Ireland, told ET.

IDA Ireland is currently holding talks with organisations in IT services, fintech, pharmaceuticals and medical devices for the same.

As of now, top Indian IT services companies that have operations in Ireland include TCS, HCL, Wipro, Mindtree, and Tech Mahindra, who started with a BPO, but now have expanded operations.

"Indian originations' should also establish research and development centre which will help propel growth in future technological areas so that job market is always ahead of the curve," says Shanahan.

Shanahan is of the view that foreign organisations have an added advantage because of the talent pool that Ireland offers to them.

"We rank in top five for population growth, overall workforce productivity, university education, and secondary school enrolment. The government wants to meet 74% of ICT skills set from domestic institutions by 2018."

However, IDA has a condition! It says that even though Indian organisations are allowed to bring in experts from India and other countries, within two years they need to have 50% of their workforce from native Ireland or Europe.

(Image source Student World Online)