Research the market
Before starting a business anywhere in the world, it’s essential to do your research. Understanding the local Irish market and your closest competition is crucial to determine if there is even sufficient demand for your products or services.
According to the Central Statistics Office, the retail sector in Ireland accounts for 10% of the country’s workforce, and the value of retail sales was €6.8 billion in June 2021. It’s a big industry, with a lot of brand saturation, so you need to be precise in your strategy.
Register your business
All businesses operating in Ireland must be registered with the Companies Registration Office (CRO), to be recognised legally.
As an ex-pat, you must also ensure that you have the legal right to work in Ireland. To ensure that your migration is legal, it’s important to use immigration solicitors Ireland or UK-focused to meet the national standards Ireland’s government has set out.
An experienced solicitor specialises in Irish immigration law and can assist you with obtaining the necessary visas and work permits throughout your stay.
Find a suitable location
The location of your retail business can have a significant impact on its success. Consider factors such as footfall, accessibility, and proximity to your target market, a lot of which you can do with inexpensive desk research and visiting locations yourself.
According to Savills, prime retail rents in Dublin’s Grafton Street, one of the country’s most popular shopping destinations, averaged €6,300 per square metre in 2020, which may point to you considering lower-cost areas of Ireland, if need be.
Understand the tax system
Ireland has a very business friendly, competitive tax system, but it’s essential to understand the tax obligations for your business. The tax system is administered by the Revenue Commissioners, and all businesses must register for tax purposes.
According to the World Bank, the total tax rate in Ireland was 11.4% on profits in 2020, which was noticeably lower than the European Union average of 20.1% – it’s become highly attractive to entrepreneurs for this exact reason.