Aviva's decision to consolidate its European interests under a single Irish holding company is by no means unique, and follows moves taken by several multinational corporations to consider the benefits of Irish company formation and relocate to Ireland in the wake of proposed tax reforms in the US.
Last May, US president Barack Obama declared his intention to clamp down on the channelling of US company profits through registered offices overseas and to dampen corporate enthusiasm for outsourcing jobs to foreign countries.
Since then there has been a noticeable increase in Irish company formation applications as a number of notable firms have moved their place of incorporation from countries identified by the US as tax havens, such as Bermuda, to Ireland.
Accenture, Wilis Group Holdings, TBS International, Ingersoll Rand
These include renowned consultancy firm Accenture, insurance brokerage giant Willis Group Holdings, international shipping outfit TBS International, manufacturing specialist Ingersoll Rand, electrical products manufacturer Cooper Industries, and medical device supplier Covidien.
Warner Chilcott plc, a pharmaceutical company employing 1,115 people worldwide, is currently seeking court orders to facilitate its Irish company formation project and is planning relocation to Ireland for tax reasons.
WPP, one of the world's largest advertising and marketing groups, moved to Dublin from London in September 2008, following their loud criticism of changes in the British corporate tax environment by the UK treasury.
Accenture and TBS have hailed Ireland's "sophisticated" and "well developed" legal and regulatory environment as key factors in their decision to relocate business here.
Accenture announced earlier this year that its Board of Directors had unanimously approved changing the company's place of incorporation to Ireland from Bermuda. Accenture's shareholders will be asked to vote in favor of the proposed Irish company formation move, at shareholder meetings expected to be held shortly.
William D. Green, Accenture's chairman & CEO, said, "After a careful review, our Board of Directors has determined that changing our place of incorporation to Ireland is in the best interests of Accenture and our shareholders. We believe that company incorporation Ireland will provide Accenture with economic benefits and help ensure our continued global competitiveness.
"A member of the European Union, Ireland offers a sophisticated, well-developed corporate, legal and regulatory environment. It also has a long history of international investment and long-established commercial relationships, trade agreements and tax treaties with European Union member states, the United States and other countries around the world where Accenture does business. In addition, company incorporation Ireland offers a stable political and economic environment and has the financial and legal infrastructure to meet Accenture's needs, both today and in the future."
Accenture has offices in 52 countries and serves clients in more than 120 countries around the world. Ireland is part of the company's largest geographic region, Europe/Middle East/Africa (EMEA), which accounts for nearly half of Accenture's total net revenues, is home to many of the company's largest clients and represents a significant business opportunity for the company. Accenture has a http://scouts-nw.com/scouters-club-main.htm 40-year history as an employer and provider of services in Ireland. Today the company serves a wide range of clients in the country, including the Irish government, and has significant operations and a substantial presence there that has grown rapidly in recent years.
Company incorporation Ireland is an attractive proposition due to low corporation tax rates and a current 3 year tax exempt period for new companies. For foreign investors considering setting up business in Ireland and existing organisations seeking a more tax efficient corporate base, the benefits of Irish company formation should be given serious consideration.