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Ireland is growing to be an attractive destination for investment by US multinationals2. In recent years, many have set up European headquarters there. Now new laws introduced in Switzerland seem to be benefiting Ireland further - with a number of multinationals including internet giant Yahoo deciding to relocate their European headquarters to Ireland.
Despite Ireland’s economic crisis, the country continues to enjoy an influx3 of multinational1 investment-- lured4 by an attractive corporate5 tax rate of 12.5%.
Ireland is home to over a 1000 multinationals. 78 new companies entered last year. That’s 1.5 new companies a week.
Here in Ireland grand canal dock, dubbed6 the Silicon7 valley of Europe, its home to the European headquarters of both Google and Facebook and the hope here by the Irish government is to attract other companies like this including those looking to relocate from other jurisdictions8.
In recent months - changes in Switzerland’s laws have prompted even more companies to look to Ireland.
One of those changes is the proposed "Minder Initiative" - which would allow shareholders9 in Switzerland to have a vote on executive pay and salary caps. It’s a move that has worried many multinationals operating there.
In addition, the European Union has been pressing Switzerland to eliminate some of the tax advantages long enjoyed by foreign companies.
Earlier this year Switzerland received a blow when Yahoo announced it was moving its European headquarters from Switzerland to Ireland. Others have now announced plans to follow including U.S energy giant Weatherford.
Engine Yard, one of the many tech multinationals in Ireland says finding talent will not be a problem for companies that relocate.
It remains10 to be seen if Switzerland will do anything to curtail11 such loses but for now Ireland stands to win.
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1 multinational | |
adj.多国的,多种国籍的;n.多国籍公司,跨国公司 | |
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2 multinationals | |
跨国公司( multinational的名词复数 ) | |
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3 influx | |
n.流入,注入 | |
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4 lured | |
吸引,引诱(lure的过去式与过去分词形式) | |
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5 corporate | |
adj.共同的,全体的;公司的,企业的 | |
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6 dubbed | |
v.给…起绰号( dub的过去式和过去分词 );把…称为;配音;复制 | |
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7 silicon | |
n.硅(旧名矽) | |
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8 jurisdictions | |
司法权( jurisdiction的名词复数 ); 裁判权; 管辖区域; 管辖范围 | |
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9 shareholders | |
n.股东( shareholder的名词复数 ) | |
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10 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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11 curtail | |
vt.截短,缩短;削减 | |
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