Ireland is located to the west of Britain, separated by the Irish Sea. The capital and commercial center is Dublin. The official language is English and the official currency is the Irish pound. The legal system is similar to that of Britain, common law. Ireland is divided into the Republic of Ireland and Northern Ireland. The Republic of Ireland is an independent territory. Northern Ireland remains under British rule. The Government of the Republic of Ireland is a parliamentary democracy.
In the past, the Republic of Ireland has traditionally enjoyed a stable political environment despite the constant upheaval with Britain regarding Northern Ireland. It became a member of the European Union in 1973. Its major trading partners are Britain, Germany, France and the U.S. Moreover, in recent years this country has developed a reputation as a banking and money market center. Financing institutions are very strong and sophisticated. Therefore, the handling of trade documents is fast and efficient, and lending facilities are abundant. Also, there are no exchange controls or other financial restraints imposed upon an offshore company.
Even though there is no specific legislation that gives confidentiality to individuals owning a company, there is a common law duty to maintain confidence with respect to all client information.
Through its attractive laws, Ireland encourages foreign companies to do international business on the island. In Ireland, foreign trusts are granted exemption from taxation. As a consequence, a large number of U.S. and European corporations have selected this jurisdiction as their first choice for doing business.
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