There’s no escaping the fact that the global trade landscape is volatile at the moment. Supply chains were redrawn in the wake of the Covid-19 pandemic and have continued to shift because of the Russia-Ukraine war. Most recently, President Trump’s position regarding US import tariffs has also added to the complexity of the situation.
Such uncertainty has led businesses, especially those with an international footprint, to think seriously about whether they should relocate parts of their existing operations. And for those companies looking to expand into new jurisdictions, more thought than ever is being given to exactly where to set up.
Against this backdrop, one country that has been capturing global attention is Northern Ireland.
A growing reputation
It’s fair to say that Northern Ireland hasn’t been in the business spotlight anywhere near as much as its fellow UK nations – England (with London as its financial powerhouse), Scotland and Wales – or its neighbour, Ireland, with which it shares a border.
But, almost under the radar, Northern Ireland has been ramping up its presence and its reputation and is increasingly proving attractive to businesses from around the world who are seeking the trade certainty that has been missing.
From a purely logistical perspective, Northern Ireland benefits from its geography and infrastructure. It is well-placed between North America and Europe, and enjoys a time zone that overlaps with both Asian and American working hours.
Critically, it has strong air and sea links to both European and global markets, boasting three airports and four seaports. And by road and rail, its capital city, Belfast, is under two hours from Dublin, the capital of Ireland, which is home to some of largest multinational corporations.
A key trading conduit
Northern Ireland’s location – the fact that it is part of the UK and is the only country sharing a land border with Ireland – has led to its most compelling trading attribute. Thanks to the Windsor Framework, businesses established here can ship seamlessly to both Great Britain and all 27 EU markets, without tariffs, customs documentation or declarations.
Indeed, it’s the only place in the world with tariff-free and customs-free access to both Great Britain and the EU. This eases trade flows and makes it a highly strategic location for manufacturing and distribution across a wide range of sectors, including advanced manufacturing and engineering, aerospace and defence, construction, food and drink, life and health sciences, and technology.
What’s more, as part of the UK, Northern Ireland also benefits from dozens of free-trade agreements that the UK has with countries around the world, making it even more attractive for businesses choosing to set up here.
An exceptionally pro-business environment
While all of the above paints a compelling picture, no country can maintain a strong position on the world business stage if it isn’t underpinned by a proactive government and an outstanding workforce. Thankfully, Northern Ireland can lay claim to both.
Invest Northern Ireland (Invest NI) – the development agency for the country whose role is to grow the local economy – takes a really hands-on approach and regularly assists businesses considering expanding into the country with fact-finding missions and discovery visits, locating suitable premises, introductions to local businesses and potential funding opportunities.
What’s more, the government offers a string of initiatives aimed at supporting businesses with operations and growth. The Cluster Acceleration Programme, for instance, offers financial support and a collaborative environment for industry, government and academia, capital investors and venture capitalists who want to work together to identify and capitalise on opportunities that strengthen their competitiveness.
All of this (and more) helps create a dynamic and energised place to do business, where companies can feel fully supported.
Competitive advantage
Competitiveness is definitely a key word for Northern Ireland, as it is already home to some of the most cutting-edge businesses operating in the technology space. Over 100 companies in the country work in the artificial intelligence (AI) and machine learning sector, with clusters of excellence developing in cyber security, hardware, medicine and robotics.
It pushes this further by offering a very competitive cost environment. R&D expenditure credit allows qualifying businesses to claim 20% tax relief, while businesses could pay corporation tax at a rate of 10% on profits from patented inventions (the standard rate is 25%). More broadly, operating costs are around 40%-55% lower in Northern Ireland than other parts of Western Europe.
And that competitiveness is further bolstered by a well-educated and highly skilled workforce – an essential resource for business success and growth.
With a population of 1.9 million, Northern Ireland has the highest level of educational degree completion in the UK. Its globally recognised universities – Queen’s University Belfast and Ulster University – attract students from around 100 different countries.
Invest NI also provide support in the talent space through the Assured Skills Programme, a fully funded pre-employment training programme that guarantees incoming companies can find the right talent with the right skill sets.
We’re here to help
While Northern Ireland may still have to battle with perception around its political history and confusion around its exact geopolitical position – be that as part of the UK or Ireland – the country is working hard to clearly demonstrate the role it can play on the global stage. And Hawksford is proud to help support businesses considering expansion into this dynamic and progressive country.
With offices in Belfast, Dublin and London, Hawksford is perfectly positioned to help you establish a business in Northern Ireland and take advantage of everything the country has to offer.
Not only can we assist with the incorporation of a company and all the associated requirements such as opening bank accounts and relevant registrations. We can provide ongoing annual accounting, tax and compliance, corporate governance and company secretarial services.
All of which leaves you unburdened and free to explore the many benefits Northern Ireland has to offer. For more information on Northern Ireland and how Hawksford can help you to relocate, get in touch.
Speak to our experts today
Get tailored guidance for expanding into Northern Ireland
