Tully Rinckey PLLC Hosts Panel About Economic Opportunities for American Businesses in Ireland

Tully Rinckey PLLC hosted a virtual panel on June 25 to spotlight the commercial opportunities available for American businesses who establish an economic presence in Ireland.

Tully Rinckey is a full-service law firm that collaborates closely with its clients to develop a deep understanding of their individual needs and goals. Employing over 70 attorneys around the world, Tully Rinckey recently opened an office in Dublin, Ireland, which serves as the firm’s headquarters for European operations. Founding Partner Mathew B. Tully hopes that the Dublin office will become a popular legal services firm for Irish businesses as well as a gateway for American businesses seeking to branch out to Ireland.

The “Ireland as a Gateway to International Growth for U.S. Businesses” panel discussed the success of Tully Rinckey’s Dublin office and featured four panelists: Greg T. Rinckey, Exq., Founding Partner of Tully Rinckey; Grainne Loughnane, Managing Partner of Tully Rinckey; Emmanuel Dowdall, EVP & Director of North America for IDA Ireland; and Clare Condron, Tax Consultant for TP Fox.

The panelists opened with a discussion about the efficiency of Ireland’s economic practices. For example, they noted that the Irish economy is internationally acclaimed for its workforce’s productivity and adaptability, which is largely due to the government’s transparency, emphasis on education and low corporation tax.

Further, the panelists noted that Ireland is culturally and geographically similar to the U.S., making it an ideal port of entry for American businesses seeking to expand to Europe. For example, as a member of the European Union, Ireland shares a currency with 26 other nations across Europe, which has helped it become an active participant in economic interactions across the entire European continent. Ireland’s EU membership also provides a variety of financial opportunities, including funding for researchers, businesses and non-governmental organizations involved in EU policy.

Additionally, the panelists said that the Irish government is committed to providing support for international businesses who want to enter the Irish economy. For example, the panelists discussed Ireland’s Industrial Development Agency (IDA), which the Irish government funds to assist foreign investors in adapting to the Irish market. Of the businesses that have received support from the IDA, the panelists particularly said that half have stayed in Ireland for at least 10 years and one-third have stayed in Ireland for 20 years or more.

Based on these factors, the panelists provided insight on how American businesses can adjust to the norms of Ireland’s economic environment, highlighting how Tully Rinckey can help them form key contacts to navigate Dublin’s networking culture. The panelists also said that Tully Rinckey can help American businesses find Irish properties, communicate with Irish government agencies and understand Ireland’s labor laws and tax requirements

The panelists concluded by assuring participants that Ireland can offer American businesses a stable and strategic business scene. Most recently, this was exemplified through the thorough precautions that Ireland rapidly implemented to combat the COVID-19 pandemic. As a result of its quick thinking and adaptable business strategies, Ireland is planning to reopen its economy much sooner than it had originally anticipated and has not experienced the crippling economic hardship that many other nations are currently facing.

For more information about Tully Rinckey, visit their website here.

Article written by Molly Siegel on behalf of Global Philadelphia Association.