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Shannon Region Ireland’s Strategic Tourism Investment Location
www.ShannonDevelopment.ie
Membership of the European Union and European Monetary Union
Ireland’s Shannon Region The region has been at the forefront of economic development since 1959 and has pioneered many innovative economic initiatives including: • The Shannon Free Zone • Shannon Medieval Banquets • The development of the Bunratty Castle Folk Park product
Shannon Development have pioneered innovative and competitive tourism concepts, including Bunratty Medieval Banquets and tourism FDI such as Doonbeg Golf Resort
• National Technological Park, located on the University of Limerick campus • Shannon World Aviation Park • Regional Technology Parks • Shannon Heritage portfolio of visitor attractions
Ireland’s Tourism Industry Tourism in Ireland is strategically important and is arguably Ireland’s biggest employer with latest estimates suggesting that 200,000 are employed in the industry. Despite recent challenges, Ireland attracted approximately 6.5 million visitors in 2009 and the industry generated approximately €5.2 billion for the economy. The key to the future growth of the tourism industry is continuing innovation and development, in competitive locations such as the Shannon Region. The Irish Government have pioneered the foreign direct investment into Ireland with over 1200 overseas companies choosing Ireland as their base, approximately half of which are of North American origin.
Shannon International Airport and Shannon Estuary Shannon International Airport with its recently expanded €58m terminal, offers direct transatlantic services to North America as well as regular shuttles to London Heathrow. Additionally, it has a wide network of services to Irish, UK and European airports on a frequent basis. The North American market for both scheduled and private services is expected to grow substantially as a result of the recent inter-governmental agreement on pre-clearance between the US and Irish Governments. The Shannon Estuary which is over 60 miles long, is one of the safest deep water estuaries in Western Europe and regularly caters for ships of up to 180,000 Dwt. It can provide harbour and visitor facilities at Foynes for cruise ship operations and through the integrated tourism offering unique to the Shannon Region and Shannon International Airport, can offer a turn port facility for North American visitors or crew, who wish to join or depart the ships in Ireland.
Shannon Development Shannon Development is Ireland’s only dedicated regional development agency. Established in 1959, it is responsible for economic development in the Shannon Region and provides an integrated response incorporating tourism, property solutions and inward investment advice. It has a track record of successful innovation in tourism including the Bunratty Castle & Folk Park concept and Bunratty Medieval Banquet operations, to mention a few.
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Business friendly and cost competitive environment
Young, skilled and friendly workforce Investment Opportunities in Ireland’s Shannon Region The Shannon Region can offer a suite of incentives including a low corporation tax rate of 12.5%, special tax incentive packages for capital investment and as of August 2009, at Shannon International Airport, the only US Customs, Pre-Immigration and Agriculture Clearance facility to be located in Europe. This strategic approach is aimed at providing a direct and comprehensive range of facilities and incentives geared at giving the tourism related investor, a competitive advantage by locating in the Shannon Region.
Ireland’s Shannon Region, a world class location, driven by innovation and investment
Foreign Direct Tourism Investment Lowest corporation Tax Rates in Western Europe at 12.5% Ireland’s Corporation tax rate of 12.5% is the lowest in the EU with the exception of Cyprus. This rate applies to all trading income. Ireland’s corporation tax rate on passive income is 25% and capital gains tax is 25%. There is an extensive double taxation treaty network in place and other incentives relating to dividend redistribution, group relief, exemptions on certain patent royalties and regulations relating to controlled foreign corporation rules and an attractive holding company regime, are also available. Full details on these incentives and how they would apply to your potential proposal, are available from Shannon Development.
Shannon International Airport — US Customs and Border Protection Zone Full US Pre Immigration Customs and Agriculture facilities for Europe at Shannon International Airport In November 2008, the Director of US Homeland Security and the Irish Government signed an InterGovernmental Agreement relating to air travel between Ireland and North America. This has lead to the expansion of the pre-clearance facility at Shannon International Airport by providing the only pre-clearance facility for US Immigration, Customs and Agriculture in Europe for scheduled and charter commercial airline flights. It can also allow full preclearance for private aircraft flights to the US from Shannon International Airport. Significant business opportunities will arise to develop new innovative tourism and traffic businesses resulting from the benefits accruing from this Inter-Governmental Agreement, including faster aircraft turnaround, opportunities for private jets to pre clear to any airport in North America, improved cost controls and synergies for businesses operating into the North American market.
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Successful location for Tourism FDI
Low Corporation Tax Rate of 12.5% Investment Opportunities and Incentives Grant Incentives Shannon Development is a designated government agency with the authority to provide direct financial assistance to companies wishing to locate in Shannon or expand their existing operations here. The unique characteristics of any proposed project will determine the incentive package available, in particular the type of economic activity being carried out and the project location. The types of grants that may be available include training, research and development (R&D), capital and employment grants.
Property Solutions Shannon Development is a key driver for economic infrastructure development in the Region and is actively engaged in a range of activities including property solutions, broadband provision and energy projects. We can offer potential investors a wide spectrum of flexible property solutions, ranging from the sale of fully-serviced land sites to properties available to lease, e.g. manufacturing, logistics, distribution centres, as well as modern office units and suites.
Tax Exemption for Start-up Companies: Certain start up companies which commence to trade in 2010 will be exempt from corporation tax on their trading profits for the first three years of trading, to the extent that their tax liability does not exceed €40,000 in an accounting period. The relief is subject to conditions.
Research & Development Incentives Significant tax reliefs are available to Irish tax-resident companies who engage in qualifying research and development activities. The reliefs are available in the form of tax credits and in some certain limited circumstances in the form of a repayment from the Revenue Commissioners.
New Mobile Tourism Investment Product Opportunities Development Opportunities In recent years, the Shannon Region and Ireland’s west coast has seen significant inward investment in tourism products and infrastructure. Most notable has been the investment of €150m in the Doonbeg Golf Resort designed by Greg Norman and undertaken by Kiawah Development Partners between 2000 & 2006. Other notable investments and products include 5* luxury resorts at Dromoland Castle and Adare Manor among others. The Shannon Region and the Irish tourism industry with their product offering, infrastructure and location, is well positioned for your business needs.
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Young, skilled
Belfast
Galway Dublin Limerick Cork
Limerick
Ireland’s Shannon Region located on the West Coast, offers a world class location for all tourism activities. With a population of over 400,000 people, visitor flows in excess of 2m per annum and key infrastructural assets including Shannon International Airport and the Shannon Estuary Deepwater Zone, a well educated and skilled workforce, a track record of tourism innovation and inward tourism investment, Ireland’s Shannon Region can provide an integrated and comprehensive tourism investment offering.
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and friendly workforce
Pioneering successful and innovative tourism concepts
Successful location for tourism FDI
Advanced infrastructure Why Ireland’s Shannon Region? • A low Corporation Tax rate of 12.5%, resulting in high investment returns • Track record as a successful location for FDI
The Irish Government have pioneered foreign direct investment into Ireland, with over 1,200 overseas companies choosing Ireland as their base
• Young, skilled and friendly workforce • Business friendly and cost competitive environment • Track record of pioneering successful and innovative tourism concepts • Advanced infrastructure such as Shannon International Airport and Shannon Estuary Deepwater Zone • Membership of the European Union and European Monetary Union • One of the best education systems in the world • High performing tourism region
For further information please contact: Shannon Tourism Investment Team Tourism Product Development Shannon Development Shannon Co Clare, Ireland
Tel: +353 61 361 555 Fax: +353 61 363 180
Email: tourisminvestments@ShannonDevelopment.ie Web: www.ShannonDevelopment.ie/tourism
The information contained in this publication is intended as a summary only. While every care has been taken in its production, no responsibility is taken by Shannon Development or its author or other contributors for any errors or omissions. Professional advice should be sought in all cases.