Located at the edge of Shannon Airport, SFZ in Ireland is spread over 600 acres with 200 building house and more than 100 companies at service.
Ireland represents one of the most attractive business markets in the Europe, as it offers numerous incentives for both local and foreign companies. It is the first European nation to have its own free zone. Free zones basically refer to the commercial areas in which the companies operate in a limited number of similar industries. Most of the businessman opts for starting a company in a free zone due to the advantages that come with it. Let us first learn about the Shannon Free Zone in Ireland.
The Shannon Free Zone, Ireland
Located at the edge of Shannon Airport, SFZ in Ireland is spread over 600 acres with 200 building house and more than 100 companies at service. It was launched in the year 1959 and is the world’s first free trade zone. This free trade in Ireland is known for international distribution in Europe due to exemption from customs duties and easy access to air, land, and water.
Benefits of the Shannon Free Zone in Ireland
- No value-added tax on imported goods
- The goods which are imported from any non-EU countries for processing are duty-free
- The goods which are exported to any non-EU countries are also exempted from customs duty
- A corporate tax as low as 12.5% for all trading profits
- Proximity to Shannon airport with daily connections to US and Asia
- Capital, Employment, Training, and Research and Development grants
- A Skilled and educated workforce
- Excellent transportation network connection through air, water, and land
Activities Allowed in the Shannon FTZ, Ireland
- Repair and Maintenance of the aircraft
- Trading activities which need to have prior approval from the Ministry of Finance
- IP rights activities
- Manufacturing of Products related to the industry
Key Sectors in the Shannon FTZ, Ireland
- Aviation- Businesses that deal in aircraft maintenance come under the Aviation sector. Since this free zone is located next to the Shannon Airport, most of the businessman prefer having their aviation company here as it reduces the need to have a separate runway for the airplanes.
- Engineering
- Pharmaceuticals
- Medical Devices
- Commercial Industries- This sector includes activities that range from Information and Communication Technology to Telecommunication, Insurance, and Finance
- International Services
- Trading- It includes ancillary or secondary trading
Why Form a Business in Shannon FTZ?
The Shannon free zone is developed, managed, and owned by the Shannon Development. This free zone in Ireland is one of the leading sources of FDI (Foreign Direct Investment) and is home to hundreds of companies around the world. It facilitates investment in the varied sectors and currently has around eight thousand employees. This free zone is preferred by most of the companies because they are exempted from VAT on imported goods, including raw materials if the seventy-five percent of the end product (or the manufactured product) is exported further.
Shannon free zones ability to provide investors with the opportunity to maintain raw materials and inventory at a substantially low rate has elevated the free zones popularity in all the continents. These kinds of incentives and exemptions make international companies rush to the free zone to establish their presence in the European Continent.
It can be a bit difficult to start from scratch in a foreign land even with all the advantages that come to you. At some point, you will need help. And we at Business Setup Worldwide can rescue you from the situation. Our team of professionals is well versed with the legalities that come across during your company registration in Ireland. If you are interested in establishing your company in Shannon free zone, feel free to contact us for any type of legal formalities. We’d be happy to help you.
