Ireland is positioned to help companies into the European Union post-Brexit
3 Hours Ago | 03:06
Ireland says it can help U. companies that are concerned about losing the right to sell products into the European Union after Brexit comes into effect.
"We`re saying to people, if there are difficulties, Ireland can be part of the solution for passporting," Michael D`Arcy, minister of state at Ireland`s Department of Finance, told CNBC from the sidelines of the Asian Financial Forum on Monday.
Passporting refers to how companies that are registered within an EU nation or a handful of other countries are allowed to do business across the whole bloc.-based firms are worried that they are going to lose access to those markets.
Once the U. leaves the European economic bloc in March 2019, "we can offer a very good solution for companies who potentially may have a difficulty," D`Arcy continued. "We are a pro-business country. We are non-protectionist."
Aside from a low corporate tax rate of 12.5 percent — well below the U.`s 19 percent and Hong Kong`s 16.5 percent — Ireland boasts other advantages such as a flexible workforce and a robust financial services sector, D`Arcy said.
The United Kingdom, which includes Northern Ireland, voted in 2016 to leave the European Union, but the Republic of Ireland remains within the bloc.
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