The beautiful green landscape of Ireland has always fascinated me. However, behind its rolling hills and rich history lies a challenge that many entrepreneurs, like myself, face when trying to establish a business here.
As the founder of SEDA College, I have experienced many of these challenges firsthand. Here, I share the most significant hurdles I faced when starting my own business in Ireland and show the ways to overcome them.
1. Understand the local bureaucracy
Bureaucracy in Ireland has its nuances. From the processes of incorporating a company to the necessary licenses, it’s vital to immerse yourself in local rules and regulations. After all, they differ from Brazil.
Researching, attending workshops and seminars and seeking advice were essential measures to understand and face this challenge. I can say that it is less bureaucratic to undertake here, but it is still necessary to comply with some rules.
2. Navigate the tax system
Ireland is renowned for attractive corporate rates. However, behind this attractiveness, there is an intricate tax system. There are varied categories of taxes, deductions and tax credits that need to be understood meticulously.
Choosing a local accountant was paramount, not just to meet obligations, but to strategically plan and take advantage of tax opportunities. So this is another tip I give to those who are starting.
3. Adjust to the corporate culture
Irish business culture is a fascinating mosaic. While some sectors maintain a more conservative profile, others are more innovative.
I had to learn to interpret cultural subtleties in meetings, to value “tea time” and the Irish way of building business relationships – often established in informal settings.
This cultural understanding has not only fostered stronger business ties, it has also helped me position SEDA College more effectively in the marketplace.
4. Access to financing
Getting funding in Ireland was one of the hardest tasks. Although Dublin is a financial hub, the lending criteria are strict. Traditionally cautious local banks are often hesitant to bet on startups.
The key was to present a robust business plan, demonstrating not only the company’s viability but also the resilience of the company in adverse scenarios.
5. Competition and saturated market
Ireland, especially Dublin, has become a technology and business hub. This means that there is a lot of competition.
When I started SEDA College, I had to find ways to make my institution stand out in an already saturated market. It was essential to be innovative and stay ahead of trends to thrive in the face of adversity.
6. Adaptation to climate
It may seem trivial, but the Irish climate, with its rainy and gray days, is another big challenge. For me, it was an obstacle in terms of keeping my spirits and energy, especially in the early days.
In general, the journey of being an entrepreneur in Ireland is full of challenges, but also opportunities. With determination, adaptation and a thoughtful approach, it is possible to put down solid roots and thrive.
And it is this combination that continues to drive the success of SEDA College in the heart of Dublin. And have you ever thought about undertaking in Ireland?
