Country ranked first in Europe for business-friendly environment

IRELAND is one of the most business-friendly locations in the world — one of the reasons it came third in a list of the world’s freest economies.

The annual index of economic freedom, released by The Heritage Foundation and The Wall Street Journal, found Ireland’s economy is 82.4% free — which is a slightly lower score than last year.

Ireland is ranked first out of 41 countries in the European region, with an overall score much higher than the regional average.

The report said Ireland has high levels of business freedom, investment freedom, financial freedom, property rights and freedom from corruption.

It also said Government regulation is light, inflation is low and financial markets are transparent and open to foreign competition.

The report said: “Ireland’s economy is significantly free, with only two categories slightly below the average world score. Fiscal freedom and government size both score three percentage points below average.

“The country has one of the world’s most business-friendly environments, especially for investment.”

Ireland scored a high 92.2% for business freedom, which is described as the overall freedom to start, operate, and close a business.

The report said starting a business in Ireland takes an average of 13 days, compared to the world average of 43 days, while obtaining a business license requires less than the world average of 19 procedures and 234 days.

It also said Ireland has a high income tax rate but a low corporate tax rate.

With a score of 90% for investment freedom the report said Ireland welcomes foreign investment, especially high-technology ventures.

The 157 nations rated in the index received an average economic freedom score of 60.3%.

Hong Kong and Singapore finished first and second in the rankings for the 14th straight year while Britain came in 10th place.