In our recent webinar, "Going Global with Giant Group," we explored the ins and outs of expanding your business into Ireland. Led by Charles Daw and featuring Mary Blyth from Parfrey Murphy MC2 Accountants, this webinar was packed with valuable insights to help businesses navigate the complexities of international expansion.
Understanding the Irish business landscape
One of the first things Mary highlighted was the importance of understanding the Irish business landscape. She discussed that success in Ireland requires careful planning and following the regulatory requirements. From company registration to tax obligations, businesses must make sure they're compliant with local laws. Mary's expertise provided valuable insights into the essential steps businesses need to take to establish a solid foundation in Ireland.
" We're paying contractors in 14 countries already across three different continents, so it's going really, well because of our history of actually working in Ireland."
The value of expert guidance
Throughout the webinar, Charles and Mary discussed the value of seeking expert guidance when expanding internationally. Mary's firm was highlighted as a valuable partner for Giant to help businesses venturing into the Irish market. With both knowledge and experience, they can provide invaluable support in navigating the details of doing business in Ireland. Collaborating with experts can help businesses avoid common risks and set themselves up for success in a new market.
Planning and preparation
Another key takeaway from the webinar was the importance of planning and preparation. Mary talked about how setting up operations in Ireland requires lots of planning and attention to detail. From securing banking relationships to ensuring compliance with tax regulations, businesses need to plan and address potential challenges proactively. By taking the time to plan and prepare, businesses can mitigate risks and maximise their chances of success in Ireland.
Recent legislative changes
During the webinar, Mary discussed recent changes in legislation that businesses need to be aware of, particularly concerning pension requirements, sick pay, and maternity & paternity leave.
Pension requirements:
It was highlighted that there have been updates in pension requirements, noting the importance for businesses to stay compliant. She said that 87% of employees consider a workplace pension scheme to be an essential benefit, so it was advised attendees review their pension policies and ensure they meet the new regulatory standards. By staying informed about these changes, businesses can avoid potential penalties and ensure the financial security of their employees.
Sick pay:
Another significant legislative change discussed was regarding sick pay. 30% of employees feel financially pressured to return to work before they are medically ready due to inadequate sick pay. With this in mind, Mary stated the importance of businesses understanding their obligations. She reiterated that by offering sick pay and support, businesses can have a healthier and more productive workforce while reducing the risk of employees coming to work when they're not well.
Maternity & Paternity leave:
Lastly, they touched upon recent changes in maternity and paternity leave policies. 78% of employees would consider leaving their job if their employer did not offer sufficient parental leave benefits. In light of this, it was said that businesses should review their policies by providing comprehensive maternity and paternity leave benefits. Businesses can attract and retain top talent while promoting a family-friendly workplace culture.
Looking ahead: Future opportunities
As the webinar drew to a close, Charles hinted at future expansion opportunities. While Ireland was the focus of this webinar, Giant Group is planning to explore additional expansion destinations in future sessions. Attendees can look forward to learning more about expanding into other markets, including the United States.
With each webinar, Giant Group aims to provide valuable insights and practical advice to help businesses navigate the complexities of international expansion. If you missed this webinar, and would like to watch the recording, please email us at hello@giantgroup.com
