Business News

Matheson identifies increasing IP onshoring to Ireland as Brexit benefit

By Business & Finance
27 March 2018
Michael Jackson, Managing Partner, Matheson, speaking at the Ibec Business Leaders Conference 2018 at the Convention Centre Dublin.

The onshoring of intellectual property (IP) to Ireland rather than the UK has become a benefit linked with Brexit, says Michael Jackson of Matheson.

Jackson attended the Ibec Business Leaders Conference at the Convention Centre Dublin today and commented on the increasing signs that more companies were now looking for locations to onshore their IP. This was for support and to be involved in countries that already had substantive investments.

Ireland, according to Jackson, ticks both boxes for many companies who were now choosing Ireland over the UK.

Also discussed was the need for Ireland to continually review and update the legal framework to reflect the speed of change and to cater for tangible assets so they are ‘fit for purpose’.

Matheson Managing Partner said he is looking forward to the implementation of many HEA recommendations.

Michael Jackson said: “Ireland is increasingly becoming the location of choice for companies looking to onshore their IP as it has a supportive business environment and is a location with substantive tangible investments already located here for many of the companies involved. There has been a noticeable move over the last couple of years for more companies to choose Ireland ahead of the UK for such moves, in part at least, because of the issues surrounding Brexit.

“One of the added benefits of this type of move on intangible assets onshore is that the initial move is usually followed by the locating of more senior executives from the company into Ireland. That has a number of spin-off benefits, including payroll and taxes paid as well as a further deepening of the companies’ engagement with Ireland.

“Connected to this trend regarding the onshoring of IP is the need to continually ensure that our legal and regulatory framework is fit for purpose given the strategic importance of the issue. The HEA have recently completed a review of the policy framework in this area and have made a series of proposals on foot of that review. I look forward to the speedy implementation of many of those recommendations so that this growth area can build even more value for the Irish economy and exchequer.”