Overstock CEO Jonathan Johnson said his company launched its first office in Ireland in 2013 and made a $1 million investment in an expanded facility in 2019 that helped accommodate a growing staff.
Houlihan said that while Ireland's 12.5% tax rate on business revenues up to $750 million is a powerful attractor, there are broader and deeper business resources and support mechanisms that help keep companies there once they arrive. And many, like Overstock, expand their presences after they realize the benefits.
"If you're an EU resident, you don't need a visa or work permit to work in Ireland," Houlihan said. "There is free movement. And the free flow of knowledge and talent." Ireland's geographic location reflects the role it wants to play as a go-between for U.S. businesses looking for better connections and access to the EU's 550 million customers and 250 million workers. The U.S. conducts over $1 trillion in trade with EU countries every year and over $250 billion annually with Ireland alone.
LeFevre said he's heard positive reviews from Utah companies that have found success in Ireland and the country has "built some very impressive Utah business connections."And it's a success arc that's continuing to grow.