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 | IFSC Taxation Incentives
Sumitomo Mitsui Finance Dublin Limited, a wholly owned subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC), was established in Ireland in September 1989 and holds a certificate to trade in the International Financial Services Centre (IFSC) from the Irish Minister for Finance. Sumitomo Mitsui Finance Dublin Limited was the first financial company from the Japanese Banking Sector to locate in the IFSC.
The IFSC tax incentive zone was established with EU approval as an initiative of the Irish State in 1987. The IFSC regime came to an end as of December 31st, 2005, and all companies operating in the international financial services sector from 2006 onwards pay corporation tax at the prevailing rate of 12.5 per cent.
The existence of a well-educated workforce, membership of both the EU and Euro-zone and a well-regulated economic environment have all helped the IFSC become a resounding success. Employment in Ireland’s international financial services industry has grown substantially and the sector employs more than 25,000 people.
Initially, the main business of Sumitomo Mitsui Finance Dublin Limited was lending and asset financing. In 1991, the Custody business was established, followed by SPC administration business and Principal Paying Agency services. The company now employs 10 staff.
Sumitomo Mitsui Finance Dublin Limited is authorised by the Irish Financial Services Regulatory Authority under the Investment Intermediaries Act, 1995. |
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