Brian Cowen (Laois-Offaly, Fianna Fail)

There are issues of competitiveness in the economy which are being addressed and which will need to be addressed in the context of the developments in recent days and certainly in the case of the months and years ahead. This has arisen for a whole range of reasons, many of which are not to do with regulatory issues but rather as a result of the depreciation of sterling, other exchange rate issues and also other matters.

On the question of setting up business in this country, international reports have confirmed that Ireland is one of the best locations for setting up business with regard to the mechanics of setting up business and the company law arrangements, the incorporation of companies and the establishment of trading companies. These are all solid indicators. On foot of representations from business representative bodies, successive budgets have provided means for simplifying the interaction with the Revenue Commissioners and ensuring that for the first few years start-up businesses are not required to report profits under certain thresholds. A range of improvements has been introduced to make it easier for small business.

In a list of international comparisons, Ireland is ranked seventh out of 182 countries as a place to do business, the fifth easiest place to establish a business and the third cheapest location for starting a business. A strong system of support exists for start-up enterprises and also a growing international presence. This is confirmed by the international data.

I agree there is room for improvement and I am sure there are areas where the burden of regulation is not proportionate. The Deputy will know about the project for a reduction in certain areas of up to 25% of the regulatory burden and which is being conducted with business representatives and others by the relevant Department and this is ongoing.

I do not think it correct to state that the logistics of setting up in business in Ireland is more burdensome than elsewhere; in fact, all the international data suggests to the contrary.

See this speech in context