Better regulation

Ireland has a dynamic business environment; with a strong track record of attracting FDI. Ireland is a leading global business hub in technology, life science and finance sectors. Global headwinds however contribute to prospective uncertainty, from shifting trading relations and geopolitical developments to interest rate changes and climate change.

The impact of such shifts on founder organisations are even more acute. While many founders have established businesses with models which translate such factors into a competitive edge, such as green-tech, challenges in funding, investment, recruitment and cost are factors that no founder is immune to.

Founders of all sizes are dealing with growing regulatory pressures. ‘Red-tape’ is a considerable barrier for those at the early stages of establishing their business. Early-stage founders are less resourced to meet bureaucratic demands and high levels of paperwork. The decision made by a founder to start a new business venture or continue to scale an existing one hinges on the realities of the business environment.

For many founders, the volume and pace of regulation is of major concern, particularly as they have less capacity to absorb new costs and requirements.

Our Recommendations:

Ease the burden of regulatory compliance for founders.

• Develop a rigorous Government SME Stress test on new and existing regulation and consider impact assessments and a ‘red-tape’ challenge regulatory reduction campaign. This would seek feedback from individuals, businesses and other parties on existing laws and regulations, mandating all government departments to undertake regulatory burden assessments on each business sector within their remit.

Consider the impact of regulation on the cost of doing business.

• Commit to a new “Competitiveness Charter” setting an annual ceiling on the total amount of additional labour market costs which will be imposed on business in any single year.