'Our tax policy is driving start-ups away'
IRISH tax-policy is threatening to drive start-ups out of the country and is a barrier to international venture capital, according to the head of fast-growing software company Sentenial.
Engineer Sean Fitzgerald set up software venture Sentenial in 2003 -- anticipating the shift to a single European payments area (SEPA). It now has 188 staff.
"We don't grow companies in Ireland, we need to disavow ourselves of this notion of being an entrepreneurial culture," he said in an interview with the Irish Independent.
Growing business like his are at a huge disadvantage compared to competitors in the UK because tax policy here is all geared towards attracting foreign direct investment (FDI).
It's stopping money coming into the country, says Fitzgerald. The focus on corporation tax as business friendly misses the point.
"If you want to develop a company, forget about profits for 10 years, so corporation tax doesn't matter to you."