Initial Coin Offerings (ICO's) are not just for technology companies . They are often the beginning of a digital revolution for existing Companies which are already established In their field whether it be healthcare, insurance, property or another industry. Despite some bad press, the tightening of regulation in jurisdictions such as in the US, and indeed Facebook and Twitter banning advertisements , money has been pouring into the ICO market with $3 billion raised through ICOs in the first two months of this year. This is half the value of all funds raised throughout 2017, according to Coindesk data.
Initial Coin Offerings (ICO's) are
not just for technology companies . They are often the beginning of a
digital revolution for existing Companies which are already established In
their field whether it be healthcare, insurance, property or another industry.
Despite some bad press, the
tightening of regulation in jurisdictions such as in the US, and indeed Facebook and Twitter
banning advertisements , money has been pouring into the ICO market with $3 billion raised through ICOs in the first two months of this year.
This is half the value of all funds raised throughout 2017, according to
Coindesk data.
Why choose to ICO?
1. Maintain control
VC funding is also pouring into
ico's pre sale at present and Ireland has one of the highest rates of vc
funding in this regard. However in the traditional model
of venture capital, investment is usually given in return for a share/ equity
in a business and indeed a seat on the board. ICOs are completely the opposite
in terms of corporate governance and the purchase of tokens does not provide
a purchaser with any such rights. For a company founder , this
might be the single most attractive reason to use the ico model .
2. Publicity - user
engagement
ICO''s
currently obtain a huge amount of publicity and this is even more so if it is
an established company. Telegram might be a prime example of this. People have
the option to get involved even for a relatively small amount which should lead
to good public engagement as investment is not limited to, what can be perceived, to be an
elite few.
We have seen companies raising
90% plus of funds in pre sale and proceeding with public ICO's for the remaining balance for PR benefits alone.
Why ICO in Ireland?
Right now Ireland is definitely one of the main locations being looked at when choosing where to ICO. The benefits of using Ireland :
1. Regulation
Currently Ireland
has not regulated ICO's . A discussion paper did recently issue from the
government however the general feeling is that there is no immediate movement
expected.
2. Taxation
A low corporate tax
rate (12.5%) exists in Ireland which can be lowered even further by financial
structuring depending on the international client and structure.
This low rate is a major factor
mentioned when speaking to our international clients.
3. Workforce
Ireland has a young
technically skilled workforce which is deemed a major factor again when speaking with international clients.
4.Ireland is English speaking
5. Government bodies
THe IDA and Enterprise Ireland are two of the most
capable organisations worldwide and can be of huge assistance to new
businesses both here in Ireland and internationally.
5. Euro
Ireland is part of the Euro
which, in theory, should lead to a more stable currency than sterling.
6. Technology history
Ireland has a long history of international tech companies
setting up here beginning with the likes of Intel Hewlet Packard, IBM and lately we
have seen the Grand Canal area of Dublin City becoming a technology hub with
the likes of Facebook , Google , Yahoo , PayPal & Linked in setting up
here.
7. Natural affinity
Ireland had a
natural affinity with a lot of international countries, in particularly
America, who like to do business here.
8. Expertise
We have a large
amount of blockchain start ups with innovation hubs such as the Dogpatch labs in the CHQ building, top rated ICO advisors coming from Ireland and indeed our own
technology department expertise in guiding an ICO through what is essentially
new and uncharted water for a new or existing company.
Should you like to contact us to discuss further, please contact our Susan Cosgrove by phone: 00353 (0)1 234 0044 or by email: scosgrove@cgsolicitors.ie
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