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10 Things to Know About the Aviation Industry in Ireland
- Ireland hosts the headquarters or EMEA operations of major aviation leasing companies with 14 of the top 15 lessors based in Ireland. It is estimated that there is a cluster of more than 30 aviation leasing companies currently carrying on business in Ireland. Leasing community consists of lessors of commercial aircraft, regional jets, helicopters and aircraft engines. Current projections are that over $5 Trillion worth of new aircraft will be needed in the next 20 years and aircraft leasing companies are expected to finance up to $2.5trillion of this amount.
- Doing Business in Ireland – Forbes has named Ireland as one of the best countries in the work to do business in 2017. More than $120 Bn worth of aviation assets are managed from Ireland, representing c. 50% of the worlds leased aircraft fleet.
- In August 2017, the DAA announced that from June 2018, Ireland is set to get its first ever direct Asia-Pacific air route to Hong Kong which shall be operated by Cathay Pacific. When this commences it will be another major milestone for the airport and the Irish economy.
- Investing in Aircraft – Ireland has a mature and established investment funds industry and professional advisory services community to support investors and investment objectives in this asset class. Ireland was the first jurisdiction to provide a regulated framework for Alternative Investment Funds and remains at the forefront of developments with the implementation of AIFMD.
- Ireland has a competitive Tax regime for aviation companies. The compendium of tax laws and regulations include a network of double tax treaties (72 countries) which is continually expanding; securitisation legislation (s. 110 Finance Act 1997 as amended) and corporate tax.
- Ireland Debt Listing – The Irish Stock Exchange is one of the leading European stock exchanges for listing debt securities with over 30,000 bonds from over 85 jurisdictions. There are over 40 significant aviation related issuers amongst the 3,700 corporates, sovereigns and financial institutions listing bonds on the ISE’s markets.
- Ireland, through its enterprise agencies, IDA Ireland (for foreign investors) and Enterprise Ireland (for domestic firms) has and continues to support establishment, development and integration of new business ventures. In addition to offices in a number of European and US cities, the IDA has representatives in Beijing, Shanghai and Shenzhen in The People’s Republic of China, India, Japan, South Korea and Singapore.
- Ireland is a contracting state of the Cape Town Convention. The International Registry for registration of international interests in aircraft objects is located in Ireland and operated by Aviareto. Ireland does not require AEP codes to access the registry.
- The Irish Aviation Authority has responsibility for regulating and promoting the highest levels of safety in Irish aviation. Amongst its functions, are the registration of aircraft by qualified owners and/or operators, implementing Article 83bis arrangements with other aviation authorities, and the supervision and safety assessment of foreign aircraft (SAFA). The IAA has a team of trained and authorised inspectors available to perform required inspections in accordance with the European Aviation Safety Agency programs.
- New technology – ASSET© drone registry: Ireland is becoming a centre of excellence for drones and in December 2015 successfully implement an online drone register for drones over 1kg.