Over the past few weeks at my internship I have really started to understand what exactly “corporate outsourcing” means. At first I thought Centralis was just responsible for handling investments or financials for their clients. I have come to learn that they do in fact handle those things for some of their clients, but they are also responsible for much more. The corporate tax rate in Ireland is around 12%, which is significantly lower than that of the United States, which is around 39%. It is for this reason that many companies choose to move their company headquarters internationally. Centralis not only assist these companies in establishing themselves as a legal corporation in Ireland, but they also act as company secretary and assist with accounts and bank statements as well as many other aspects of the business.
I have also come to learn about the effect that Brexit will have on Ireland. The economic uncertainty that has come with the decision for the UK to leave the EU will most likely push many corporations into Ireland. The close proximity to the UK of Ireland, while still being a part of the European Union will be a very attractive selling point for companies that are looking to relocate after Brexit. In the United States, I hadn’t heard much about the effect of Brexit on other parts of the world, so it is very interesting to not only hear about the effect of Brexit in the news, but also from my coworkers, who are directly effected.
Before working at Centralis I had never heard about corporate outsourcing firms, even during my time as a global management student. So far I have learned so much about the international business world, which is exactly what I wanted to get out of this study abroad experience. I have been assigned tasks that are real world examples of what Ive learned in my classes, for example, I have updated financial statements for one of our company clients. I have gained such important and relevant experience thus far, and I am so excited to see what more I can learn by the end of the summer!