Accenture Shifting Some Business Assets To Ireland

The consulting and outsourcing firm has 180,000 employees working in 120 countries.
Accenture said its board of directors has approved moving its place of incorporation from Bermuda to Ireland and has asked its shareholders to approve the move within the next four months.

The technology consulting and outsourcing firm is part of an exodus to Europe of companies changing their place of incorporation in advance of the Obama administration's plan to tighten tax rules.

"We believe that incorporating in Ireland will provide Accenture with economic benefits and help ensure our continued global competitiveness," William D. Green, Accenture's chairman and CEO, said in a statement. Ireland "also has a long history of international investment and long-established commercial relationships, trade agreements, and tax treaties with European Union member states, the United States, and other countries around the world where Accenture does business."

Accenture, which has 180,000 employees working in 120 countries, said that it has always functioned as a global business and that its Europe/Middle East/Africa operation -- which includes Ireland -- accounts for nearly one-half of its total net revenue.

Noting that its Irish operation has a 40-year history, Accenture said its "significant operations and a substantial presence there" has grown rapidly in recent years.

Accenture said it doesn't expect the move to Ireland will result in any material change in its operations, financial results, or tax treatment. The firm plans to continue its registration with the U.S. Securities and Exchange Commission.

If the move is approved, a new Irish company, Accenture plc, will replace the Bermuda company, Accenture Ltd.

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