IRELAND has successfully emerged as a global investment hub over the past few decades and it is undoubtedly any businessman have a dream of starting a business in IRELAND, the futuristic country.
In recent years, Ireland has become one of the most attractive markets and incubators for start-ups. It is one of the best places in the world to flourish your business as it offers countless opportunities to foreign investors, companies, and entrepreneurs.
Prior to start-up company formation in Ireland, you should have a thorough knowledge of the Irish market and an understanding of the initial costs of business setup in the country. Forming a company in Ireland requires approvals from government department and mistakes will result in rejection of an application
Start-up Entrepreneur Programme(STEP)
The Start-up Entrepreneur Programme (STEP) allows a non-EEA national with an innovative business idea and minimum funding of €50,000 to come and set up a business in Ireland. The aim of the Programme is to support High Potential Start-Ups which are defined as start-up ventures that are:
- Introducing a new or innovative product or service to international markets
- Involved in manufacturing or internationally traded services
- Capable of creating 10 jobs in Ireland and realising €1 million in sales within three to four years of starting up
- Led by an experienced management team
- Headquartered and controlled in Ireland
- Less than 5 years old
12-month immigration permission: A 12-month immigration permission is available for foreign national entrepreneurs attending incubators or innovation bootcamps in Ireland to allow them to prepare a STEP application. This 12-month permission is also available to non-EEA students who graduate with advanced STEM (Science, Technology, Engineering, and Mathematics) degrees in Ireland and wish to work on preparing a STEP application.
The STEP scheme does not apply to retail, catering, personal services or similar businesses. No initial job creation targets will be set as it is recognised that such businesses can take some time to get off the ground.
Start-up Entrepreneur Programme Guidelines.
The Start-up Entrepreneur Programme was introduced by the Irish Government in 2012 to allow for innovative entrepreneurs to apply for permission to establish their business and reside in Ireland on a full time basis.
WHO can apply for STEP?
- are a person of good character
- have not been convicted of criminal offences in any jurisdiction
- have the required €50,000 funding available
- have an innovative business proposal
When can you apply?
Applications for the Start-up Entrepreneur Programme may be made electronically at any time. Please note that proposals submitted as part of an application are considered on a quarterly basis by an Evaluation Committee
How do you apply?
Step 1-Submitting an online application
For the online application you must submit the following by email:
- Completed STEP application form.
- Supporting documentation as listed in the Guidelines including evidence of your €50,000 funding, details of the source of this funding and evidence of your good character.
- A proposal outlining your innovative business idea.
These must be submitted to IIP&STEPapplications@justice.ie.
Step 2-Payement of application fees
You must pay the application fee of €350 by electronic fund transfer. This fee is non-refundable. Applications will not be processed until the fee has been paid in full.
The reference field must only contain the information as follows:
Your passport number
You are responsible for the payment of any transfer fees and currency exchange fees. The full amount of €350 must be lodged to our bank account and an underpayment of this fee will result in delays processing your application.
The Department’s bank account details are:
- IBAN: IE65 BOFI 9000 1782 4921 91
- BIC: BOFIIE2D
- Name of Accountt: Department of Justice and Equality
- Bank name: Bank of Ireland
- Bank address: 2 College Green, Dublin 2
Please note:
- Incomplete applications will be returned.
- Links to the 2019 Guidelines and Application form can be found below.
- Lobbying/canvassing will disqualify applicants and the associated project.
What happens after application?
An Independent Evaluation Committee consisting of senior public and civil servants is responsible for evaluating the suitability of your proposal.The Evaluation Committee will consider the proposal and may seek further information from the candidate if required.The Evaluation Committee will make recommendations to the Minister for Justice as to the suitability of your proposal.
The Evaluation Committee of Enterprise Ireland (EI) will assess the business project according to the following factors:
– Introduces a new or innovative product or service to international markets.
– Capable of creating 10 jobs in Ireland and realizing €1 million in sales within three to four years of starting up.
– Led by an experienced management team.
– Headquartered and controlled in Ireland.
– Less than six years old
What happens after successive application approval?
Applicants who are successful and whose proposals are deemed suitable by the Evaluation Committee and the Minister for Justice, will be issued with a letter granting them permission to reside in the State.
Conditions attached the permission are follows
- You must establish the business as outlined in your application
- You must work on this business on a full time basis
- You are not permitted to be employed in any other capacity
- You must not become a financial burden on the Irish State
- You must not be convicted of a criminal offence in any jurisdiction
Residency status under the Start-up Entrepreneur Programme may be withdrawn if these conditions are not met.
What if application is unsuccessful?
If your application is unsuccessful, we will advise you of the Minister’s decision in writing and the reasons why your application was refused.
The decision of the Minister is final and a rejection of an application for residence under the Start-up Entrepreneur Programme shall not be subject to a review or appeal.
Contact for STEP
Investors and Entrepreneur Scheme
Immigration Service Delivery
Department of Justice
13-14 Burgh Quay
Dublin 2
D02 XK70
Ireland
Email: investmentandstartup@justice.ie
Web: www.inis.gov.ie