Ireland Startup Visa

Defining the Irish Startup Visa

Ireland boasts that it is one of the world’s richest business landscapes. Over 1,000 companies are headquartered in the country. Alongside welcoming the world’s largest business, Ireland has created a Startup visa so that entrepreneurs can choose the nation as the home of their new business.

The Ireland Startup visa is officially known as the Start-up Entrepreneur Programme (STEP) and was first introduced in 2012. It aims to help talented entrepreneurs launch an Irish startup by granting a stable residency status for themselves and their families (spouse/partner and dependent children under 18 years old). It usually has an eligibility period of two years, and you can often renew it. While you are in Ireland, you will need private medical insurance and will not be allowed to use public funds.

What is a High-Potential Start-Up?

A business plan for a high-potential start-up is a central target for the startup visa. These are businesses with the potential to create an innovative product or service and market it internationally. Such businesses also have the potential to add ten new roles to the Irish labour market and produce one million euros in sales in their first three years. They should also be younger than five years old.

If you can show that your innovative business proposal could develop into a high-potential start-up, you will be in greater stead to receive a Startup visa. Furthermore, the Irish government body Enterprise Ireland targets high-potential start-ups for additional support, helping your business to succeed once it has started operating.

Ireland Startup Visa Eligibility Criteria

The Start-up Entrepreneur Programme has four critical eligibility requirements. These are listed below:

• You are of good character.
• You haven’t been convicted of any criminal offences (any jurisdiction).
• You have €50,000 of capital available to launch your startup. If the business has more than one principal, each further principal will need a minimum investment of €30,000.
• Immigration authorities consider your business plan to be innovative.

Alongside these requirements, you must not lobby or canvas. Such actions will automatically disqualify both you and the business.

Showing Evidence of Funds

Your Startup visa application needs to show that you have access to €50,000 to invest in the business. Sources can include your own money (and it hasn’t been obtained illegally), a business loan, venture capital funding, or a grant from the Irish government. Each funding source will require different documentation. Please also note that the funding may be from multiple sources.

If you are providing the funding, you will need to show a letter from a regulated financial institution in Ireland. If your funds are held outside of the nation, show a bank statement for each of the three consecutive months before your application. You can also show a letter from a bank regulated by a domestic regulator that includes your name, the nature of the regulation, and the balance in your account over specified dates

Should you be obtaining funding from a government grant or a venture capital firm, you will need to provide a letter from the relevant institution. This needs to show the amount of funds committed and confirmation that you have approval to use the funds for your proposed business.

In all sources of funding, you will also need to demonstrate that the money can be converted to euros and transferred to Ireland. A letter from the bank, financial institution, or investor confirming this will suffice.

Proving That You are of Good Character

Showing that you are of good character is central to a successful visa application in Ireland. Do this by providing a statement of character from the police authorities of every nation that you have lived in for longer than six months over the past ten years. It is also permissible to use screening reports from an international risk management company.

Another layer to showing your good character is showing that this has been the case during any time you have previously spent in Ireland. Once your investment proposal is approved, you will need to provide an affidavit attesting to your good character and confirming that you haven’t been convicted of a crime in the country. The same requirement applies to any family members over 16 years old who are joining you in Ireland.

Required Documents for the Startup Visa

Applications for this visa require more than innovative business plans. The standard required documentation is listed below, although Irish immigration authorities are able to request additional documentation if necessary:

• A valid passport that has been issued within ten years of the application date and is valid throughout your stay.
• Proof of €50,000 in funding.
• A comprehensive business plan. This must include market analysis, growth projections, and a pathway to revenue generation in the next two to five years.
• Your CV that shows your work experience and education.
• Letters of support for your business idea.
• Evidence of any relevant qualifications, such as degree certificates and diplomas.
• Police clearance certificates and an affidavit attesting to your good character in Ireland.

Once you have received your visa and moved to Ireland, you will also need a number of documents for in-country registration. These include the following:

• The valid passport you used to apply for the visa and enter Ireland.
• Your visa approval notification.
• Proof of your address in Ireland.
• Two passport-style photographs.
• A completed registration form for the Irish Residence Permit (IRP).

Ireland Startup Visa Application Process

The application process has two main steps: submitting your online application and paying the application fee.

First, you need to submit your application via email ([email protected]). In your email, include your completed STEP visa application form, documentation proving that you meet the four main requirements. Documentation for your €50,000 minimum investment must show that the funding source is legitimate.

Meanwhile, your business plan needs to show that you are proposing an innovative business idea. It should follow the Sample Business Plan template available online and indicate all of the business’s locations, including those outside of Ireland, and the number of employees in each country. Furthermore, if you are relocating a business to Ireland, you will also need to provide the most recent audited accounts. The Evaluation Committee will scrutinise your business plan to make this decision, along with whether they believe you are a suitable individual.

Cost and Processing Time for an Irish Startup Visa

Once you have sent your online application, Irish immigration authorities will hold it but not process it until you have paid the €350 application fee in full via electronic fund transfer. You can find the relevant Department of Justice, Home Affairs, and Migration bank details on the Irish Immigration website.

The standard processing time for the Start-Up Entrepreneur Programme once you have paid the application fee is 2-3 months. The same processing period applies when you renew the STEP visa. The processing time is at the discretion of immigration authorities. Issues with your application can make the processing time substantially longer.

Renewing Your Ireland Startup Entrepreneur Visa

Most individuals using the Startup visa will have the opportunity to renew at the end of their initial two-year permission. You will need to meet additional requirements, such as confirming that your startup is operational, and the Evaluation Committee will need to have made a positive assessment of the success of your investment. You will also need to show that, while staying in Ireland, you have been of good character, held private medical insurance, and not used public welfare programmes.

The standard renewal fee is 300 euros. The first time you renew the visa, residency permission will be granted for a further three years. This expands to five years for every renewal that non-EEA nationals make after that.

Business Taxes in Ireland

Under the Irish tax regime, active businesses have to pay 12.5% corporation tax, and there is no special dispensation for those operating a business under the Start-up Entrepreneur Programme. However, it also has a number of tax credit options to reduce your start-up’s tax burden. For example, there is a 25% Research & Development (R&D) Tax Credit refundable over a three-year period, alongside tax write-offs for intellectual property acquisitions.

Alongside these benefits, Ireland also invites you to establish a holding company with exemption from capital gains tax. Foreign dividends also have an effective zero tax rate. Finally, your business will have access to the European market and the European Union’s extensive treaty network.

Combined, Ireland’s low corporation tax and range of tax credits and benefits could make the country one of the world’s most attractive locations to start your business.

Obtaining Permanent Residency in Ireland

Time spent in Ireland under the Startup Entrepreneur visa is considered ‘reckonable residence’. After five years spent living in Ireland continuously, you will usually be able to apply for permanent residence. This will allow you to remain in Ireland without needing to worry about visa renewals.

Those who have used the Start-up Entrepreneur Program for long enough will also be allowed to apply for citizenship by naturalisation. Usually, you will need to have resided legally in Ireland for at least five years within the last nine years, spending a maximum of 70 days outside of Ireland during that year. The standard application fee of €175 will need to be paid. Once your application is approved, you will need to pay an additional €950 for certification. A lower certification fee of €200 applies for any children who are becoming Irish citizens with you.

Irish Immigration notes that individuals on this programme will receive no preferential treatment compared to those on other eligible visas, regardless of the contribution your business has made to the Irish economy or its potential to create jobs.

How Can IAS Help?

Ireland is a fantastic nation to start your business, as it is a welcoming landscape for established companies to move their headquarters, or for innovative entrepreneurs to begin a startup. The Irish Startup visa is your essential immigration to do this, and it also allows you to bring your family members.

Given the high failure rate of startups worldwide, you will need to submit an excellent application, including a comprehensive business plan. Working with immigration lawyers and advisers, such as Immigration Advice Service, will help you to boost your chances of a successful application. Our expert team can guide you through the entire application process and help you compile all of the necessary documentation. We can then help you with subsequent visa renewals and applications for permanent residency and citizenship.

If you need help with your Ireland Startup Entrepreneur Program application, contact us today at +44 (0)333 414 9244. Alternatively, visit our website to discover our services within Irish immigration law and beyond.