Ireland Residency by Investment – Start-up Ireland
What Is the Start-up Ireland Entrepreneur Program for Ireland Business Visa?
Ireland is very encouraging of non-EU, and EEA residents looking to make Ireland their home. The Irish Government has identified sectors and skills that are deemed as ‘Critical Skills’ and are highly in demand in Ireland.
It’s important to note that The Irish Critical Skills Employment Permit is not just a job-offer based work permit, business owners can use it too. They can immigrate under this Critical Skills Employment Permit and start their business in Ireland where the business can then apply for a visa for your employment.
The Irish Government has identified sectors and skills that are deemed as ‘Critical Skills’ and are highly in demand in Ireland. These occupations are crucial to boost Ireland’s economy.
New Business Using Critical Skills backed by Startup Ireland:
The Start-Up Entrepreneur Program was introduced in 2012 to allow innovative entrepreneurs to apply for permission to establish their business and stay in Ireland on a full-time basis.
Nysa Global & Startup Ireland come together to offer a unique business investment-immigration solution for qualified individuals with a suitable business idea/ expansion/ relocation that qualify under the Critical Skills Visa category.
Benefits of the Start-up Ireland Entrepreneur Program:
This 'Critical Skills' visa is provided for two years, after which you get a PR.
You and your family can also choose to study, live, and work in the UK.
Minimal share capital requirement.
You can exercise the right to vote and contest in an election in Ireland.
You can leverage the public education system at a subsidised cost like any other citizen of Ireland.
You and your family can work, reside & study in Ireland & in the other European Union countries without the need for a visa.
Start-up Ireland Visa Guidance
What are the requirements to be fulfilled for Irish Critical Skills Employment Permit?
To get an Irish Critical Skills Employment Permit and qualify for the Start-Up Entrepreneur Program, you need to keep in mind the following:- At least €50,000 of initial funding from one of the following sources (If you are the first founder of the start-up, this is €50k. For any subsequent founder, this is €30k):
- You must intend to introduce a ‘new or innovative product or service’ to international markets.
- This business could be something you are starting from scratch in Ireland.
- The business can be 100% export-oriented from Ireland.
- You can relocate your existing business to Ireland, but it should not be more than 6 years old. In this case, the most recent audited accounts for that business should be submitted to support the application.
Businesses should have:
- Headquarters in Ireland and be led by experienced managers. This means that one or more founders will have to move to Ireland.
- The potential to create 10 new jobs in Ireland in the next 4 years.
- The ability to generate €1,000,000 in sales within 4 years.
- At least €50,000 of initial funding from one of the following sources. (If you are the first founder of the start-up, this is €50k. For any subsequent founder, this is €30k.)
- Your own funds
- A business loan
- Angel investor or venture capital funding
- A grant from the Irish State Agency
- Qualified start-ups in India that are eligible for seed/angel/growth funding.
Here are the detailed requirements:
New Irish Company
- New company duly incorporated under Irish laws
- Must have local Irish national/EEC resident director
- Must show sufficient capital to cover expenses for 2 years
- Will be 100% owned by the applicant
- Must pay monthly salary to the employee (applicant)
Business Plan
- Applicant must have a credible and comprehensive business plan outlining how the business will be set up and any relevant market research, marketing plans, revenue projections, etc.
- Type of business should fall under any of the categories identified on the Highly Skilled Occupation List
- Identifies a job role that requires a professional from the Highly Skilled Occupation List
Applicant
- Must prove lawful sources for the funds invested
- Must have the education/ relevant work experience/ proven positive track record in the same or closely related field of work as the business plan of the company. The job role identified should also qualify under the Highly Skilled Occupation List
- While in Ireland, the applicant can work only for the said company till the PR is issued
- The applicant will need to demonstrate basic knowledge of the English language
Local Director
- Startup Ireland team member or Startup Ireland mentor pool
- Highly experienced business executive from same/similar or complementary field is ‘matched’ to you and your business requirements
- Is ‘matched’ to you and your business requirements
- Acts as business guide and contributes towards planning & execution
- Is your “point of contact” for your family & business growth in Ireland
Process & Timeline
Timeline:
After you submit your application to the Ireland Immigration department, the processing time is 12-16 weeks.
This is a 2-stage process where the business plan is approved first, and the amount is transferred to a bank account in Ireland before a visa is issued. Your business plan approval also plays into the processing time.
Cost Details
You need to pay an application fee of €350 to the Ireland immigration department.To be noted: Capital required: €94,000 (minimum)*
What it covers:
- Pre-incorporation and company registration expenses of €10,000.
- Your salary of € 32,000* per annum x 2 years of €64,000.
- Irish director salary of €5,000 per annum x 2 years, which equals to €10,000.
- Company contribution to social insurance, which amounts to €4,500 per annum x 2 years, which is €9,000.
- Company administration which amounts to €500 per annum x 2 years, the total of which is €1,000 (e.g. Payroll, accounting, compliance filing, etc).
Need help to understand what kind of business plan will qualify for the Ireland Start-Up Visa? Let us help you.
How Does the Startup Ireland Program Work?
- Identify a business idea or narrow down an area of interest
- Establish a new Irish company in a ‘Critical Skills’ sector with a comprehensive business plan to operate in Ireland targeting Irish/European/global markets. This plan should indicate all locations for the start-up proposal (i.e. Ireland and elsewhere) and how many employees will be located in each country.
- Capitalise the company’s resources.
- Identify job profile openings in the company.
- Create a role of an employee as per the Critical Skills visa qualification.
You own the business and your business applied for a visa for you.
Highly Skilled Occupations List
Project managers & directors
Natural and social science professionals
ICT professionals
Quality and regulatory professionals
Nursing & midwifery professionals
Orthoptists
Health professionals
Health & social services managers & directors
Architects, town planners and surveyors
Health associate professionals
Teaching and educational professionals
Business, research & administrative professionals
Sales, marketing & related associate professionals
2D or 3D animation professionals
Engineering professionals
Path to Passport
- A two-year Critical Skills work permit.
- Permanent residency will be provided after the 2nd year.
- Three annual renewals of the permanent residency permit.
- An Irish passport will be issued in the 6th year.
Not Sure Where to Begin? Let Experts at Nysa Global Help You.
Why Should You Choose Nysa Global for an Ireland Start-Up Business Visa?
- Define a business plan for you
- Establish a company for your investment
- Help you with visa processing
- Provide you with relocation services
- Establish and help administer the new company
- Appoint a local Irish director, mentor and guide
- Provide administrative support which includes all compliances
- Provide you with business advice to help you establish the company
Nysa Global’s Role
Nysa Global in conjunction with Start-up Ireland helps you with services that can be broadly divided into three categories:
Business
- Planning: Identify your area of interest and define your business plan
- Establishing
– Company incorporation
– Legal documentation
– Bank account setup
– Local Irish director selection and appointment - Support: Company administration like payroll, accounting, and compliances
- Strategic: Essential mentoring and skilled partnering to build and develop a start up business plan using local knowledge, networking and advice
Visa
- Qualifying
– Eligibility check
– Profile matching to the job role description and CV application - Processing
– Visa application preparation and filing
– INIS registration at the time of entry
– Stamp-1 permission for first year & renewal for second year
– Spouse work permit
– PR filling and renewals – Naturalisation (citizenship)
Landing and post landing
- Relocation
– In country cultural orientation, and cultural awareness
– Accommodation and office space - Incubation
– Hosting and accelerating the business - Growth
– Business plugins: Hiring, consultants, vendors, service providers, agents, etc.
– Network introductions and relationship development
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