The Start-up Entrepreneur Program was initiated by the Irish government in 2012, to enable non-EEA nationals with entrepreneurial ability and good fiscal back up to acquire a secure residency status in Ireland. The program is appropriate for those who wish to begin a business in the innovation area and have a good business idea & a business plan. The applicant also needs to show that he is sound financially and has enough funds to start a business (over €75,000 per aspirant). As the program would need some time to flourish, there are no job creation targets initially. This initiative aims to maintain prospective start-up businesses in areas of high–potential growth in the future.
- Under the entrepreneur class, the project will be evaluated by an Autonomous Evaluation Committee. The State agencies of Ireland play a vital role in evaluating the aptness of the projected business proposal for the program.
- A start-up with high prospective should bring in a novel or ground-breaking product or service to the global markets.
- Public funds should not be used in the start-up.
- The start-up should be competent of creating ten jobs in the country and generating at-least €1 million revenue within 3 to 4 years of starting up.
- The venture should not be more than 6 years old.
- The business should be headquartered in Ireland.
- Scheme is not valid if the applicant plans to establish a business in retail, catering, personal services, etc
Issue of Residency Permission
Once the visa is approved under this program, the recipient is initially granted to reside in the country for two years to establish and expand the business. After completion of initial two years, the case will be reviewed again and depending on the growth of the business, further extension of three years will be granted.
In case the recipients under this scheme want to remain in Ireland then they can apply for permanent residency after 5 years. In certain cases, if the applicant meets the eligibility requirements then he can apply for Irish Naturalisation too, after initial 5 year period.
In case one is not planning to dwell in Ireland, he will need to enter the country at-least once every year so that his entrepreneur permit remains valid.