High Potential Start Up Scheme
Ireland’s immigration legislation is rather different from legislation of many other jurisdictions. In our opinion, recently introduced schemes and programmes are making Ireland an attractive jurisdiction in terms of immigration.
One of such immigration schemes, (created for innovative young businesses) is a Start-up Entrepreneur Scheme (High Potential Start Up). This scheme is unique as does not require initial job creation as it is recognized that such innovative businesses can take some time to get off the ground. The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland.
The scheme provides the benefits to the successful candidates and their family members in terms of residency status in Ireland. Successful applicants and their families can expect to receive residence permission for 5 years in this State for the purposes of developing their business and may consider subsequent application for naturalization in Ireland.
General definition and requirements:
A High Potential Start-Up (HPSU) is defined as a start-up venture that is:
· Introducing a new or innovative product or service to international markets.
· Usually involved in manufacturing or internationally traded services (certain categories of businesses are specifically excluded from this scheme). Start-up Entrepreneur Scheme (High Potential Start Up) currently requires an investment of € 50,000 (reduced from € 75,000).
· Capable of creating 10 jobs in Ireland and realising €1 million in sales within 3 to 4 years of starting up.
· Led by an experienced management team.
· Headquartered and controlled in Ireland.
· Less than five years old from the date of company’s registration.
· The investment has to be good for Ireland, for jobs and in the public interest, the funds invested have to be legally acquired and owned by the investor. The person has to be of good character.
We successfully processed a number of such applications and dealt with all queries our clients had regarding this scheme. We have been successfully dealing with various immigrant investment programmes and business visa applications and assist our clients throughout the whole process: from the very initial application to submission to the Department of Justice and in preparation of the applications.
We approach each case and each client individually and always trying to find the best solution to each situation. We also provide language assistance to certain categories of foreign nationals.