New Business Permission Visa and Residence for Businesses Entering and Investing in Ireland -Investor and Entrepreneur Schemes -Update 4th April 2012
Applications for the Immigrant Investor Programme and the Start-up Entrepreneur Programme must not be submitted until after 16 April 2012. Applications submitted before this date will be not be considered and will be returned to the applicant.
Immigrant Investor Programme
The Immigrant Investor Programme is open to non-EEA nationals and their families who commit to an approved investment in Ireland. Aproved participants in the Programme and their immediate family members will be granted rights of residence in Ireland which will allow them to enter the State on multi-entry visas and to remain here for a defined period but with the possibility of ongoing renewal. The Programme will facilitate participants, over time, in establishing a permanent relationship with Ireland.
Each application will be examined on its merits in a qualitative examination by an independent interdepartmental committee. The investment has to be good for Ireland, good for jobs and in the public interest, the funds invested have to be legally acquired and owned by the investor (i.e. not borrowed). The person has to be of good character.
In order to be considered for the programme the investor must propose an investment in one or more of the following categories:-
a) A once off endowment of a minimum of â‚¬500,000 to a public project benefiting the arts, sports, health, culture or education.
b) A minimum â‚¬1,000,000 aggregate investment into new or existing Irish businesses for a minimum of three years. Funding by the investor through the intermediary of a venture capital fund will be considered provided that it can be demonstrated that the net effect is at least equivalent to that of a direct investment.
c) minimum â‚¬2,000,000 investment in a special low interest 5 year immigrant investor bond. There will be one interest payment of 5.1% at the end of the 5 year investment period and this is equal to an annual equivalent interest rate of 1% (AER).
d) A minimum â‚¬1,000,000 mixed investment consisting of â‚¬500k in property and â‚¬500K in immigrant investor bonds.
Residence Permission granted to successful applicants: Successful applicants can expect to receive residence permission for 5 years. An initial permission will be granted for two years and following a review at that point to ensure the investor is continuing to meet the conditions of the scheme (i.e. the investment has not been withdrawn, they continue to be law abiding and self- sufficient), a further period of 3 years will be granted. After this initial 5 years period, the investor will be free to apply for residence in 5 year tranches. The investor is not required to establish actual residence in Ireland. The Immigrant Investment Programme is about rights of residence that the investor may exercise as their business and family needs dictate. No minimum residence requirement is set other than the stipulation that the persons concerned should visit Ireland at least once in every 12 month period.
Anyone interested in this programme should contact Sinnott Solicitors at email@example.com and we can outline the requirements of the programme and the application process.
Start Up Entrepreneur Programme
The Start-up Entrepreneur Programme provides that non-EEA nationals with an innovative business idea for a High Potential Start-up and funding of â‚¬75,000 can acquire residency in Ireland for the purposes of developing their business. No initial job creation targets will be set as it is recognised that such businesses can take some time to get off the ground. The Programme will facilitate participants in establishing a permanent relationship with Ireland.
Types of Business Proposal that that may apply under this Programme – This is an important issue. The intention of the Programme is to support High Potential Start-Up businesses.
A High Potential Start-Up is defined as a start-up venture that is:
Introducing a new or innovative product or service to international markets.
Capable of creating 10 jobs in Ireland and realising â‚¬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.
The scheme is not intended for retail, personal services, catering or other businesses of this nature. The Irish Naturalisation and Immigration Service existing business immigration channel known as the “Business Permission Scheme” remains available to this sort of proposal. For more information on the existing business permission visa available please contact us and we would be happy to assist.
Residence Permission granted to successful applicants: Successful applicants can expect to receive an initial permission or two years and following a review at that point to ensure the entrepreneur is continuing to progress with the business proposal a further period of 3 years will be granted. After this initial 5 years period, successful entrepreneurs will be free to apply for residence in 5 year tranches.
Anyone interested in this programme should contact us at firstname.lastname@example.org for further information regarding the Guidelines, the application forms and the business plans necessary for the Start-up Entrepreneur Programme. We are happy to make applications on behalf of interested applicants and we feel that the is an excellent initiative for Irelands economy at present.
Written By Carol Sinnott, Immigration Solicitor Ireland