The Start-Up Entrepreneur Programme

Last week we touched on the first of the two programmes Alan Shatter has announced, which aim to bring more business to Ireland. This week, we're talking about the Start-Up Entrepreneur Programme.

This programme states that non EEA citizens with a good business idea and the funding of a certain amount can be given residency in the State. The minimum funding is now €75k which is welcome drop from the €300k it is presently.

It will be recognised that as some businesses take a while to find there feet so, initially there will be no job creation targets. 

Each project will be put forward for the start-up programme and for evaluation by a Committee with State Agencies. The Evaluation Committee will work on choosing and selecting start-ups believed to be great ideas and to have good potential for success.  

To qualify an applicant must:

• Have some form of financial backing of not less that €75,000 through business angels, venture capital providers or a financial institution regulated by the Financial Regulator. Personal funding transferred to the State or a grant from a relevant State agency would also be acceptable.
• The business proposal must have a strong innovation component.
• The applicant must not be a drain on public funds.

Minister, Alan Shatter, hopes to see the launch of these new schemes by March. By this time, information detailing the specific rules and qualifications will be published by officials in the Department of Justice.