Setting up a business in Ireland

Setting a business in Ireland
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Updated 2020-01-21 13:58

Ireland is a country that lays a lot of emphasis on innovation and entrepreneurship. Therefore, it is relatively straightforward for you to set up a business there. It has one of the best corporate tax systems in the world, not to mention its economic growth. As a key member of the European Union, Ireland provides a great gateway into these other member nations.

The most promising fields for business in Ireland

The type of field that you might specialise your new business in depends on your skillset and knowledge. There are always new opportunities available to bring a product or service to market in a successful manner. The key is to do your market research to see if there is sufficient demand for your goods or services. This will save you a lot of time and energy, as you can quickly rule out those options that will not be very feasible. 

Types of companies you can set up in Ireland

If you are a Swiss national or a part of the European Economic Area, then there are no restrictions as to what type of company you can set up in Ireland. Those who do not meet this condition will have to meet some additional criteria in order to set up their business in Ireland. 

Currently, there are three different government schemes allowing for non-EEA citizens to set up their business operations in Ireland. The scheme you choose depends on a variety of factors. 

Immigrant Investor Program

This allows you to invest your funds into a business that will help Ireland, the job market and public interest. You will get a 5-year visa for yourself and your family that can be subsequently renewed. The main types of investments as part of this scheme will be an endowment to education, culture, health, sports or the arts. It could be an enterprise investment, putting money into an investment fund or a real estate investment trust. There is a EUR1,500 in place for applying to this type of program.

Startup Entrepreneur Program

This gives businesses that have a high level of potential to set up shop in Ireland and to grow in scope. There are a number of requirements in place for this, including having startup capital of at least $50,000 and being able to create at least 10 new jobs in the country, as well as revenue of EUR1 million in the first three or four years. There is a fee in place of EUR350 to apply for this program. For those who get accepted, they will get a two-year visa for themselves and their family. 

Special permission

The final way for non-EEA people to set up shop in Ireland is by getting written permissions from the current Minister for Justice and Equality. Some of the requirements for this permission include investing at least EUR300,000 of your own funds and creating at least two jobs for EEA nationals. There will be no investment requirement for artists and writers.

We do our best to provide accurate and up to date information. However, if you have noticed any inaccuracies in this article, please let us know in the comments section below.