Starting a Business or Investing in Ireland on South African Passports

 

If you or your spouse or De Facto spouse holds a European Union, Irish or British Passport you can use other methods of immigration to allow you to live and work in the Republic of Ireland, which includes very different rules in terms of starting a business in Ireland. This information is for South African Passport holders who require a visa in order to start a business in Ireland.

   Starting a Business in Ireland for eligible stamps - For British, Irish and Eu passport holders and CSEP holders once they have completed 2 years and are in posession of stamp4

If you are the holder or the spouse of a Critical Skills or General Work permit holder, you are not permitted to Start a Business in Ireland unless you apply in your own right and under the conditions laid out below. Starting a business without expressed permission in the form of the correct Stamps can jeopardise your and your partner’s work permit and your naturalisation when time to apply.

For South African passport holder looking at getting residency permission based on starting a business in Ireland continue reading below:

 


Immigrant Investor Programme

 

The Immigrant Investor Programme provides a range of investment options which allows approved non-EEA investors and their immediate family enter Ireland on multi-entry visas and remain here for up to 5 years with the possibility of ongoing renewal. The investment must be good for Ireland, good for jobs and in the public interest. The funds must be legally acquired and owned, not borrowed, by the investor. Investors must be of good character and must not have been convicted of criminal offences in any jurisdiction. They must have a minimum net worth of 2 million euros and be able to provide evidence of this.

The Immigrant Investor Programme (IIP) is a pathway for non-EEA nationals to secure immigration permission to Ireland on the basis of long-term investment of a sum of money in a project that has been approved for that purpose by the Department of Justice and other Government stakeholders.

The IIP was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The programme is designed to encourage investors and business professionals from outside the European Economic Area to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.

Applicants to the IIP must be high net worth individuals with a personal wealth of at least €2 million. The IIP requires applicants to invest a minimum of €1 million for a minimum of three years. The funds used for an investment must be from the applicant’s own resources and not financed through a loan or other such facility.

The IIP offers four investment options for potential investors.

  1. Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least three years
  2. Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least three years. Such funds must be approved and regulated by the Central Bank
  3. Real Estate Investment Trusts: A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least three years
  4. Endowment: A minimum €500,000 (or €400,000 where 5 or more applications are received) philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.

Investors should note that the Irish Government has no responsibility for the performance of an investment. Investments are a private matter between the parties concerned and it is the responsibility of the investor, as in any business decision, to assess the potential success of their venture. Approval of an application under the IIP is not an endorsement of a particular project. What it means is that the investor has been approved and the investment meets the objectives of the IIP.

You may apply to become an investor in the IIP if:

  • You are a person of good character
  • You have not been convicted of a criminal offence in any jurisdiction
  • You have a minimum net worth of €2 million
  • You have an interest in investing in one of the four eligible investment options mentioned above.

 

UPDATE

The Minister for Justice and For Higher and Further Education, Simon Harris TD has announced the closure of the IIP. All four investment options: Enterprise Investment, Endowment Investment, REIT and Fund Investments are being shut down under this decision.

In taking this action Minister Harris said that that the Programme had fulfilled its purpose – It was brought in over a decade ago (in 2012) when a struggling economy needed investment, however our changed circumstances meant that such investment routes were no longer a good fit for the needs of a thriving economy and society. The Minister also noted the serious concerns that been expressed about immigrant investment programmes generally by The EU Commission, Council of Europe and OECD in a number of studies in relation to border security, money laundering, tax evasion and circumvention of EU law. The Minister also said that the Programme gave rise to issues of a broader public policy concern.

While the Minister was satisfied that the IIP was operated by his Department to the highest professional standards, the combination of these factors make it timely to close off the programme

 

https://www.irishimmigration.ie/faqs-closure-of-the-immigrant-investor-programme-iip/

 


Start-up Entrepreneur Programme

The Start-up Entrepreneur Programme (STEP) allows a non-EEA national with an innovative business idea and minimum funding of €50,000 to come and set up a business in Ireland. The aim of the Programme is to support High Potential Start-Ups which are defined as start-up ventures that are:

  • Introducing a new or innovative product or service to international markets
  • Involved in manufacturing or internationally traded services
  • Capable of creating 10 jobs in Ireland and realising €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 5 years old

 

A 12-month immigration permission is available for foreign national entrepreneurs attending incubators or innovation bootcamps in Ireland to allow them to prepare a STEP application. This 12-month permission is also available to non-EEA students who graduate with advanced STEM (Science, Technology, Engineering, and Mathematics) degrees in Ireland and wish to work on preparing a STEP application.

The STEP scheme does not apply to retail, catering, personal services or similar businesses. No initial job creation targets will be set as it is recognised that such businesses can take some time to get off the ground. There is detailed information in the Start-up Entrepreneur Programme Guidelines.

You may apply for STEP if you:

  • are a person of good character
  • have not been convicted of criminal offences in any jurisdiction
  • have the required €50,000 funding available
  • have an innovative business proposal

Residency

Successful applicants for the Immigrant Investor Programme and the Start-up Entrepreneur Programme and their immediate families will be granted residence permission for 2 years initially. Their immediate family means their spouse, civil partner or partner and dependant children aged under 18. In certain cases, children between the ages of 18 and 24 will be considered for residence under the programme. This permission can be renewed for a further 3 years. After these first 5 years, the investor or entrepreneur can apply for long-term residence. If required, they will be granted multiple entry visas for the same duration.

How to Apply

To apply for the Immigrant Investor Programme you complete the investor application form (pdf) and pay a non-refundable application fee of €1500.

The Immigrant Investor Programme:

Notice | COVID-19 update regarding application windows for the Immigrant Investor Programme

To apply for the Start-up Entrepreneur Programme you complete the entrepreneur application form and the details are HERE

 


 

Important links:

 

  #MapMyMove- Our coaching Services - Confused or lost and need some direction, book a session with us to help untangle the confusion and work out your route of immigration

   Coming to set up a business or invest in Ireland - Citizens information

   Immigrant Investor Programme (IIP)

   STEP program

Contact at this department This email address is being protected from spambots. You need JavaScript enabled to view it. Pauline McElroy, say you found her info on SA2Eire

    First time registration - How to register once you are in Ireland

   Resources for this topic- Business in Ireland - Loads of links to setting up a business in Ireland

   Admin before the move

   Admin once you're in Ireland

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