Ireland Residency by Investment – Start-up Ireland

What are the requirements to be fulfilled for Irish Critical Skills Employment Permit?

• At least €50,000 of initial funding from one of the following sources (If you are the first founder of the start-up, this is €50k. For any subsequent founder, this is €30k):
• You must intend to introduce a ‘new or innovative product or service’ to international markets.
• This business could be something you are starting from scratch in Ireland.
• The business can be 100% export-oriented from Ireland.
• You can relocate your existing business to Ireland, but it should not be more than 6 years old. In this case, the most recent audited accounts for that business should be submitted to support the application.

Businesses should have:

• Headquarters in Ireland and be led by experienced managers. This means that one or more founders will have to move to Ireland.
• The potential to create 10 new jobs in Ireland in the next 4 years.
• The ability to generate €1,000,000 in sales within 4 years.
• At least €50,000 of initial funding from one of the following sources. (If you are the first founder of the start-up, this is €50k. For any subsequent founder, this is €30k.)
• Your own funds
• A business loan
• Angel investor or venture capital funding
• A grant from the Irish State Agency
• Qualified start-ups in India that are eligible for seed/angel/growth funding.

Here are the detailed requirements:

New Irish Company

• New company duly incorporated under Irish laws
• Must have local Irish national/EEC resident director
• Must show sufficient capital to cover expenses for 2 years
• Will be 100% owned by the applicant
• Must pay monthly salary to the employee (applicant)

Business Plan

• Applicant must have a credible and comprehensive business plan outlining how the business will be set up and any relevant market research, marketing plans, revenue projections, etc.
• Type of business should fall under any of the categories identified on the Highly Skilled Occupation List
• Identifies a job role that requires a professional from the Highly Skilled Occupation List

Applicant

• Must prove lawful sources for the funds invested
• Must have the education/ relevant work experience/ proven positive track record in the same or closely related field of work as the business plan of the company. The job role identified should also qualify under the Highly Skilled Occupation List
• While in Ireland, the applicant can work only for the said company till the PR is issued
• The applicant will need to demonstrate basic knowledge of the English language

Local Director

• Startup Ireland team member or Startup Ireland mentor pool
• Highly experienced business executive from same/similar or complementary field is ‘matched’ to you and your business requirements
• Is ‘matched’ to you and your business requirements
• Acts as business guide and contributes towards planning & execution
• Is your “point of contact” for your family & business growth in Ireland

Process & Timeline

Timeline:

After you submit your application to the Ireland Immigration department, the processing time is 12-16 weeks. 

This is a 2-stage process where the business plan is approved first, and the amount is transferred to a bank account in Ireland before a visa is issued. Your business plan approval also plays into the processing time.

Cost Details

What it covers:

• Pre-incorporation and company registration expenses of €10,000.
• Your salary of € 32,000* per annum x 2 years of €64,000.
• Irish director salary of €5,000 per annum x 2 years, which equals to €10,000.
• Company contribution to social insurance, which amounts to €4,500 per annum x 2 years, which is €9,000.
• Company administration which amounts to €500 per annum x 2 years, the total of which is €1,000 (e.g. Payroll, accounting, compliance filing, etc).