Ireland entrepreneur visa in 2019 ✅️ HOW TO MEET THE REQUIREMENTS | (€50,000 pathway)

Ireland entrepreneur visa in 2019 ✅️ HOW TO MEET THE REQUIREMENTS | (€50,000 pathway)


Hi, I’m Tom Bradford. This video is about the
entrepreneur route for Ireland, and we’re gonna go through the key points you should bear in mind if
you’re considering this route and what to avoid. So in terms of the diagrams I’ve prepared, I wanna show you here, the startup route, what the eligibility criteria are, what you’ve got to think
about for you and your family, and really, what a huge
opportunity this presents. I’m gonna deal with residence requirements and various other matters, and deal with a concrete case study here. We’ve got, the key point is, this is an investment of only £50,000. It ultimately gets you Irish citizenship, and therefore, EU
citizenship after five years. It’s primarily a residence program rather than citizenship
by investment program but nevertheless, it’s a great opportunity particularly in comparison with the UK. It looks very favorable
in light of Brexit. Ireland is a committed
member of Europe and the EU. So, this is an option that
really bears real consideration. Before we start with the detail, I’m a lawyer and partner
at the law firm Freeths. In this series on YouTube, I cover the various ways in which you can access
other jurisdictions for business and investment, and make sure you’ve got
all the information you need about investor visas and business visas and entrepreneur visas so
you can compare the options and make an informed
decision on how to proceed. With my Reach Abroad service at my firm, I help entrepreneurs and investors and business people set up businesses in different jurisdictions and bring in people internationally to help build up their businesses. So if that’s of interest, please subscribe and click
the notification bell to get my updates when I release them. Let’s start with the overview
of the various investor and entrepreneur routes
available for Ireland. So you can see here, and I’ll just zoom in. The 50K start-up entrepreneur
route for Ireland. This is at a great level I think just in terms of capturing those startups and perhaps not just startups. It may be that people are
applying onto this route have significantly more funds available but I just think it’s a
great idea, obviously, they do their due diligence
on you if you apply. But it represents a great opportunity both for Ireland and for entrepreneurs to secure residents in a great country that’s closely associated with the EU, that is a committed member of the EU. That’s the £50,000 route. I mean, if you compare that
for example with the UK, and the entrepreneurial route in the UK, that’s £200,000. There is a graduate entrepreneur route that’s comparable at £50,000, and there is a £50,000
route as well in the UK. It’s different, though. You need to raise funding from specified venture capital seed funding called petitions or government grants. This is a very different idea. The £50,000 can be your own money, or could be gifted from
a member of your family, for example, so it’s a much broader opportunity. There is some other investor visa options, which basically involve
more of a passive route to permanent residency
and Irish citizenship. I’ve got other videos coming up on these so if these are of interest, by all means, subscribe. The endowment route, just very briefly, the endowment route at
half a million pounds. That involves a donation
that’s entirely passive. It will be relatively rare though. Enterprise investment, I think, is probably of more interest to you. That involves investing a million pounds either in existing business in Ireland, doesn’t have to be your own, or in your own business. So maybe you have substantially
more capital available than under the 50K route, and you can apply under this route. Then there’s an approved
investment fund path, that’s also interesting. It’s also passive, and there’s some very compelling low risk, not zero risk of course, low risk investment options in Ireland. I am currently working
with one of the funds, which has a very compelling proposition and a 100% success rate. That’s good if you don’t
necessarily want to be actively involved in a business. It’s a passive investment. So as I say, I’m going to
have videos on that coming up. The next route is a real
estate investment fund. Similar idea that involves
two million pounds. So what we’ll do is move
on from the overview to the question, what are
the eligibility criteria? What are the requirements for the entrepreneur startup visa in Ireland? Let’s have a look at that. We’ll zoom in first. So we’ll deal first with
the type of business. What type of business do you need in order to make a success
of your application? Well, your business idea
has to be of the right kind. And you see this with entrepreneur routes in every jurisdiction or
in many jurisdictions, that the business idea
must be a viable one. Now there’s always that
balance to be struck. Insofar as the immigration officials looking at your application, unlikely themselves to be entrepreneurs, or to really be familiar with what it is to be an entrepreneur, and that represents a problem. First of all, there’s a sort of misunderstanding by immigration officials in different jurisdictions
around experience. Most, or many, entrepreneurs, are not going to have experience. This may be their first,
second, or third venture. They won’t have extensive experience, and they’ll be young. Ireland’s a very young country, in terms of its population balance, and one of the purposes of this route is to encourage innovation
and young people. So I hope that this
doesn’t become a barrier under this route. But many applications are turned down in different jurisdictions
under equivalent routes on the basis that someone
doesn’t have enough experience. And that really just misunderstands the nature of what it is
to be an entrepreneur, and a young entrepreneur
engaged in innovation. But your business idea needs
to be of the right kind. It needs to be viable. It can’t be a business in retail. It can’t be a business to
do with personal services. Let’s just zoom in on this. And it can’t be a business
to do with catering. What they are focusing on is what they call a
high potential startup. This means what you’re offering is new and innovative and it’s pitched at international markets. So they’re looking at
apps in the fintech space, let’s say, that’s the example that
I’ve chosen for you and we’ll go through the
case study in a moment. They’re looking for people in tech, but not in retail, personal
services, or catering, and traditional industries where there’s perhaps a low turnover or profitability is
difficult to demonstrate. I think there’s probably some recognition that there is a high failure rate, but the test applies
generally as one of viability, whether your business is viable, rather than immediate success. So it’s got to be a
high potential startup. Let’s run through the other criteria. So the next point is, it’s got to be capable of
creating ten jobs in Ireland. That is quite an ask. I mean, in the UK, for example, there’s a requirement that you create two full time jobs for
the equivalent category of the entrepreneur visa. They’ve got to be created for a minimum term of 12 months before you apply for an extension, that’s at the three year point in the UK. But those jobs must be created. All that needs to be shown here, by contrast, is the
potential to create 10 jobs. It’s not mandatory, unlike with the UK, that you actually create them. But it’s got to have the potential. So that’s the idea
behind this requirement. The next requirement is that it’s capable, again the language is one of capability, viability, it’s capable of
achieving one million sales within three to four years of starting up. Whether it does or not is another thing, but it must be capable of achieving that. And that’s got to be demonstrated in the business plan. And here I think, like with all other entrepreneur routes for different jurisdictions, the business plan is going to be central to your success or failure in applying. What I see in business plans is a lot of businesses
that simply aren’t viable, or they’re viable in theory, but they’re not supported by
the correct market research. So what I have is specialist
business plan writers, who will put your case, if you like, at its highest. We’ll draw out the potential, draw out the strings in
terms of your business idea, and then get it into a concrete form, and do some market testing, make sure that the market research backs up your proposal and assertions about the
viability of the business. So that’s that requirement. The next requirement is one
of novelty, if you like, it’s got to be a young business, it’s got to be less than six years old, your business. And here, and this kind of goes back to the point I was
making about experience, it’s got to be an
experienced management team. Now that experience could be
evidenced in different ways, it’s not necessarily your
experience as applicant, though it’s highly likely that you’ll be part of
the management team. But you’ve got to show that
you can draw on expertise. So I have a client who
aren’t necessarily themselves experienced managers, because they’re on the younger side, but they have mentors who
are involved in the business, perhaps with an equity stake, non-executive directors
who are more experienced, and who are able to offer a steer in the direction of the business, and implementing it on a practical level. So that’s what this
criteria is getting at, and even if you don’t
have a lot of experience, if you’re worried about this criteria, it must be an experienced management team, speak to me because there’s
ways of structuring that to ensure that you do
have the requisite level of experience on board. This isn’t just for the
sake of the applications, it’s for the sake of your
business and testing it, seeing whether this will fly, whether the business is actually going to get off the ground. You need to able to persuade the immigration authorities of that. And you need to persuade yourself of it, if you’re moving to another jurisdiction, to throw everything into this. So that’s that last key criteria. There are other criteria, but I’m going to deal with them in more detail in a separate video. Thought it’d be helpful to just give you the overview here. Now in terms of the path to
residency and citizenship, you apply as main applicant, let’s just zoom in here, so you’re applying as the main applicant, you can bring your wife and she will apply at the same time. Your children between 18 and 24, and your children under 18. So you’ll apply together
if that’s your wish, and if the application is granted, you’re granted a permit for two years. Takes you to the two year point. If you then apply again, and you can show that the
business is still viable, then it’s extended for three years. So that total five year period puts you in a position
in which you can then apply for permanent residence effectively, for a permit which gives
you indefinite leave, but which is renewable every five years. And also puts you in a position in which you can apply
for Irish citizenship. So that’s the path, that’s the trajectory. In relation to absences and how long you have to
actually be in Ireland, in relation to the other
routes I showed you at the beginning of this video, there’s only really a requirement that you be in Ireland
for one day per year, which is quite extraordinary, really. But those are basically passive routes. You’re not expected to be in Ireland, unless you are applying for a passport at the end of the process. Now in that case, you need to be in Ireland for
more than half of the year. So you can see here, I put 180 days plus
actually more than 180 days, you’ve got to be in Ireland. But there’s still significant
flexibility there. And there’s a recognition that in relation to your startup and your enterprise that there will be
interest abroad as well. You have to engage in
international travel, you may need to be outside the country. And that’s not problematic in principle, but if you are planning
to apply for citizenship at the end of the process, you’ll want to make sure
you’re in the country for more than half of the year. And for 12 months in the fifth year. Continuous residence. One of the interesting features of the Irish citizenship path is there’s currently no
English language requirement for applying for Irish citizenship, unlike with the UK, for example. So that’s a big benefit for some. I think it’s not as
relevant for this route, if you’re applying to
commence a startup in Ireland, you’re expected to have
sufficient knowledge of English, and you’ll probably be knocked out at the initial eligibility stage if that was not the case. So let’s deal with a case study. I’m going to use the example of Kabir. He is a citizen of India. He’d like to secure Irish residency, and he’s interested in Irish
citizenship by investment. And that goes for him, his wife, and his six year old daughter. Now his business idea is a fintech app, again I mentioned that earlier, he wants to develop this for
Apple and Android phones. He has £50,000 of his own funds to invest in the business. So let’s go through the stages. He completes the application form for the Ireland entrepreneur visa, and he completes the business plan with the help of me and
my local Irish lawyer. He pays the application fee of £350, or €350. We send it to the evaluation
committee for review. The application succeeds and the evaluation committee informs the Minister
of Justice and Equality that the proposal is
acceptable under the program and he and his family are then invited to apply for residency permission under the program. Now if you think about it, this is one of the great features of this path, of this visa. You don’t have to invest until your application has been approved. Now that’s different from some of the, say, US paths, where you have to invest first, and you then apply, and your application may then be refused. So the difference here is that you make an application, an initial application, if you like, and you show that the funds are available, and it’s then approved, and only once it’s approved
do you then go on to invest. So that’s quite important, and not something to take for granted, if you’re considering other options in different jurisdictions such as the US. So it having been approved, he invests, he transfers the €50,000 to an Irish bank. It must be a financial institution regulated by the Central Bank of Ireland. He then submits an affidavit, and this just confirms that he and his wife have
no criminal convictions and are of good character. He and his wife are then granted the initial application. And they get residency
permission for Ireland. This lasts for two years. And in those two years, he commences his startup in Ireland and continues in business. In other words, he doesn’t go insolvent. Now he then applies,
at the two year point, for a renewal of his Irish
residency permission. So this triggers another examination of the viability and
success of the business by the evaluation committee. And his application is successful, the business is viable. It continues to be viable and promising. So his Irish residency
permission is granted for a further three years. At the fifth year, he and his family apply
for a permanent residence. So for a permit which is
renewable every five years. And as long as they don’t
commit any criminal offenses, for example, of a qualifying kind, then they will be able to stay residents of Ireland indefinitely. He can also apply, he and his family that is, for a passport. And here’s where we come to the real benefit of this route. Through acquiring Irish citizenship, they’ve become nationals and citizens of the European Union. Ireland is still a
committed member of Europe, and member of the European Union, unlike the UK, which is exiting. And this gives significant benefits in the form of free
movement around the EU. But even in light of Brexit, because of the common traveler area, with their Irish passports, they can also travel freely between Ireland and the UK. So that means that he and his family can access the UK as well as the EU in an unfettered way. So those are the key points. I hope that was helpful. As I say, this channel is all about helping you reach abroad, and as I say, with my Reach
Abroad Ireland service, I help entrepreneurs and investors set up businesses and invest in Ireland and get the right visa and support through Access Ireland to
achieve their business, investment, and citizenship goals. This video is part of
a series on the Irish investor and entrepreneur visas. Don’t hesitate to subscribe and make sure you click
the notification bell to get notified when I release the videos on this subject. Thanks for your time, and I hope to hear from you soon.

Comments

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    Rykann

    The Start-Up Entrepreneur Programme as per the following site (http://www.inis.gov.ie/en/INIS/Guidelines%20for%20Start-up%20Entrepreneur%20Programme.pdf/Files/Guidelines%20for%20Start-up%20Entrepreneur%20Programme.pdf ) requires €75,000 NOT €50,000. Please advise.

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    M Bassar

    Hi tom
    Thanks for great video. I want to move from uk to EU countries with investment. UK making life harder with immigration rules. I want to move from uk to any EU countries with £150k investment. €50k startup route looks great for me. How can i start the process please

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    Well Wisher Security Services

    Hi tom Thanks for your great video I want to move from Pak to EU countries with investment. please help what i do?

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    N Qurishi

    Hello sir
    What if the business plan has failed by the first 2 years and one changes plane to another business type?
    Thanks

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    Author
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