Ireland entrepreneur visa in 2020 ✅️ HOW TO MEET THE REQUIREMENTS | (€50,000 pathway)

hi I’m Tom Bradford this video is about the entrepreneur root for Island and we’re going to 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’m going to show you here the startup route what the eligibility criteria are well you’ve got to think about for you and your family and really what a huge opportunity this presents I’m going to deal with residence requirements and various other matters and deal with a concrete case study here we’ve got the key pointers this is an investment of only 50 thousand pounds it ultimately gets you Irish citizenship and therefore EU citizenship after five years is 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 freeze 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 about 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 assume in the 50k startup entrepreneur root for Ireland this is a great level I think just in terms of capturing those startups and perhaps not just the startups it may be that people are plying on to this really have significantly more funds available but I just think it’s 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 residence in a great country that’s closely associated with the EU that is a committed member of the EU that’s the 50,000 pound treat I mean if you compare that for example with the UK and the entrepreneur route in the UK that’s a two hundred thousand pounds there is a graduate entrepreneur route that’s comparable with at fifty thousand pounds and there is a 50,000 pound route as well in the UK it’s different though you need to raise funding from specified venture capital seed funding competitions or government grants this is a very different idea the fifty thousand pounds can be your own money it could be gifted from a member of your family for example so it’s it’s a much broader opportunity there are 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 a half a million pounds that involves you 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 an existing business in Ireland doesn’t have to be your own or in your own business so maybe have substantially more capital available than under the 50k route and you could 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’m currently working with one of the funds which has a very compelling proposition and a hundred percent success rate that’s good if you don’t necessarily want to be actively involved in a business as 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 a 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 I’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 roots or been 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 in so far as the immigration officials looking your application are 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 islands of a 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 onto this route but many applications are turned down in different jurisdictions Andre roots 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 it 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 go through the case study in a moment they’re looking for people in tech but not in retail personal services or catering in 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 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 ten 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 buying this requirement the next requirement is that it’s capable again the language is one of capability viability it’s capable of achieving 1 million sales within 3 to 4 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 a 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 and 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 or 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 there’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 although it’s highly likely that you will be part of the management team but you’ve got to show that you can draw on expertise so I have clients 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 a an equity stake non-executive directors who are more experienced and who are able to offer a steer on 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 for the sake of your your business and testing it seeing whether this will fly it whether the business is actually going to get off the ground you need to be 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 a to residency and citizenship you apply as main applicant let’s just zoom in here so you’re applying is 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 all apply together if that’s your wish and if the application is granted you’re granted a permit for two years it takes you to the two-year point if you then apply again and you can show that the business is still viable and 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 are also pursuing 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 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 Island for more than half of the year so you can see here I put 100 and 180 days plus 30 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 interests abroad as well you have to engage in international travel you may need to be out of 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 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’ll be expected to have sufficient knowledge of English and you’d probably be knocked out at the initial eligibility stage if that was not the case so let’s deal with the 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 pounds of his own funds to invest in the this so let’s go through the stages he completes the application form for the island entrepreneur visa and he completes the business plan with the help of me and my local Irish lawyer he pasted the application fee of three

hundred and fifty pounds or fee at 350 euros 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 in 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 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 to then go on to invest so that’s 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 fifty thousand euros 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 there 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 they then applies at the 2-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 applying for a permanent residence so for a permit which is renewable every five years and as long as they don’t commit any criminal offences for example a qualifying kind then they will be able to stay residents of Ireland indefinitely he can also apply he and his family Vettes for a passport and here’s where we come to the real benefit of this route through acquiring Irish citizenship they become nationals and citizens of the European Union Island 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 travel 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 Island service I help entrepreneurs and investors set up businesses and invest in Ireland and get the right visa and support to 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