Moving to Ireland with the Irish Start-up Entrepreneur Programme (STEP) for Startup Founders

Ireland has been a dynamic country for the growth of tech companies with Facebook, Apple and Google having a base there. The country has shown consistent growth, access to the European market and government support through low taxes which make it an attractive place. If you are an entrepreneur thinking of starting a company in Ireland, read on to learn more about what visas are available and how to apply.

What is the Ireland Startup Visa?

Introduced in 2012, the Ireland Startup Visa also called the Start-up Entrepreneur Programme (STEP) allows experienced professionals or entrepreneurs with an innovative business plan to set up a business in Ireland. The STEP allows you to stay in Ireland for a specific amount of time and can lead to permanent residency status in Ireland. This visa is specifically for non-European Union nationals, allowing them to start and run a business that contributes to Ireland’s economy. Successful applicants can bring their families and obtain long-term residency for all family members.¹

The eligibility norms are straightforward:

• You must be of good character and not be convicted of criminal offences in your home country or previous places of residence.
• You should have an innovative business proposal that will benefit the Irish economy.
• You must have a funding capacity of €50,000 EUR.

Benefits of the Ireland Startup Visa for Entrepreneurs

The Ireland Startup Visa for Entrepreneurs offers the following benefits:

• Exposure to the Irish and European Market - Ireland is gradually becoming a significant business hub, with almost all financial institutions, IT corporations, and healthcare-related businesses opening their back offices there. Starting a company in Ireland can help build a network with the existing companies in the country, and open up the doors to the thriving European market.
• Path to residency - Setting up a business in Ireland requires you to remain in the country for an extended period. This Ireland Startup allows visa holders to apply for permanent residency in Ireland.
• Reasonable investment - Unlike other startup visas that require high investment conditions in the six digits, the Ireland Startup stipulates a minimum investment of €50,000 EUR. The visa asks applicants to show funds from their own assets, business loans, angel investors, venture capital funding, or a mix of them all.
• Family allowed - The Ireland Startup Entrepreneur Program permits global entrepreneurs to bring their families and include them in their permanent resident applications. The family can enjoy the benefits of top-class education and infrastructure facilities in Ireland.

While there are numerous benefits to starting a company in Ireland, it may not be the best fit for everyone. Do your research and ensure that the Irish economy is suitable for your business and that you meet all the requirements. Check out our other guides to startup visas abroad to identify if other countries could be a good fit for you.

Requirements for Ireland Startup Visa

Business entrepreneurs should meet the following requirements for the Ireland Startup Entrepreneur Program:²

• You must submit an innovative business proposal.
• You must have at least €50,000 EUR in available funds to establish your business.
• You must have no previous criminal record in any jurisdiction.
• You must have a comprehensive health insurance policy.³

When it comes to the funds required, there are a few rules:

• The €50,000 EUR or more in available funds to establish the business can be from your own sources, venture capital, angel investors, or bank loans.
• You must provide a certificate from the bank that confirms the availability of the funds.
• If the funds are maintained outside Ireland, you must produce a certificate from the financial institution that the funds can be converted into Euros and transferred to Ireland.
• The funds should be maintained for at least three months before the letter’s date.
• You must submit a bank statement to demonstrate that the funds have been present in the account for at least three months.
• If you depend on angel investors, venture capital, or bank loans, you must produce a letter from the source confirming that the funds are available for the proposed business.

One thing to note is that, unlike other countries, there is not a requirement to hire employees locally as part of the program.

In order to get your application reviewed, you must pay the application fee:⁴

The Ireland STEP fee is payable by bank transfer. Need a quick way to pay the application fee? Take a look at the section below about how Wise can make deposits straight to local bank accounts.

Application process for Ireland Startup Visa

The Ireland Startup Entrepreneur Visa program requires you to apply online and then wait for an evaluation through the Irish embassy. Here are the steps to apply online: ⁵

• Complete the STEP application form.
• Gather your supporting documents, including your credentials and the evidence of funding. The credentials include your passport, photographs, and comprehensive health insurance.
• Provide evidence of the source of funding and your good character.
• Create a business plan outlining your innovative business idea.
• Ensuring all documents are PDFs and uploadable, submit them to the email address provided in the application form.

After submitting your application, you will be asked to pay the application fee. This can be done by electronic funds transfer. The amount is non-refundable and the Irish embassy does not process the application until the application fees are paid.

The Embassy has an independent evaluation committee comprising senior civil and public servants to evaluate your proposal’s fit for the program. The committee may ask for additional information if necessary. They will recommend the suitability of the proposal to the Irish Ministry for Justice. If the application and proposal are accepted, you will be granted a letter stating that you are allowed to live and work in Ireland.

The Ireland Startup Entrepreneur Visa is valid for two years, allowing you to work and reside in Ireland. You must work full-time on the business you outlined in your application and you are not allowed to take any other employment in Ireland. Additionally, you must not be charged with any crimes or become a financial burden to the country.

If you meet the requirements during your stay, you can renew the residency permission for an additional three years. After that, you can renew the permit at 5-year intervals.

The Irish Startup Entrepreneur Visa's processing time depends on the Irish Embassy's workload. Generally, it takes around 12 to 16 weeks. The processing time depends on your business plan approval.

If you are not approved for the visa, you will receive a letter from the Ministry of Justice explaining the reason behind the refusal.

Moving to Ireland from abroad

Getting a visa is only the first step in the process of moving abroad. Here are steps to consider when moving to Ireland:

• Update bank and credit card accounts: The status of your bank account at home may have to change when you move abroad. Check with your bank to see if there are any requirements to either close or shift your account to a non-resident status. Inform your credit card company if you will be using the card abroad, and set up a payment system for any recurring bills that may come when you’re overseas.
• Staying connected to family and friends: While your business can take you far from home, try to remain connected with your loved ones at home or elsewhere in the world. WhatsApp is a great way to stay in touch, while social media like Instagram can help others follow along on your journey. Opt for a local SIM card in Ireland as well so you can stay in touch locally with new friends and save money on international roaming charges.
• Cultural changes: Ireland has a rich history and culture that can be different from yours. Keep an open mind and try to make new Irish friends, while also practising your own culture in meaningful ways. It can help make the country feel more like home.
• Accommodation and logistics: Decide where you are thinking of living before you leave. The cost differences between living in rural parts of the country and Dublin can be high. Consider finding a place to live before you leave, or you can get a hotel for a couple of nights as you search for a new residence.
• Healthcare: The Ireland Startup Visa requires you to take comprehensive health insurance. Ensure to identify a doctor and nearby hospital once you move to stay healthy and in the case of medical emergencies.

Banking in Ireland

Ireland has a well-developed banking system, with almost all international banks having branches in the country. Opening a personal bank account in Ireland is easy if you have your documents ready. Learn more in our guide to opening a bank account in Ireland.

Your new business in Ireland will likely require a local account. A business bank account can help you deposit revenue, make payments and apply for credit or financing, if eligible. If international transfers are part of your business, keep an eye on bank fees that can eat into your money.

Want a fast and cheap way to send money abroad? Check out Wise.

Meet Wise: International Account for Global Entrepreneurs

Don’t lose money to pesky bank fees. Wise is the quick, easy and low-cost way to send money to local bank accounts around the world. Using smart tech, Wise makes secure international transfers convenient. There is only one low transfer fee on every transaction and you’ll see it upfront before you submit your transfer. Plus, you’ll get the mid-market exchange rate. That means you get the same exchange rate that is on Google, without extra mark ups or fees.

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Wise Account for Irish Residents

When you need to send money home, reserve your next holiday stay or want to buy something on that overseas online retailer you love, pay for it all with just one account. The Wise multi currency account lets you hold, send and spend in multiple currencies, including Euros, Dollars and Indian rupees.

The Wise multi currency account has all the best things you know about Wise, but with even more flexibility. The account offers a linked debit card, so you can even swipe or tap like a local wherever you are in the world.

Sign up for the Wise multi currency account and make all your next transfers from one account in the award-winning Wise app.

Wise account for Ireland Residents 🚀

Wise Business Account for Irish Startups

Your startup is at the forefront of business, make sure your money is too. The Wise Business Account can make international payments simple. You can transfer money to local bank accounts abroad, and batch payments for up to 1,000 people. Having a distributed team or multiple global suppliers has never been easier.

You can also get local bank details in different currencies so clients can pay in the currency that works best for them. The Wise Business Account also integrates seamlessly with accounting software like QuickBooks, so you can track all your transactions.