For entrepreneurs looking to establish an innovative business in Ireland, the Start-up Entrepreneur Programme (STEP) offers a unique opportunity. Launched by the Irish Government in 2012, STEP provides a pathway for non-EEA nationals to secure residency while developing their business in Ireland.
Who Can Apply?
To be eligible for STEP, applicants must meet specific criteria:
- Good Character: No criminal convictions in any jurisdiction.
- Funding: A minimum of €50,000 in available funds to invest in the business.
- Innovation: An innovative business proposal with high potential for growth, job creation, and international scalability.
Application Process
STEP applications are submitted electronically at any time and are reviewed quarterly by an independent evaluation committee. The process includes:
- Online Application: Submission of business details and proof of funds.
- Application Fee: Payment to formalise the process.
- Evaluation: Review by an independent committee assessing the proposal’s viability and compliance with STEP requirements.
- Approval: Final approval by the Minister for Justice based on the committee’s recommendations.
- Residency Letter: If successful, the applicant receives a residency letter allowing them to live in Ireland while working on their business.
Conditions of Residency
Successful applicants must adhere to strict conditions to maintain their residency under STEP:
- The business must be established and actively operated in Ireland.
- The entrepreneur must work exclusively on this business; employment in any other capacity is not permitted.
- The applicant cannot become a financial burden on the Irish State.
- Any criminal conviction can result in the withdrawal of residency.
- Failure to meet these conditions may lead to the revocation of residency status.
What Happens if an Application Is Refused?
If an application is unsuccessful, the Department of Justice will notify the applicant in writing, explaining the reasons for refusal. Please note that rejections under STEP cannot be appealed or reviewed, so careful preparation and a well-structured application are crucial.
Is STEP the Right Path for You?
Ireland offers a thriving ecosystem for startups, particularly in technology, pharmaceuticals, and financial services. If you have an innovative business idea, secure funding, and the ambition to expand internationally, STEP could be a valuable route to both entrepreneurship and residency in Ireland.
For assistance with your STEP application, McGrath Mullan LLP can provide expert guidance to improve your chances of success. Contact our team today to discuss your business proposal and eligibility. info@mcgrathmullan.ie or 01 873 5012
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