Last Tuesday, the Minister for Justice confirmed that he will be conducting a major overhaul of the business permission scheme for foreign entrepreneurs, and will soon introduce a new scheme in the area of entrepreneurship and investment.
Commenting on the Minister’s announcement, Fine Gael TD Mr Eoghan Murphy, said: “It’s very encouraging that the Minister is moving so quickly on this, and I am happy to be working with him and his Department to bring in a new scheme that will hopefully encourage more people to look to Ireland to start up their companies. This is particularly important in the high tech sector.
“We lost a generation of entrepreneurs in this country. Those that had the spirit and the talent went into property, or were encouraged towards the perceived safety of professions. We risk losing another generation overseas through the current economic crisis. We need to get that spirit of enterprise back. And we need help from abroad to do that.”
Mr Murphy said that Ireland has definite advantages in attracting foreign entrepreneurs. “We know that Ireland is a very attractive place to live. We know that people do want to come here and start up companies. We have a lot going for us. This is very true in particular sectors, particularly technology. There we have some great home grown talent, but also some major international players. And now we need to facilitate the third pillar – foreign entrepreneurs. We need to encourage foreign entrepreneurs to come here and start up a business,” he said.
“The UK has what’s called an ‘entrepreneur visa scheme’, which it recently reviewed. I believe we can learn from that and improve our business visa – rebranded as the “Irish Entrepreneur Visa” – and use it to attract more people to our shores to start their own businesses, create investment, create jobs, create a new culture of enterprise and grow this economy once again,” said Mr Murphy.
Mr Murphy proposed such changes to the existing visa scheme as reducing the funding requirement for potential start-up companies from 300,000 euro to 200,000; allowing business partners to apply as one entity under the scheme; eliminating bureaucratic duplication by centralising the application process; reforming the onerous vetting process; improving the Irish Naturalisation and Immigration Service (INIS) website; and identifying a supporting body for entrepreneurs when permission is received and they arrive in Ireland.
Minister of State Kathleen Lynch, responding on behalf of Minister for Justice Alan Shatter, also addressed the Dail on the matter. “The Department’s analysis would concur in many respects with the deputy’s own views,” she said. “The existing system does not really cater for the needs of innovation start-up enterprises…in addition, we currently do not have an immigration regime that caters for high net-worth individuals who would be willing to make significant investment in the country in return for being allowed to reside here.
“Departmental officials have been drawing up draft proposals that would have the effect of broadening the eligibility criteria for business persons and investors to reside in Ireland,” said Ms Lynch.
The new scheme will be up and running before the end of this year.
