The legal requirements for opening a sole trading company in Ireland are different for individuals outside the EU, the EEA and Switzerland compared to Irish nationals. In order to obtain authorization to remain in Ireland for a period longer than three months, non-EEA nationals have to get permission in the form of a stamp attached to the applicant’s passport or a residence permit.
The immigration permission is issued under the authority of the Minister of Justice and Equality as a passport stamp. An Irish Residence Permit is also issued to this effect allowing one to stay in Ireland for the stipulated period. The requirement of such documentation also extends to spouses and dependents of EU and EEA nationals, who are not from member states of either of the two regional bodies.
The Immigrant Investor program
Under the Immigrant Investor Programme, foreign investors can establish themselves in Ireland on the merit of their direct foreign investment. The IIP allows individuals with personal wealth of €2 million and more to acquire residency in Ireland by investing in Irish businesses in a number of ways. The qualifying investment could be made into a new or established Irish registered business. Alternatively, an investment could be made through an investment fund. Acquisition of an investment via a Real Estate Investment Trust listed on the stock exchange in Ireland (the Irish Stock Exchange) also meets these requirements. Another way to qualify under the IPP is to fund an endowment for a project in public interest. This could be in health, education or culture.
The Startup Entrepreneurship Programme
The Startup Entrepreneurship programme was put in place with self-employed non-EEA nationals in mind. The scheme allows entrepreneurs who want to start innovative businesses in Ireland to easily establish themselves. The business idea involved should have the potential to create employment opportunity (at least provide 10 jobs) and maintain them. The expected sales revenue for such businesses is at least €1 million in three to four years. High potential startups are the most relevant under the STEP. These should be in a position to manufacture products for export or offer its services to the global market.
12-month immigration permission
For non-EEA entrepreneurs in Ireland to take part in innovation boot camps and incubators, they should have get the 12-month immigration permission. It gives them the opportunity to process a STEP application. The 12-month permission is also extended to non-EEA students graduating from Irish institutions with advanced STEM degrees. They also qualify to stay in Ireland under STEP.
Business permission scheme
Non-EEA nationals with intentions of starting a business in areas such as retail, personal services or catering in Ireland need to obtain relevant authorization. Such business ambitions were granted permission until 16 March 2016 under the Business permission scheme. Those under the business permissions scheme can seek renewal as clarified on the INIS website.
The Special Scheme for Non-EEA Nationals to Reside
The Special Scheme for Non-EEA Nationals to reside offers a solution to foreigners who intend to settle in Ireland. The state issues out a Stamp 4S Irish Residence Permit to successful applicants under this scheme. There is no need for one to apply for separate permission to take up work in Ireland if they are granted this residence permit. Students from non-EEA countries without other immigration permission are eligible to apply for an extended stay in Ireland under this scheme. However, the scheme was set to expire on January 2019.
For more details and questions regarding self-employed non-EEA nationals In Ireland, reach out to our specialists. We are ready to answer all your questions and assist in any possible way.