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Ireland will review its Business Permission visa policy requirements in an attempt to spur entreprenuership and boost the country's ailing economy.
Eoghan Murphy, a Fine Gael TD for Dublin South-East, proposed changes to the existing Business Permission visa scheme during a recent debate; Proposals include reducing the funding requirement for an applicant's startup company under the entrepreneur visa scheme from €300,000 to €200,000.
Murphy's proposals also include allowing more than one person to apply in the same application as business partners under the scheme. According to Murphy, the current single-person requirement places too much of a burden on startup founders; Many businesses need at least two partners at startup. The current requirements mean that each entrepreneur needs to make their own application. If the proposed changes are implemented this will make it easier for many businessmen to emigrate to Ireland.
There may also be a new investment-based immigration scheme. One Country that already has an immigrant investor scheme is the UK. This scheme requires you to have GBP1 Million. It would not be surprising if Ireland firstly looked at the British investor scheme before introducing their own immigrant investor scheme.
"The existing system does not really cater for the needs of innovation start-up enterprises", said Minister of State Kathleen Lynch. "In addition, we currently do not have an immigration regime that caters for high net 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 person and investors to reside in Ireland," she added.
