Ireland is regularly named as being one of Europe's most entrepreneurial countries1. Situated in the heart of the business world, Ireland has developed a vibrant start-up community as well as world-class accelerators in software, fintech, medtech and the Internet of things.
Irish start-ups, similar to their European and transatlantic counterparts, often face obstacles relating to scaling and development. One of the biggest difficulties start-ups and early stage companies face is access to finance.
With this in mind, we look at some of the financial supports and tax reliefs currently available for start-ups and early stage businesses in Ireland to accelerate growth and potentially stimulate the next generation of gazelles.
Financial Supports Enterprise Ireland offers a number of financial supports based on the development stage and the funding needs of the business:
High Potential Start-Up Funding (HPSU); Established SME Funding (10 to 250 employees, having an annual turnover of less than 50m or an annual balance sheet of less than 43m); Funding to Commercialise Research (for researchers in Higher Education Institutes) Local Enterprise Offices offer numerous grants:
Feasibility Study Grants (to assist the promoter to assess market demand); Priming Grants (available to businesses employing up to 10 employees within the first 18 months of start-up); Business Expansion Grants (for businesses trading over 18 months); Trading Online Voucher Scheme (fewer than 10 employees and an annual turnover of less than 2m). Microfinance Ireland provides small unsecured loans:
Microfinance (fewer than 10 employees and an annual turnover of less than 2m) Tax relief
Further supports are offered to early stage enterprises through a variety of tax reliefs and tax planning:
Start-up Refund for...