Dáil Éireann Debate, Tuesday - 14 February 2017
105. Deputy Jim O'Callaghan asked the Tánaiste and Minister for Justice and Equality if the rules of the start-up entrepreneur programme run by the Irish Naturalisation and Immigration Service will be changed to allow funding into high technology start-up schemes; and if she will make a statement on the matter. [6964/17]
Amharc ar fhreagraI have been informed by the Irish Naturalisation and Immigration Service (INIS) of my Department that the purpose of the Start Up Entrepreneur Programme (STEP), introduced in 2012, is to enable non-EEA Nationals and their families who commit to a high potential start up business (HPSU) in Ireland.
All applicants to the STEP programme must secure funding of at least €50,000 in order to meet the criteria. This funding can be from their own resources, a business loan, Business Angel/Venture Capital funding or a Grant from an Irish State Agency. Consequently the programme already provides for investment into high tech start up schemes. Each application is considered by the Expert Independent Evaluation Committee who review and evaluate all applications under the various strands of the investor programme. There is no question of a person who contributes to the funding of €50,000 under the STEP, other than the entrepreneur herself/himself, receiving a residency permission under this programme.
However, as the Deputy may be aware, it is open to non-EEA investors who themselves wish to obtain a residency permission, to consider the Immigrant Investor Programme (IIP), which allows investors to acquire a residence permission, on investment of €1 million into an approved project.
