If you are planning to set up a business in Ireland, you may avail of a number of advantageous schemes designed for start-up ventures. If your business meets certain criteria, you may be eligible to attain the status of a High Potential Start-up. Before you take any step in this regard, here are a few details for your help.
Which authoritative body oversees these? The Enterprise Ireland is the Government agency that oversees the High Potential Start-Up (HPSU) Scheme. If you think that your business idea has the merits to qualify, you may contact the adviser from this agency to discuss the details of the venture and get advice in this regard.
Which ventures classify in this category? If you plan on setting up a business and it fulfils the following criteria, it may qualify for the HPSU Scheme:
- It introduces new/innovative product/service to the international markets
- It involves services focusing on manufacturing or international trading
- It creates at least 10 jobs in the State within 3-4 years of beginning
- It realises €1 million in sales within 3-4 years of beginning
- Its headquarters and base of operations is in Ireland
- It is not more than 6 years old
- It is headed and managed by a proficient, skilled and experienced team
How do you know whether your business is eligible? Whether you are planning to start a new business or operating a start-up venture, you need to contact the Start-up Team of the Enterprise Ireland. The initial screening service available from this agency will help determine whether your business idea qualifies for this funding.
How do you get in touch with the authorities? If the Start-up Team considers that your idea may be eligible for HPSU funding, you may avail of a detailed consultation with them. During this consultation, the team will discuss the details of the business proposition, either the complete business plan, or, if it is not available, at least, the outline of the proposition.
What is involved in the initial meeting? The initial consultation with the Start-up Team is informal in nature. The objective of the meeting is to provide assistance for determining the eligibility of a new business for this scheme. It is also a good opportunity for the business owner or operator to seek answers to the queries they may have regarding the scheme.
What are the possible outcomes? If the initial consultation reveals that the new venture has merits to qualify for the HPSU Scheme, an adviser will be assigned for investigation of the viability of the venture. If the venture is at an early stage of development, you may avail of advice and assistance to advance it.
What should you do if you do not qualify? If a new venture does not qualify for this scheme, which is a possible outcome, the advisers at Enterprise Ireland may suggest alternative schemes for your help and support. You may seek help and support from services specialising in the formation and registration of Irish limited company for this purpose.
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