Ireland has become one of Europe’s leading destinations for international entrepreneurs and investors looking to start or grow a business. With competitive tax incentives, access to the EU single market, and a stable legal environment, Ireland offers clear pathways to residency — most notably through the Start-up Entrepreneur Programme (STEP).

Although the Immigrant Investor Programme (IIP) has now closed, opportunities remain for entrepreneurs with innovative business ideas and legitimate funding sources. This blog explains how foreign investors and entrepreneurs can establish a business in Ireland, the visa routes available, and how to progress towards long-term residence or citizenship.

Why Ireland Is a Prime Location for Entrepreneurs and Investors

Ireland consistently ranks among the world’s most attractive countries for investment and innovation. Its appeal lies in a combination of economic stability, legal predictability, and entrepreneurial opportunity.

Key Benefits for Entrepreneurs in Ireland

• Pro-business environment: Ireland maintains one of the lowest corporate tax rates in Europe at 12.5% on trading income.
• Gateway to the EU: As an EU and Eurozone member, Ireland provides unrestricted access to European markets.
• Highly skilled workforce: The country’s young, educated population supports technology, life sciences, finance, and creative industries.
• English-speaking hub: Ireland is the only English-speaking country in the Eurozone, making it an ideal base for global business.
• Supportive ecosystem: Numerous government-backed agencies, such as Enterprise Ireland and Local Enterprise Offices, provide funding and mentorship for start-ups.

With this environment, Ireland’s immigration system encourages qualified entrepreneurs to contribute to the country’s innovation landscape.

Immigration Pathways for Entrepreneurs and Investors

While Ireland once offered two main routes — the Immigrant Investor Programme (IIP) and the Start-up Entrepreneur Programme (STEP) — the IIP is now closed to new applicants.

As of 2025, the STEP programme remains the primary pathway for non-EEA entrepreneurs to establish a business and gain residency in Ireland.

The Start-up Entrepreneur Programme (STEP)

The Start-up Entrepreneur Programme (STEP) was created by the Department of Justice and the Irish Naturalisation and Immigration Service (INIS) to attract high-potential start-ups (HPSUs) that generate employment and contribute to Ireland’s export economy.

It is designed for non-EEA nationals who wish to establish or relocate an innovative business in Ireland.

Eligibility Criteria

To qualify, applicants must meet several key requirements:

1. Innovative business idea — Your proposal should demonstrate originality, scalability, and potential for global expansion.
2. Minimum investment of €50,000 — This can come from personal funds, venture capital, angel investment, or business loans.
3. High potential start-up — The business must have the potential to create at least 10 jobs in Ireland and achieve €1 million in sales within 3–4 years.
4. Business age — The business should be less than five years old.
5. Full-time engagement — You must play an active management role in the business.
6. Good character and clean background — Applicants must provide police clearance and background checks.
7. Excluded sectors — Retail, catering, personal services, and localised trades are not eligible under STEP.

The business must be headquartered and controlled in Ireland. Applications are reviewed by an independent Evaluation Committee, which assesses innovation, funding credibility, and potential economic impact.

STEP Application Process

1. Preparing Your Application

Applicants submit a detailed business proposal and all supporting documents to the Investment and Entrepreneur Unit of the Department of Justice. The proposal should include:

• A comprehensive business plan.
• Proof of available funding (€50,000 or more).
• CVs of founders and management team.
• Evidence of qualifications or experience relevant to the business.
• Criminal background certificates.

You must also pay a non-refundable application fee of €350.

2. Evaluation and Approval

Applications are reviewed by the Evaluation Committee, consisting of business and innovation experts from Enterprise Ireland and other agencies.

They assess:

• The feasibility of your business model.
• Job creation and export potential.
• The quality and availability of funding.
• Your capacity to scale internationally.

If approved, you will be issued a Letter of Approval, which allows you to apply for residence permission in Ireland.

3. Residence Permission

Once approved, you are granted a two-year residence permit (Stamp 4). This allows you to:

• Reside and work in Ireland.
• Establish and operate your start-up.
• Include your spouse or partner and dependent children under 18 in your application.

After two years, you may apply for a renewal of three years. If your business remains viable and compliant, you can continue to reside and operate in Ireland.

After five years of continuous residence, you may qualify for long-term residence and later for Irish citizenship through naturalisation. 

What Happened to the Immigrant Investor Programme (IIP)?

The Immigrant Investor Programme (IIP), launched in 2012, allowed wealthy non-EEA nationals to secure residency through financial investment in Ireland. Options included:

• Enterprise investment (€1 million minimum).
• Investment funds (€1 million minimum).
• Real estate investment trusts (REITs).
• Philanthropic donations (€500,000 minimum).

However, as of February 2023, the Department of Justice officially closed the IIP to new applicants, citing policy reviews and ethical considerations.

Existing IIP participants continue under the original conditions, but no new applications are being accepted. This closure makes STEP the primary immigration route for business and investment purposes in Ireland.

Advantages of the STEP Programme

The STEP scheme remains a robust route for business-minded individuals, offering benefits that extend beyond residency.

1. Pathway to Residency and Citizenship

Successful applicants can bring their family members to Ireland and enjoy full residency rights. After five years, they can apply for long-term residence, and later, citizenship by naturalisation.

2. No Employment Restrictions

STEP participants receive Stamp 4 permission, granting the right to work, start multiple businesses, or take employment in any sector without additional permits.

3. Access to EU Markets

Operating from Ireland enables direct access to EU consumers and business partners, a significant advantage for start-ups in technology, manufacturing, or professional services.

4. Low Entry Capital Requirement

At €50,000, the investment threshold is relatively modest compared to other countries’ entrepreneur visa schemes, such as the UK or Portugal.

5. Family Inclusion

Spouses and dependent children can accompany the applicant, receiving the same residence rights and access to education and healthcare.

How to Strengthen Your STEP Application

Applying for a business visa in Ireland requires detailed preparation. To increase your chances of approval:

1. Build a Detailed and Realistic Business Plan

Your business plan must demonstrate clear growth potential and measurable milestones. Include sections on:

• Market research and competitive analysis.
• Financial forecasts for 3–5 years.
• Recruitment strategy and job creation.
• Export targets or innovation strategy.

2. Provide Proof of Legitimate Funding

Funding sources must be transparent, legal, and verifiable. Personal savings, investor commitments, or loans should be clearly documented.

3. Choose the Right Sector

Ireland prioritises innovation-driven businesses. High-potential areas include:

• Financial technology (FinTech)
• Software and artificial intelligence (AI)
• Renewable energy and sustainability
• Biopharmaceuticals and healthcare
• Advanced manufacturing
• Educational technology

4. Maintain an Irish-Centric Business Model

The company must be registered, managed, and operated from Ireland. Having an Irish office or partnership demonstrates genuine commitment.

5. Stay Compliant and Transparent

Immigration authorities expect transparency in business operations, tax compliance, and employment practices. Regular reporting may be required.

Challenges and How to Overcome Them

While the STEP route is appealing, it also presents challenges:

Limited Appeal for Traditional Businesses

Traditional small businesses like restaurants or retail shops are excluded. Entrepreneurs in these sectors should explore self-employment visas or employment permits instead.

No Appeal for Rejected Applications

A refusal under STEP cannot be appealed. However, you can reapply with an improved business plan and additional evidence.

High Expectations for Innovation

Authorities focus on scalable, export-focused enterprises. To stand out, demonstrate how your business contributes to Ireland’s economy and global competitiveness.

Residence Renewal Based on Performance

Your renewal application will be assessed based on business performance, tax compliance, and adherence to your original plan.

Professional legal assistance helps mitigate these risks and ensures applications are well-prepared and strategically sound.

Long-Term Opportunities: Residence and Citizenship

The ultimate goal for many entrepreneurs is permanent settlement or citizenship in Ireland.

Timeline Overview

1. Year 1–2: Initial residence permission under STEP (Stamp 4).
2. Year 3–5: Renewal for three years after review of business performance.
3. Year 5+: Eligible for long-term residence.
4. Year 8+: Possible eligibility for citizenship by naturalisation, provided residence requirements are met.

For those who wish to make Ireland their permanent home, Abbey Blue Legal can assist in preparing a strong citizenship application once eligible. 

How Abbey Blue Legal Ltd Can Help

At Abbey Blue Legal Ltd, we specialise in Irish immigration for entrepreneurs, start-ups, and business investors. Our team can:

• Assess your eligibility for STEP or other immigration routes.
• Prepare and review business plans and supporting documents.
• Manage communication with the Irish Department of Justice.
• Ensure compliance for renewals, tax, and family inclusion.
• Guide you towards long-term residence or citizenship.

Conclusion

Ireland remains one of Europe’s most promising destinations for international entrepreneurs. With the Start-up Entrepreneur Programme (STEP) still active, qualified applicants can build successful ventures while securing residency for themselves and their families.

However, the process demands precision, compliance, and a convincing business plan. At Abbey Blue Legal Ltd, we help you navigate the complexities of Irish immigration law with clear, strategic guidance.

If you’re ready to bring your business vision to Ireland, contact us today at +353 (0) 53 900 6682 or visit our contact page. Let us help you turn your entrepreneurial ambitions into reality — with Ireland as your new home for innovation and success.