Ireland is a great place to do business, we have the fastest growing economy in the EU, a young talented and highly educated workforce, low cost economy and we are ideally positioned to trade into the US, EMEA & EURAISA.
On top of this Ireland is very PRO Business and offers many supports to companies from:
- Local business; to
- High potential start-up’s;
- Rapidly growing companies expanding into new markets; and to
- Established multinationals looking to establish in a low tax open economy.
For the purpose of brevity I will give a brief summary on some of the supports for each of the above.
- Small Business
- Rapidly Growing Companies
JobBridge National Internship Scheme
This Programme facilitates a business to take on a person for a work experience placement for a maximum of nine months. While the person is gaining valuable work experience they are also contributing to the business. In order to qualify for an internship an organisation must have a minimum of 1 full time employee who is employed for 30 hours or more per week (i.e. on payroll and subject to tax and PRSI).
County Enterprise Board Employment Grant
A grant of a maximum of €8,000 per new job created in respect of up to 10 employees in eligible projects. It can only be approved in case where it can be demonstrated that labour shortages do not exist.
Employer Job (PRSI) Incentive Scheme
This scheme exempts employers from liability to pay their share of PRSI for certain employees for a maximum of 18 months. The scheme is open to employers who create new and additional jobs. While waiting to be approved for the scheme, standard PRSI should be operated.
Revenue Job Assist
Employers who employ people who qualify for Revenue Job Assist can make a double deduction of the employee’s wages from their company’s taxable income for up to 3 years provided that the employee remains with them. This means that double the amount of the wages of a qualifying employee and double the amount of the employer’s PRSI contribution for that employee can be deducted by the employer from the company’s taxable income.
Acumen Sales and Marketing Programme
Acumen will fund up to 50% of the cost of a full time Sales Person’s salary in the first year. The maximum cost covered can be up to €37,500/£30,000 with Acumen paying up to €18,750/£15,000.
High Potential Start-up’s
Enterprise Ireland Support
Investor Ready Supports – Companies that have a well developed business plan and need to raise investment for their business can apply for the following supports.
Competitive Start Fund (CSF)
A €50k equity investment designed to accelerate the development of high potential start-up companies by supporting them to achieve commercial and technical milestones such as evaluating international market opportunities or building a prototype. The fund is open for applications several times throughout the year with special calls made for specific sectors such as digital media and aviation. In addition specific calls to support the development of female led high potential start-ups are also run under the Female Entrepreneurship initiative.
Innovative HPSU Fund (Equity)
The Innovative HPSU Fund allows Enterprise Ireland to offer equity investment to HPSU clients, on a co-funded basis to support the implementation of a company’s business plans. First time and follow-on equity investments in HPSUs are supported under this offer.
Rapidly Growing Companies
Enterprise Ireland Support
In-Company & Collaborative Research & Development Supports
- Technical Feasibility Study Grant – Can be used to investigate the feasibility of developing a new product, process, technology or service offering.
- R&D Fund – Small Projects – This fund supports product, process or service R&D projects where the grant amount is less than €150,000. This may suit companies undertaking R&D for the first time or companies progressing R&D activity in the business.
- R&D Fund – Standard Projects – Supporting innovation in services, products and processes, the R&D Fund – Standard Projects is suitable for companies that are ready to progress to larger projects. The maximum R&D grant that a company can receive is €650,000.
- Innovation Voucher – Innovation Vouchers, worth €5,000, are available to assist a company to work with a registered college or knowledge provider to explore a business opportunity or technical problem.
- Innovation Partnership Grant Programme – Offers financial support to companies who engage in collaborative research projects with Irish universities and Institutes of Technology. The proposal process and administration of the project is managed by the participating third level research institution.
- Horizon 2020 and other EU Research Funding Programmes – If your company is interested in working on collaborative research projects with research partners across Europe, there are a range of international research programmes designed to foster collaborative cross-border research between companies in different member states.
- Innovation 4 Growth Programme – Targeted at ambitious companies seeking to drive growth through innovation, this programme supports companies through an end-to-end innovation learning and practice journey to deliver on one or more innovation initiatives.
- Tax Efficient Holding company structures
- Research & Development Tax Credits
- Attractive low rate of Corporation Tax
- Knowledge Development Box
- 33% funding of qualifying R&D activities in Ireland
- Young & educated workforce
If you need a Dublin based accountant to look after your accounting, bookkeeping, management accounts or other financial related business needs. Then click here now to call us here at Kilcoyne Accountants for a discussion regarding your requirements.