I have received a number of inquiries about what supports are available to assist start-up businesses or enterprises wanting to expand and take on new recruits. See below a summary which may be of use for those looking into these options.
Starting up your own business:
Their role is to provide a source of support for micro-enterprise in the start-up and expansion phases, to promote and develop indigenous micro-enterprise potential and to stimulate economic activity and entrepreneurship at local level. They offer certain grants, training and mentoring.Contact details for each CEB can be obtained through their national website address at www.enterpriseboards.ie/
- High Potential Start Up (EI)
Enterprise Ireland’s High Potential Start-Up (HPSU) team provides intense support, seed and venture capital to entrepreneurs and early stage companies that are considered to have an innovative product, service or technology, and have the potential to achieve exports sales and create employment. For Early Stage Start-Up enquiries should phone 01 7272885. See http://www.enterprise-ireland.com/en/Start-a-Business-in-Ireland/ for more information.
- Competitive start up fund (EI)
The Competitive Start Fund awards €50,000 to innovative start-ups, which have the capability to succeed in global markets. You are eligible to apply if you are an existing or potential client of Enterprise Ireland’s HPSU programme. For more information on the Competitive Start up Fund e-mail: csf@enterprise-ireland.com or phone 01 7272202
The Government is finalising a Micro finance fund targeted at start-up, newly established, or growing micro enterprises across all sectors, employing not more than 10 people. It will provide loans of up to €25,000 for commercially viable proposals that do not meet the conventional risk criteria applied by commercial banks. It should be up and running by April 2012.
If you start up and work full-time in your own company, you can claim back the income tax you paid in the previous six years to invest equity into a company (subscribed as shares) engaged in a qualifying trade. The amount of relief is restricted to the amount of the investment. For full information see: http://www.revenue.ie/en/tax/it/leaflets/it15-seed-capital-scheme.pdf
Taking on new workers:
Revenue Job Assist offers both employers and workers an incentive where people who have been 12 months on the live register (or disability allowance) are taken on.
JobBridge is a new National Internship Scheme that will provide an initial 5,000 places for 6-9 months in the private, public or community and voluntary sectors. To qualify you must be signing on as available for work and getting a payment or credits for three months. Participants will receive an additional €50 on top of their welfare entitlement. For further information see www.jobsbridge.ie
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