If you're unemployed, the Back to Work Enterprise Allowance or Short-Term Enterprise Allowance can keep your income while you start. If you're leaving PAYE work to invest in your own company, look at SURE.
Quick facts
- First stop
- Your Local Enterprise Office (31 nationwide)
- Microfinance loans
- €2,000 to €50,000
- MFI via LEO
- 1% off the APR
- Start-up company relief
- First 5 years of corporation tax
- Bank said no?
- Credit Review Office
- Free debt advice
- CAVA
Local Enterprise Office grants
"There are 31 Local Enterprise Offices in Ireland who work with micro-enterprises, sole traders and Small and Medium Enterprises (SMEs)." Their grants follow the life of a business: "Research to learn if your business idea has a reasonable chance of succeeding Feasibility Study Grants Getting your new small business started Priming Grants Expanding your start-up business after 18 months Business Expansion grant".
They also run start-your-own-business courses, mentoring, the Grow Digital Voucher and the Market Explorer Grant for exporters. Larger, high-potential start-ups go to Enterprise Ireland.
If the bank says no
"Small Business Cashflow Loans from €2,000 to €50,000 are available through Microfinance Ireland (MFI) , to business that can't get loans from banks or other commercial finance providers." "The loan terms are typically 3 years and there is a 1% discount on the APR Rate if you apply through your Local Enterprise Office."
"The loans are open to sole traders, partnerships, and limited companies with fewer than 10 full-time employees and annual turnover of up to €2 million." Refused by a bank? "you can apply to the Credit Review Office to have your case reviewed witin 28 days." "The fee for the review ranges from €100 to €250, depending on the value of the loan."
Tax help
"New companies may get tax relief on the first 5 years of corporation tax . The value of the relief will be linked to the amount of employers' PRSI paid by a company in an accounting period, up to a maximum of €5,000 per employee and €1,000 per director." Self-employed people get the Earned Income Tax Credit.
Setting up
Choose sole trader, partnership or limited company, ideally with a solicitor's or accountant's advice. Register for tax with Revenue, and with the CRO for a company or business name. "If you are from the European Economic Area (EEA) or Switzerland , or are a UK citizen, you do not need permission to set up a business in Ireland."
"If you are struggling with business debt, you can get free advice and assistance on your business affairs from the Chartered Accountants Voluntary Advice service (CAVA) ." The National Enterprise Hub, (01) 727 2100, points you to the right support.
Common questions
What grants are available to start a business in Ireland?
Local Enterprise Offices give feasibility study grants, priming grants and business expansion grants, plus vouchers like Grow Digital. Enterprise Ireland supports high-potential start-ups.
Can I get a business loan if the bank refuses me?
Microfinance Ireland lends €2,000 to €50,000 to businesses that can't get commercial loans, with 1% off the APR through your Local Enterprise Office.
Is there tax relief for start-up companies?
New companies may get relief on the first 5 years of corporation tax, linked to employer PRSI, up to €5,000 per employee and €1,000 per director.
Do I need permission to start a business in Ireland?
Not if you're from the EEA, Switzerland or the UK. Others can apply under the Start Up Entrepreneur Programme.