Eligibility Criteria for High Potential Start-ups in Ireland
- Written by: Editor
- Posted: 2017-10-10
High Potential Start-Up (HSPU) companies in Ireland can obtain relevant assistance for developing businesses in this country, if specific conditions are met. HSPU companies refer to businesses which can develop an innovative product or service addressed to international markets. In order to benefit from various funding programs, the companies must be clients of Enterprise Ireland, the governmental agency which is responsible for supporting local businesses. Our team of Irish lawyers can offer in-depth assistance on how to apply for a grant provided by Enterprise Ireland.
Main requirements for Irish HSPU companies
The basic requirements for qualifying as a HSPU company, besides creating innovative products, are the following:
• create minimum 10 jobs;
• obtain EUR 1 million in sales.
The above mentioned criteria have to be achieved in a period of 3 or 4 years after the company has started its business activities.
Other compulsory requirements refer to the field of activity of such companies, which can be one of the following:
• internationally traded services.
An important aspect for HSPU companies is to have the company’s headquarters in Ireland. The age of the company is also a relevant criterion, in the sense that it should be less than five year old (calculated from the date in which the registration was completed in Ireland). Our team of lawyers in Ireland can provide further information on the eligibility criteria.
Support for HSPU companies in Ireland
In order to obtain funding from Enterprise Ireland, the company’s investors should prepare a business plan or at least an outline business proposition, which will provide the general information of the future business idea.
This should also include the minimum funding the investors consider will be necessary to develop the respective product or service.
The representatives of the institution will analyze the business plan and will establish if the product/service has potential to develop. If so, the company may access the Innovative HSPU Fund, through which the Irish start-up can receive up to EUR 500,000.
However, if the company will not be eligible as a HSPU business, other programs may be accessed, if the business idea is still relevant for Enterprise Ireland and businessmen are invited to contact our Irish law firm for more details on how to obtain funding as a start-up business.