Starting Your Own Business

If you are considering starting your own business, here is some useful information and links:

Local Enterprise Office (LEO):

It will be a First Stop Shop for all enterprise supports in every county and also provide the business support service of the local authority. The LEOs will draw and build on the successful County Enterprise Board (CEB) model which supports 900 new projects per annum. It will continue to offer direct access to mentoring, microfinance, grants (where appropriate) and seamless access to the wider range of Enterprise Ireland support for high potential enterprises.

For more information click here

Capital Gains Tax Relief for Serial Entrepreneurs:

A lower rate of CGT rate will apply for anyone who invests the proceeds of disposal of assets of a business sold since 1st January 2010 in a new business during the next 5 years when the latter comes to be sold. The assets of the new business will have been held for at least 3 years. The CGT payable on the disposal of this new investment will be reduced by the lower of (i) the CGT paid by the individual on a previous disposal of assets in the period from 1 January 2010 and (ii) 50% of the CGT due on the disposal of the new investment. Commencement of this measure is subject to receipt of EU state-aid approval. A commencement date will be announced in 2014 as EU state aid approval is necessary. It will encourage individuals to reinvest the proceeds of a previous asset disposal into a new business and new jobs.

The Micro-enterprise loan fund:

Loans of up to €25, 000 are available from Micro Finance Ireland for commercially viable proposals from enterprises with no more than 10 employees that do not meet the conventional risk criteria applied by commercial banks. Borrowers will pay a commercial interest rate.

Call 01 2601007 or click here

Unemployed - Start Your Own Business:

An exemption from Income Tax up to a maximum of €40,000 per annum will be provided for a period of two years to individuals who set up a qualifying, unincorporated business, having been unemployed for a period of at least 12 months prior to establishing the business.

EI Feasibility Study Grant:

Used to investigate the viability and potential of an innovative/high potential start-up and the development of an Investor Ready Business Plan.

Competitive Start Funding:

The Competitive Start Fund offers early stage enterprises with significant potential the opportunity to compete for an investment of €50,000 towards the start-up and market-launch process. Successful starts can graduate to the additional supports available for “High Potential Start-Ups”.

Seed Capital Scheme (SCS) - Re-branded as SURE (Start-up Relief for Entrepreneurs):

If you are starting your own business and work full-time in your own company, you can claim back the income tax you paid in the previous 6 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. Since November 2011, the scheme is open to a much wider range of sectors. The ceiling on recoverable tax can now be up to €100,000 in each of the 6 look back years.

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Three Year Corporate Tax Exemption:

If you are starting your own business this scheme provides relief from corporation tax on the trading income and certain gains of new start-up companies in the first 3 years of trading. There will be full relief on income and gains relating to the trade where total corporation tax liability in any of the first 3 accounting periods does not exceed €40,000. There will be marginal relief where the tax liability falls between €40,000 and €60,000. You can earn €120,000 tax free per year for the first 3 years.

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Back to Work Allowance (Self-Employed):

If you have been signing on for over 12 months and you are considering starting your own business, the Back to Work Enterprise Allowance (BTWEA) allows you to keep your social welfare payment for 2 years (Year 1: 100%, Year 2: 75%).

To qualify, you must be setting up a business that a Local Integrated Development Company or a Facilitator has approved in writing in advance. A short-term Enterprise Allowance can be claimed by anyone who has lost their job and who is eligible for Jobseekers’ benefit. It runs until your Benefit payment would have expired.

For more information click here

Some additional links and sources of further information - Financial Support, Grants & Funding:

Start-up Support:
Financial Support:
Advice for the Self Employed:
Registering your Company:
Free Website:
Local Enterprise Office (LEO) :

Supports for Small Business  >