Starting Your Own Business

There are many different resources available to anyone who is starting up their own business. Whether it is financial or advice and mentoring support that you're seeking, we have it covered.

Local Enterprise Office (LEO):

The Local Enterprise Office is the First Stop Shop for anyone seeking information and support on starting or growing a business in Ireland.

With 31 dedicated teams across the Local Authority network in Ireland, Local Enterprise Offices offer a wide range of experience, skills and services including mentoring, microfinance, grants (where appropriate) and seamless access to the wider range of Enterprise Ireland support for high potential enterprises.

For more information see their website here.

Microfinance Ireland (MFI):

Loans of up to €25,000 are available from Microfinance Ireland to businesses with no more than 10 employees. MFI was set-up in 2012 by the Irish Governement to support micro-businesses that are having difficulty in accessing credit through traditional lending channels such as banks.

Call 01 2601007 or click here to get more information.

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.

For more information click here

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.

For more information click here

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: http://www.enterpriseireland.ie/en/
Advice for the Self Employed: http://www.gettingbacktowork.ie/en/
Registering your Company: http://www.cro.ie/
Free Website: http://gettingirishbusinessonline.ie
Local Enterprise Office (LEO) : https://www.localenterprise.ie/

Supports for Small Business  >