Ireland to lure tech start-ups with venture capital fund

Published:  20 Nov at 6 PM
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Ireland is planning to attract start-up technology companies to its shores with a raft of venture capital offers including cheaper operating coasts and equity funding.

The fund is aimed at entrepreneurs in the four countries with strong expat links to the Emerald Isle – the United States, Britain, Canada and Australia. It’s hoped the initiative will shift international focus from the country’s huge debt burden to its already energetic communications and IT sector.

According to Paul Burfield, the Sydney-based director of the Enterprise Ireland government agency, Australian start-ups will be more than welcome as the plan is to present an alternative to California’s Silicon Valley. High potential start-ups will need to create 10 jobs and achieve €1 million in sales after four years in business, with those willing to commit able to take advantage of the low 12.5 per cent Irish corporate tax rate as well as other corporate benefits.

At present, Ireland’s unemployment rate stands at just under 15 per cent, but the government is concentrating on attracting ICT and life-science companies to join its already flourishing sector. Enterprise Ireland gives a 10 per cent stake in any qualifying venture and is looking to import talent to boost the country’s recovery.
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