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ENTREPRENEUR VISA BILL 2012

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BILL

Entitled

AN ACT TO ESTABLISH AN EMPLOYMENT BASED

IMMIGRANT VISA FOR ENTREPRENEURS FROM

OUTSIDE THE JURISDICTION OF THE EUROPEAN

ECONOMIC AREA WHO HAVE RECEIVED SIGNIFICANT

CAPITAL FROM INVESTORS TO ESTABLISH A BUSINESS

IN THE REPUBLIC OF IRELAND

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

1. - (1) This Act may be cited as the Entrepreneur Visa Bill 2012.

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(2) This Act comes into operation on such a day or days as may be fixed by an

Order or Orders made by the Minister for Foreign Affairs and Trade.

2. (1) In this Act, except where the context otherwise requires_____

“an accredited educational institution” is a third level college, university or institute

of higher education located anywhere in the world that has been certified by the IDA

as an accredited educational institution.

“A qualified government entity” is an agency or semi state body or company fully or

in majority part owned by a country that has been certified by the Minister as a

suitable feeder country for the purpose of this Act.

“A Qualified Investor” refers to any of the following provided it has made at least

two equity investments of not less than €30,000 in each of the previous three years:

( a) a Bank, Insurance Company, Registered Investment Company,

Business Development Company or a small Business Investment Company;

(b) a Charitable Organisation, Company or Partnership with assets

Exceeding €2 million;

(c) a Natural Person who has individual net worth, or joint net worth with the

person’s spouse, that exceeds €500,000 at the time of the investment,

excluding the value of any residence in which they reside;

(d) a Natural Person with annual income exceeding €100,000 in each of the

two most recent years or joint income with a spouse exceeding €150,000

for those years and a reasonable expectation that the same income level

will continue;

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(e) a Trust with assets in excess of €2 million;

(f) a venture capitalist, whether a natural person, company or partnership

that has been operating for at least two years.

“The European Economic Area” is the area of free trade and free movement of

peoples comprising the member states of the European Union, and Norway,

Iceland and Liechtenstein.

“The IDA” is the Industrial Development Agency under the Industrial

Development Acts 1986 – 2009.

“The Minister” means the Minister for Foreign Affairs and Trade.

3.- (1) The Minister may be regulation make available Entrepreneur Visas for

periods of two years to persons who are citizens of countries that are not

members of the European Economic Area –

(a) who have satisfied the IDA that a qualified Investor or a

qualified government entity has invested not less than €50,000

on behalf of each such person; and

(b) whose commercial activities in the Republic of Ireland, during

the two year period beginning on the date on which the Visa is issued

under this subsection, shall –

(i) create not fewer than five new full time jobs in the Republic of

Ireland employing people other than the person’s spouse, sons or

daughters; or

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(ii) raise not less than €250,000 in capital investment and further shall

have a commercial entity based in the Republic of Ireland; or

(iii) generate not less than €250,000 in revenue.

(2) The Minister may by regulation make available Graduate Entrepreneur Visas for

periods of two years to persons who are citizens of countries that are not members of the

European Economic Area –

(a) who have completed a graduate level degree in science, technology, engineering,

maths, computer science, or other relevant academic discipline from an accredited

educational institution; and

(b) who demonstrate the possession of assets equivalent to not less than €40,000; and

(c) who have proven to the satisfaction of the IDA that a qualified Investor, or a

qualified government entity has invested not less than €10,000 on behalf of each

such Entrepreneur, and

(d) whose commercial activities in the Republic of Ireland, during the two years period

beginning on the date on which the Visa is issued under this subparagraph, will

(i) create not fewer than five new full time jobs in the Republic of Ireland that

employ people other than the person’s spouse, sons or daughters; or

(ii) raise not less that €50,000 in capital investment and further shall have a

commercial entity based in the Republic of Ireland; or

(iii) generate not less than €50,000 in revenue

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(3) The Minister may by regulation make available Executive Entrepreneur Visas for periods

of two years to persons who are citizens of countries that are not members of the

European Economic Area and who have a controlling interest in a foreign company –

(a) that has generated, during the most recent twelve month period, not less than

€50,000 in revenue from sales in the Republic of Ireland; and

(b) whose commercial activities in the Republic of Ireland , during the two year period

beginning on the date on which the Visa is issued under this subparagraph will –

(i) create not fewer than five new full time jobs in the Republic of

Ireland that employ people other than the person’s spouse, sons

or daughters; or

(ii) raise not less than €50,000 in capital investment and further shall have a

commercial entity based in the Republic of Ireland; or

(iii) Generate not less that €50,000 in revenue.

(4) The Minister may by order amend or revoke any order under this section.

(5) If the Minister determines that the commercial activities of a person who has

received a Visa pursuant to this section fail to meet the requirements of this Section,

the Minister shall, not later than 6 months after his determination, revoke such Visa.

4 A person who is granted a visa pursuant to section 3 shall be entitled to work in the

Republic of Ireland as an employee of the commercial entity in respect of which the

Visa was granted to that person.

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5 The Minister may renew a Visa that has been granted pursuant to section 3 on

as many occasions as he deems appropriate, and shall be regulation provide

guidelines as to the renewal of such Visas.

6 (1) The Minister may,

(a) by regulation provide, subject to this Act, for any matter referred to in

this Act as prescribed or to be prescribed, and

(b) in addition to any other power conferred on him or her by this Act to

make regulations, make regulations generally for the purpose of giving full

effect to this Act.

(2) Regulations under this Act may contain such incidental, supplementary and

consequential provisions as appear to the Minister to be necessary or expedient for

the purposes of the regulations.

(3) Every order or regulation made by the Minister under this Act shall be laid

before each House of the Oireachtas as soon as may be after it is made, and, if a

resolution annulling the order or regulation is passed by either such House within

the next subsequent 21 days on which that House has sat after the order or

regulation is laid before it, the order or regulation shall be annulled accordingly but

without prejudice to the validity of anything previously done thereunder.

7 Not later than two years after the date of the commencement of this Act, the

Minster shall submit a Report to the Oireachtas Joint Committee on Foreign Affairs

and Trade giving information on the effect of this Act, including –

(a) information regarding the number of Entrepreneurs who

have received a Visa under this Act since it was commenced;

(b) information regarding the localities in which such Entrepreneurs

have initially settled;

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(c) information regarding whether such Entrepreneurs generally

remain in the localities in which they initially settled;

(d) information regarding the type of commercial enterprises that

such Entrepreneurs have established, and

(e) the types and number of jobs created by such immigrant

Entrepreneurs.

8. Provided that any Visa granted as a result of the provisions of this Act will

only be granted on the recommendation of the Industrial Development

Authority as established by the Industrial Development Act 1993.