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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.

(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 persons 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;

(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 persons spouse, sons or daughters; or

(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 persons 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

(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 persons 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.

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.

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.

(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.

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;
6

(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.