Business Advice Briefing First Stop Shop Local Enterprise Office Dublin City The Innovative City

O V E R V I E W Setting up the business Sole Trader, Partnership or Limited Company 3. Business Plan & Funding 4. MFI and other sources finance 5. Dept. of Social Protection 6. Supports for Business Training for owner managers Mentoring

1. Setting up the business DECIDE ON BUSINESS STRUCTURE SOLE TRADER or PARTNERSHIP or LIMITED COMPANY

2. Sole trader / Partnership / Limited Company Most appropriate route when setting up No audit required Taxed as individual make returns as self employed can deduct expenses from profits Easy to wind up and turn business into limited company at later date But Liable for losses of the business Creditors entitled to personal possessions How ? Register with Companies registration office cro.ie https://www.cro.ie/Registration/Company/Required-Steps https://www.cro.ie/Portals/0/Company%20Forms%20-%20Popular/A1%20v2.3.pdf http://www.allbusiness.com/business-planning-structures/business-structures/2514-1.html http://www.mhc.ie/uploads/Irish_Tax_Review_Gavin_OFlaherty_Muireann_Brick_April_09.pdf

Obligations of a sole trader Legally obliged to register the name IF trading name is not carried on under his/her own name. Legally obliged to register as a Sole Trader for tax purposes with the Revenue Commissioners www.revenue.ie Obligated to maintain proper bookkeeping and accounts records. Must register for VAT where annual sales turnover exceeds €37,500 in the supply of services and €75,000 in the supply of goods. Must Register as an employer if employees are hired and operate a payroll for such employees. Sole trader operating business with full and total personal liability and responsibility for any an all outstanding debts of the business

Partnership It can exist as a limited “Whenever two or more people carry on any form of business together with a view to profit without incorporating as a limited company they form a partnership It can exist as a limited partnership With separate legal entity or general partnership Which is unlimited Partnership is legally obliged to register the business name if it varies from partners names Advised to have a Partnership agreement drafted between the parties to the partnership setting out each partners responsibilities, duties, profit divisions etc. 　

Limited Company Business is seen as separate legal entity from the people who run it Ltd means your liability to pay the company’s debts is limited Ltd co. must have more than 2 directors & company secretary Must be registered with Companies registration office www.cro.ie http://www.legalzoom.com/lp-guide/creating-limited-partnership.html

Limited companies qualify for 12.5 % corporation tax Need to submit the following along with the registration fee, to the companies registration office: Memorandum of Association Articles of Association Form A 1 To set up company download the forms above from the companies registration office website at CRO.ie.

3. Funding What will it cost to start a business? Start up costs Overheads Licences Rent/Rates Salaries/Wages What will you charge? Price Fees

3. Business Plan

3. Business Plan – Route Map Template www.localenterprise.ie/DublinCity/Start-or-Grow-your-Business/Knowledge-Centre/General-Business-Issues/Writing-a-Business-Plan/ Executive Summary Introduction Market Market Strategy Organisation & Management Production & Operations Costings & Finance Financial Statements

3. LEO - Funding supports LEO Dublin City Financial support for microenterprises with: 1 – 10 employees that are Dublin City Council area based not getting financial support anywhere else Must be Manufacturing or International traded services or Services with overseas customers (not retail, trade or professional service) Types of grants: All grants cover 50 % of 3rd party costs excluding Vat based on 100% proof of payment Feasibility for product development or market research Goes to 50 % 3rd party costs of patent, prototype or Consultancy, market research Innovation Voucher from Enterprise Ireland for Ltd companies might be an alternative http://www.enterprise-ireland.com/en/Research-Innovation/Companies/Collaborate-with-companies-research-institutes/Innovation-Voucher.shortcut.html Business Expansion

LEO FINANCIAL SUPPORTS Priming Grant for businesses < 18 months Must include 1 new F.T. job Eligible costs Salary €10k 3rd party consultancy Capital Items Business Expansion Grant > 18 months Must include 1new F.T. job Eligible Costs Salary Capital Consultancy Need 3 quotes for each item Export Grant For exhibiting overseas trade fairs, travel, accommodation & for marketing material Max. €3,500 50% costs Online trading voucher For est. businesses trading over 12 months To promote online sales Max €2,500

Application Process Identify what type of grant & eligible business expenses you are applying for and get 3 quotes for each item, identify possible candidates for the new job(s) You will need to have the finance to pay for the items above since the grant covers 50% excluding VAT based on the proof of the 100% payment. No retrospective payments Submit; Application Form, C.V., Feasibility proposal and quotes Submit; Application Form, C.V., Business Plans (LEO Framework) and quotes for Priming & Business Development Grant 12 month projected cash flow, 3 year projected Profit & Loss A/c, plus most recent Management Accounts (Audited A/cs for larger loans)

4. Microfinance Ireland Set up by the Government to provide loans up to €25k to newly established or growing microenterprises, with commercially viable proposals that do not meet the conventional risk criteria applied by commercial banks MFI is ‘additional’ lending which would not otherwise be provided by banks. Co funded loans with banks also available Loans to top up bank credit may be available where it is clear that the business would not go ahead without MFI Eligibility <than 10 staff Turnover / or balance sheet less than 2m May be a start up OR an existing business

MFI Loan Assessment based on Adverse credit history / absence of credit history will not preclude a loan provided there if full disclosure and evidence that debts have been dealt with honourably A realistic business plan including cash flow projections Proven business models with prospect of near term cash flow The number of new jobs and social impact taken into account An interview (may be by phone) to assess skills, character, viability of the plan and commitment to the business

How to apply for a Microfinance Loan LEOs (Local Enterprise Offices) D I R E C T Send completed applications with supporting documentation direct by post to Microfinance Ireland Jefferson House Eglinton Road Donnybrook Dublin 4. www.microfinanceireland.ie http://microfinanceireland.ie/faq/ To avail of the 1% discount on interest rate or to get assistance with the application process Drop in to Dublin City LOCAL ENTERPRISE OFFICE www.localenterprise.ie

Other Sources of Finance Working Capital, Long term finance Sources of Funds Yourself Family & Friends Grants/Loans Banks/Credit Unions/VCs Investment Crowdfunding – Grid Finance, Linked Finance, Fund It Business Angels https://www.localenterprise.ie/DublinCity/Financial-Assistance/Funding-Your-Business-Development-Presentations/

CREDIT REVIEW OFFICE www.creditreview.ie To help SME borrowers who have had an application for credit of up to €3m declined or reduced, and who feel that they have a viable business proposition. Where borrowers feel that the terms and conditions of their existing loan, or a new loan offer, are unfairly onerous or have been unreasonably changed to their detriment. This is a strictly confidential process between business, the Credit Review Office and bank. On reviewing application, the Credit Review Office will provide the bank with an opinion on whether it agrees with the lending decision or not. Bank responds to this opinion and confirms next steps in response to the recommendations set out by the Credit Review Office. ttingbacktowork.ie

5. DEPARTMENT OF SOCIAL PROTECTION Back to work enterprise allowance When setting up a business you can keep % of social welfare allowance for up to 2 years Short-Term Enterprise Allowance (STEA) gives support to people who have lost their job and want to start their own business. To qualify you must be getting Jobseeker’s Benefit. No qualifying period. Will not qualify if you are getting Jobseeker’s Benefit and working part-time Enterprise Support Grant if approved for above financial support for costs of setting up business max 950 over 9 month period Apply with social welfare local office. More information on www.gettingbacktowork.ie http://www.welfare.ie/en/Pages/Short-Term-Enterprise-Allowance.aspx http://www.welfare.ie/en/Pages/Enterprise-Allowance-Self-Employed.aspx

Jobsplus www.jobsplus.ie Incentive from the Department of Social Protection to encourage & reward employers who offer employment opportunities to the long term unemployed. Grants of €7,500 and €10,000 available.  Value set at two levels biased in favour of the more long term unemployed - recruits unemployed for more than 12 months but less than 24 months: €7,500 recruits unemployed for more than 24 months: €10,000 Payable monthly in arrears, over a two year period – while employee retained. Jobs must be ‘full-time’ at least 30 hours p/w spanning at least four days p/w Employers must be compliant with Irish tax and employment laws Recruits must have been unemployed for a period of at least 12 continuous months

Jobbridge www.jobbridge.ie Internships for 6/9 months duration Keep those on the live register at all skill levels close to the Labour Market Provide an opportunity to gain quality work experience Give employers opportunity to assess potential employees €50 top-up internship allowance and customer maintains their current SW entitlement Paid by Department of Social Protection by EFT to Interns

A G E N C I E S

Agencies ctd. 1. Bord Bia Irish Food Board. Dedicated website for start ups in food productionwww.bordbiavantage.ie Food Academy Food Academy initiative from LEOs, Bord Bia & SuperValu to provide integrated supports and training to start up and existing food companies Bord Bia Market Information Department: a library of research and leading-edge marketing literature which is available to all food businesses 2. Failte Ireland :National Tourism Development Authority of Ireland Supports tourism enterprises in 4 ways Tourism Marketing Training Services Product Development Market Research www.failteireland.ie ttingbacktowork.ie

Agencies 3. Arts Council National agency for funding , promoting and developing the arts in Ireland www.artscouncil.ie 4.Irish Film Board Development agency of the Irish industry www.irishfilmboard.ie 5. Enterprise Ireland r Responsible for supporting Irish businesses in the manufacturing and internationally traded service sectors. Over 10 employees www.enterprise-ireland.com 6. New Frontiers Docklands Innovation Centre www.dit.ie/hothouse/ 7. National Digital Research Centre – for digital start ups www.ndrc.ie/

Enterprise Ireland work with… Entrepreneurs starting companies with an ability to compete in world markets Ambitious co’s with the ability to scale & achieve significant success Manufacturing & Internationally Traded services companies employing ten or more Irish-based food and natural resource companies that are overseas owned or controlled High Potential Start-up’s Scaling Established SME’s Multinationals Potential Exporters Established SME’s currently focussed on the domestic market who have the ambition to export Developing links with Irish enterprise, MNCs to support research collaboration, commercialisation of publicly funded research, and access to FP7, ESA Research Community

Patents, Trademarks & Copyright www.patentsoffice.ie Patents Contract between society & inventor New useful & not obvious Trademark Distinctive sign to id products and services of a business Copyright exclusive right given to creators of artistic or literary works Patent can cover Ireland , EU , Single Country or international. Annual renewal fees must be paid Application Fee 70 Renewal fee 250 1 application covers 28 countries Lasts for lifetime & 70 years Copyright takes effect as soon as the work is put on paper, film, or other fixed medium http://www.patentsoffice.ie/en/patents-frequently-asked-questions.aspx http://www.trademarkdirect.com/help/about-trademarks#what-is-allowed-as-a-registered-trade-mark http://www.esatys.com/all-you-need-to-know/patents2.php https://oami.europa.eu/ohimportal/en/trade-marks

6. Supports for Start ups : Networks Networking puts you in contact with like minded people can help in helping you solve the day-to-day problems of business Within networks, there are shared experiences and opportunities to develop your business, make sales or find new suppliers. In LEO Dublin City: Business Network for Start Ups (part of Start up LEO package) Dublin City Enterprise Network for Women LEO Dublin City Business Network www.localenterprise.ie Dublin Food Chain an initiative between the four Dublin LEOs, all types of food producers, hospitality www.dublinfoodchain.ie Other networks PLATO Dublin 3- 80 employees www.platodublin.ie Dublin Chamber www.dubchamber.ie/ Food Academy: https://www.localenterprise.ie/DublinCity/Enterprise-Development/Food-Academy-Training-Programme/

Supports for start ups: Incubation Centres Incubation centres offer start up business the chance to avail of small units at affordable rates, with access to shared knowledge, resources and equipment. Give Flexible rental agreements -no long leases ; Networking opportunities; Access to business consultancy and mentoring support; Guinness Enterprise Centre www.gec.ie Spade Enterprise Centre www.spade.ie Docklands Innovation Park www.boltontrust.com Terenure Enterprise Centre www.terenure-enterprise.ie Digital Hub Development Agency www.thedigitalhub.com Ballymun Enterprise Centre www.ballymun.org Liffey Trust www.liffey-trust.com Full list on http://www.dcebenterpriseguide.com/ ttingbacktowork.ie

7. Training Supports LEO Training Ideas Generation Workshop – explore if idea is feasible Start Your Own Business (training, network & mentoring) Helps to get your business started and develop a Business Plan Upskill Workshops; Social media, Taxation , Marketing , Book keeping Management Development – Accelerate & Hi Start www.localenterprise.ie/DublinCity/Training-Events/ Skillnets Subsidised training for employees www.skillnets.ie Management Works www.managementworks.ie/ Solas  Further Education and Training Authority www.solas.ie/

8. Mentoring LEO Mentoring One hour one-to-one session €20 6 hours one-to-one Mentor programme €100 Starts with an extra one hour business needs analysis

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