S503 The relief: Start-Up Capital Incentive

Summary

(1) This section relates the conditions that must be fulfilled by the qualifying company in order for certain investors to avail of relief under the Part.

If the company and the investment comply with this section, the conditions set out in section 500(5) shall not apply in respect of associates of an investor.

Details

(2)(a) At the time the shares were issued the qualifying company shall be a micro-enterprise, defined in Annex 1 of GBER and it must exist only for the purpose of carrying on a qualifying new venture.

(2)(b) At the time the shares were issued the qualifying company shall not have commenced carrying on, or made preparations for the carrying on of, any trade or business more than 7 years prior to the share issue date or have any partner or linked business as set out in Annex 1 of GBER.

(3) The maximum amount which a qualifying company may raise in respect of this section is €500,000 in total in the lifetime of the company.

Relevant Date: Finance Act 2021