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Seed Capital scheme.

  • 05-03-2010 11:47am
    #1
    JKelly100
    Closed Accounts Posts: 10 ✭


    Hi Guys. Anybody know anything about the following? The Seed Capital Scheme.Tax refunds for new Business.
    Has any of you availed of this as part of your startup.
    Cheers.


Comments

  • #2
    bon ami
    Banned (with Prison Access) Posts: 85 ✭✭bon ami


    JKelly100 wrote: »
    Hi Guys. Anybody know anything about the following? The Seed Capital Scheme.Tax refunds for new Business.
    Has any of you availed of this as part of your startup.
    Cheers.


    I have availed of the scheme in 2008 & 2009. The criteria are quite strict and the sucess of your application depends very much on the nature of business and your own situation. What exactly do you wish to know.


  • #3
    wapnote
    Closed Accounts Posts: 43 ✭wapnote


    JKelly100 wrote: »
    Hi Guys. Anybody know anything about the following? The Seed Capital Scheme.Tax refunds for new Business.
    Has any of you availed of this as part of your startup.
    Cheers.


    When I first heard of this scheme I thought it meant that the Revenue Commissioners just handed you back a cheque with the tax you had paid in the few previous years so as to use it to start a business!

    Not so unfortunately!

    The scheme is very similar in nature to the BES scheme.

    Basically if you need 100,000 euros investment in your business, if you put in 60,000 euros from your savings, they will put in the other 40,000.

    This 40,000 is considered a tax refund.


  • #4
    JKelly100
    Closed Accounts Posts: 10 ✭JKelly100


    Thanks for the feedback guys.
    My investment is a bit less than 10000 of personal funds and have been grant aided also.
    Does that mean we are too small to avail of this scheme.Somebody said it was possible to get tax back for the past six years,
    Am I cloud cuckoo land I wonder.


  • #5
    wapnote
    Closed Accounts Posts: 43 ✭wapnote


    JKelly100 wrote: »
    Thanks for the feedback guys.
    My investment is a bit less than 10000 of personal funds and have been grant aided also.
    Does that mean we are too small to avail of this scheme.Somebody said it was possible to get tax back for the past six years,
    Am I cloud cuckoo land I wonder.

    No you aren't too small to avail of the scheme - the figures I used above were just an example. If you are puttin in 10,000 they would put in somewhere in the region of 6,000 or so if you are successful in joining the scheme. Yeah I think maybe you can get up to the last 6 years of tax back - but you would need to put in a lot of money into your company to get this, as the refund amount depends on your investment amount.
    Good luck with it.


  • #6
    WhyFronts?
    Registered Users, Registered Users 2 Posts: 13 ✭WhyFronts?


    The benefits of the scheme can be fantastic but qualification is all about the specifics of your particular application as well as the amount investment which you plan to make. I think it might be worthwhile to visit an accountant just to clearly iron out whether you do or don't qualify as well as the amount which you might stand to receive. If there is any chance that you can take advantage of the scheme then it would be money well spent


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  • #7
    CompanyBureau
    Registered Users, Registered Users 2 Posts: 93 ✭✭CompanyBureau


    The local enterprise boards seem to be the best source of funding for small start-up's. AIB have a seed capital scheme with €53 million available. Have a look at funding options on the following link:

    http://www.companyformations.ie/blog/range-of-funding-available-for-start-ups/


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