The Department of Trade and Industry launched their new incentive programme in July of this year. The programme is known as the Enterprise Investment Programme (EIP) and supports both Manufacturing (including Agro-Processing) and Tourism Activities.

New and Expanding entities (Companies, including branches and divisions; Close Corporations and Co-Ops) that are to be investing in Qualifying Assets will be eligible to apply to the DTI for EIP incentives. The incentives take the form of a Tax Free Cash Grant and are paid out over a two or three year period depending on the size of the project. Expanding entities will only qualify if they are to be increasing their existing Plant & Machinery (cost value) by at least 50% (smaller projects 35%). Expanding Tourism entities that want to take advantage of EIP incentives need to be increasing their existing Furniture & Fittings (cost value) and Capacity (bed nights) by at least 35%.  

It is a condition that applications need to be submitted and approved by the DTI prior to the acquisition of qualifying investment assets.

Please contact us directly should require any assistance on this matter.