Taxes Consolidation Act 1997 section 600F

Certificates of qualification

Section 600F sets out the certification process that a company must complete in order to qualify for angel investor relief, requiring both a certificate of going concern and a certificate of commercial innovation to be obtained from the Revenue Commissioners.

• A company seeking investment from qualifying investors or qualifying partnerships must apply to the Revenue Commissioners for a certificate of going concern and a certificate of commercial innovation, submitting a business plan, shareholder details, and any other information requested.
• The applicant company must satisfy a range of conditions before it can apply, including being incorporated and tax resident in the State, another EEA State, or the UK, holding a tax clearance certificate, being an innovative enterprise, existing wholly for the purpose of carrying on relevant trading activities (or being a holding company), and having the expertise to implement its business plan.
• Each member of the relief group must be unlisted, must not be subject to an outstanding recovery order, must have all shares fully paid up, must not have been registered more than seven years before the application date, and the group must be an SME that is not an undertaking in difficulty.
• The Revenue Commissioners maintain a publicly available register of companies to which certificates of qualification have been issued, and may consult with Enterprise Ireland when considering applications for either certificate.