National Asset Management Agency to offer free offices for startups in Ireland

By VCPOST Staff Reporter

Jan 24, 2014 05:10 PM EST

Ireland will be offering empty buildings owned by the National Asset Management Agency (NAMA) as free offices for startups. The said scheme would be rolled out under the 2014 Action Plan for Jobs being considered by the government, according to the Irish Independent.

The idea was conceived during the Entrepreneurship Forum of the Department of Jobs. This forum is a group led by Sean O'Sullivan, a Dragons' Den investor, the report said.

The group's proposals recommended that unoccupied buildings owned by NAMA should be used to provide around 50,000 square feet of office space for entrepreneurs and startups. Under the said plan, the offices will be offered for free or at a very low cost, the report explained.

The forum also had other recommendations which are unlikely to be implemented, such as ambitious tax reforms. According to Jobs Minister Richard Bruton, tax reform is a long-term goal and would not be achieved under the present government, the report added.

The research on the tax idea said: "Affordable, flexible workspace does not exist in sufficient quantities for startups in all regions of the country. Landlords and office space rental in Ireland often requires long fixed terms for fixed spaces which is inappropriate for most startups. Legal reviews of lease expenses is an additional unnecessary expense."

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