A proposed Bill encouraging international entrepreneurs to migrate into the State and create jobs was published by Fianna Fáil today.
The party wants skilled professionals and graduates from overseas to be granted two year visas to set up businesses.
"This is aimed at people from places like Africa, south America, southeast Asia and the BRIC countries [ Brazil, Russia, India and China],"Fianna Fáil Jobs spokesman Willie O'Dea said today.
The proposed scheme would attract "highly qualified graduates and people with good ideas whose businesses are at the idea stage to set up in Ireland," he said.
"We need more entrepreneurs in the country to create jobs and restore the economy," he said. "We are trying to establish Ireland as a hub for international entrepreneurs."
Similar initiatives had worked "extraordinarily well" in other countries, he said.
Many new technology companies in Silicon Valley had been created by Indian and Chinese immigrants, he added.
Among the safeguards contained in proposed bill are that visas are only issued for two years and are approved by the IDA and are reviewed after two years. A report on the scheme would be issued by the Government prise every two years, he said.
The qualifying criteria of the proposal aim to create an environment where professional and graduates see Ireland as a place to "put their ideas to the test", Mr O'Dea said.
For entrepreneurs to qualify under the proposal must have €50,000 invested in the business on their behalf. To keep their visa after two years they must have created five jobs and generated €250,000 in revenue.
For graduate to qualify under the proposal they must have a degree in science, technology, engineering, maths or computer science, have assets of €40,000, and an investment of €10,000. To keep their visa they must create five new jobs and generate €50,000 in revenue.
The scheme would be "of significant advantage" to the Government as it promotes Ireland abroad during St Patrick's Day festivities over the next week, he said.
The Fianna Fáil proposal was "much broader"than a recent scheme announced by the Government , he said.
Last week Taoiseach Enda Kenny launched Succeed in Ireland which aims to create 5,000 jobs by using links abroad to attract companies.
