The first application of Banagher Chilling Ltd was rejected by a panel.
The Hong Kong investment group behind a proposed €40m processing plant in Offaly will make a second application to the Immigrant Investor Programme.
The IIP was introduced eight years ago to encourage people from outside the European Economic Area to locate their business and acquire a secure residency status in Ireland.
The first application by Banagher Chilling Limited was rejected.
The project, which will see the plant supply beef exclusively to the Chinese market, would create 250 jobs in the construction phase and 150 permanent positions.