Many overseas countries who welcome immigrants to live, work and settle in their country have an investor linked pathway, encouraging businessmen, investors and innovative start-ups to come and establish or expand their businesses.

UK is no exception to that, with their Tier 1 visa category being created for individuals who are willing to make a considerable amount of investment in the economic and overall well being of the country. Once they make this investment, they will be made eligible to settle, work or open or expand their business in UK.

After all, an overseas investment means exposure of your brand of business at a global level, wherein you debut as an international player with a much more wider consumer base, that recognizes your innovation and venture. And, with world class infrastructure and resources at your disposal, it is unlikely that you will make sustained progress in the domain of your business. And, if you invest in UK, be rest assured that a UK business visa opens up many profitable avenues for you to further invest, that was not previously available to you.

In 2019, there were certain significant changes made to the Tier 1 visa categories according to the recommendations designed by the Migration Advisory committee. These alterations were aimed to inject more investment in the development and advancement of innovative and scalable businesses in the UK.

These changes made to these UK Tier 1 visa categories are as follows:

Tier 1 UK Innovator Visa

This visa category welcomes to experienced businesspeople and aims to boost them to set up innovative businesses in the UK. For this to happen, the investor is bound to make a minimum investment of 50,000 pounds, and this business should also be endorsed by an endorsing body. But, if you are already carrying out a business that is pre-approved by an endorsing body, you need not make an investment.

Other eligibility requirements are:

• You should not be a citizen of the EEA and Switzerland
• Have an intention of setting up a business in UK
• Also, you must possess an innovative and scalable business idea

Duration of stay with Tier 1 UK Innovator Visa

• You can live in UK up to a period of 3 years on the Innovator visa or if you are already residing there on any other valid visa.
• Extension of this visa up till 3 years, with a facility to prolong it at numerous instances.
• Post 5 years of staying with the help of this visa, you will be automatically eligible to stay in this country for an indefinite period of time.

Tier 1 Start-Up Visa

This new category of visa has been introduced in place of the earlier Tier 1 Graduate Entrepreneur visa program. This sub class of UK business visa will specially cater to entrepreneurs with high potential, or those who are just beginning their business for the first time.

To get this visa, you will be required to submit your visa application 3 months prior to your intention date of travel to UK. Other requirements of eligibility for this visa type are:

• You should not be a citizen of the EEA and Switzerland
• intention of setting up a business in UK
• Your business idea should be endorsed by a UK institution of higher learning or a business organization that supports the entrepreneurs of UK.
• No requirement to make an initial investment
• Minimum 18 years of age
• Proficiency in English language
• Sufficient Proof of Funds to continue staying in UK

Duration of Stay with this visa

• Up to 2 years. You are even allowed to bring along your spouse or partner and unmarried children who are below 18 years.
• You are allowed to work outside your business to support your stay in UK
• No provision of visa extension after 2 years, but then you can alternatively apply for the UK Innovator Visa to extend your visa and continue growing your business.

Effect of these Developments

These recent developments will aid foreign born investors to start their business in UK either with a minimum or no prior funding, and what more, your proposed business idea will now be endorsed by an official body, rather than the officials of the Home Office. Also, the introduction of these UK business visa categories will augment the growth of innovative businesses in the country.