The UK start up visa is created for non-EEA nationals aspiring to establish their own business in the United Kingdom for the first time. In order to apply, prospective business applicants must demonstrate an innovative, viable, and scalable business idea, supported by an approved endorsing body. The body will then provide a letter of endorsement if they find your business idea viable.
Applicants must get an endorsement from an approved body, which is either a British Higher Education Institute or a business organization with a long-standing reputation of supporting businesses in the UK.
The Start Up Visa UK program will commence from 29th March 2020, and will replace the existing Tier 1 (Graduate Entrepreneur) program. The aim is to attract the best global talents and maintain UK’s solid position for being the most sought-after destination for innovative entrepreneurs. To put simply, the all new UK Start-Up Visa will allow ambitious and high-potential entrepreneurs who want to set up a business in the UK, which will ultimately lead to higher productivity levels and employment generation for the residents of United Kingdom, thus boosting the economy in various ways.
As the most popular destination for entrepreneurs, the U.K. has established itself a leader when it comes to providing endless opportunities to global entrepreneurs. With its strong and stable political environment, language advantage, competitive tax regime, backed by a robust economy, the UK is an epicenter of growth and innovation with an unparalleled access to diverse global markets.
Diving Deep into the UK Start-Visa
The UK Home Office is all set to take an unconventional approach in the way how the program is crafted for foreign applicants. In the early stage, would-be applicants need not to show any funds to invest in the business to get the visa, meaning no fixed income is required for the visa.
On the other hand, the Tier 1 (Graduate Entrepreneur) category allowed graduates from UK universities with a viable business plan to set up a business in the UK. The Start-up visa is open for everyone who has a unique business idea that can help them make money. Now, ambitious entrepreneurs will no longer have to face fund issues while setting up a business in the UK.
As a perfect alternative to the current Tier 1 (Graduate Entrepreneur) route, the new Start-up visa features a pragmatic approach, allowing foreign individuals to come to the UK and make valuable contributions to the country’s economy through job creation initiatives, tax revenues, and more.
The new visa route will have an access to a larger pool of talent (including those with no degree from the UK), and will have more streamlined eligibility criteria for applicants interested in migrating to the UK as entrepreneurs.
Who is Eligible to Apply?
In order to apply, the prospective applicants are required to meet a number of UK startup visa requirements in order to successfully apply for the visa. To be eligible, you must:
- be at least 18 years old;
- be endorsed by an authorized body;
- Prove your proficiency in the English language by passing an approved language test;
- Prove that you have enough funds and savings to support yourself initially in the UK;
- be able to provide a solid business plan that could stimulate the UK’s economy; and
- have £945 in your savings account for over 90 days before you apply for the visa.
Benefits of UK Start-up Visa
With the UK Start-Up visa, you can:
- Include your immediate family members and dependent children in the application.
- After completing two years, the visa holder can switch into the Innovator category to extend their stay and conduct business activities in the UK.
- Take another employment while working for your business.
- Switch to the Start-up visa if you are currently holding Tier 1 (Graduate Entrepreneur) or any Tier 2 visa, Tier 4 (General) visa.
How Long will be the Visa Granted for?
The visa will be initially granted for two years. The time you’ve already spent in the UK while holding the Tier 1 (Graduate Entrepreneur) or other start-up visa categories will automatically be counted as part of your two year stay in the UK.
UK Start-Up Visa- Processing Time
Typically, an application under the UK Start-up visa is processed within 8 weeks. The processing time also depends on the nature of your case and whether the supporting documents submitted by you are correct or not.
Know more about UK start up visa or any other UK business visa categories. Give us a call and one of our business immigration experts will be in touch with you to discuss your options.
