Replacing the Tier 1 Graduate Entrepreneur visa program, the UK startup visa is specially crafted for early-stage but high potential entrepreneurs starting a business in the UK for the first time. Under this visa program, as an applicant you are granted a time of 2 years within which you are permitted to bring along your spouse/partners, and children who are under 18 to the UK for living with your family.
Startups are basically for those who want to set up a new business based on a unique business idea and to develop and expand it gradually. It is during this duration that you will have ample time to curate and implement a business idea that will eventually come in to fruition in the upcoming years. During many times, when you start your business, there are less chances of immediate success due to which the UK startup visa program gives you chance to even outside their businesses to support themselves and their family.
When the 2 years ending the holders of UK startup visa have the option to even switch to UK innovator category in order to extend their stay and develop their businesses in the UK.
Eligibility Requirements of UK startup visa 2020
- The applicant must have their business or business idea evaluated by an approved body
- The candidate must be at least 18 years of age when they apply for this visa
- Competency in English Language
- Should not have a previously set up business in the UK
- Your business idea must be new and will not be able to join a business that is still trading. Also, it must be innovative (different from anything in the market) as well as viable in terms of having potential for future growth.
- Endorsement by an approved body which is either a higher education institution (UK based) or business organization that in retrospect has supported UK entrepreneurs.
- Should have sufficient funds to support themselves and their family. You must have at least £945 in your bank account for 90 consecutive days prior to applying for this visa.
PNP Entrepreneur Immigration Programs
Canada Start-up Visa Programs
Canada Start-Up Visa program is tailor-made for entrepreneurs or individuals with innovative business ideas that will benefit the business environment in Canada. The candidates can obtain financial support from private sector organizations in Canada to launch their ventures. Interestingly, there are no minimum net worth requirements for this program. But you must:
- Obtain the investment or fund of CAD 200,000 from designated venture capital firm in Canada, if applying under the Venture Capital stream.
- Must acquire investment or fund of minimum CAD 75,000 from investor groups, if applying under angel investor group stream.
- No need to secure investment, if applying under Business Incubator stream but they must be approved by the Canadian business incubator program.