The UK Startup Visa is a new class of visa that has come in place of Tier 1 Graduate Entrepreneur visa program. It is mainly curated for early-stage but high potential entrepreneurs who are starting a business in the UK for the first time.
If you are a successful applicant you are given leave for 2 years within which you can get along your spouse/partners, and children who are under 18 to the UK. During this period of time the applicants will be given adequate time to develop their business idea, but until the business is successful, they have a choice to work outside their businesses to support themselves and their family.
Start-Up Visa Requirements
As an applicant for a startup visa UK you will be required to be endorsed by an approved official body that is either a higher education institution based in UK or a business organization that has had a history of helping out UK entrepreneurs.
Also, you must be able to showcase that your business idea is an original one, as within this category of UK visa you are not allowed to invest in a business idea which is already trading. Another one of the UK startup visa requirements is that this idea needs to be innovative in a way that it is unique from anyone else in the market. Also, this business idea should be viable, with potential for further growth in the future. Here are some more eligibility requirements:
Applying for a UK Startup Visa
You can apply for UK startup visa online. For this, you will be required to have fingerprints and photographs that should be taken visa application center, in order to get bio-metric residence permit as part of your application. But for that, you will be required to collect biometric residence permit within 10 days of when you would land in the UK, even when you come after some time.
You can apply for this UK business visa if you:
How long a migrant can stay in the UK on start-up visa?
You can reside with for 2 years with startup visa UK, but you cannot apply for an extension to stay under this UK visa type.
What is the UK Startup Visa Application Fee?
Your fees for startup visa UK mainly depend upon your situation and when you apply from outside the UK:
If you are applying for yourself from outside UK then the fee is £363, but if you are switching to this visa when in UK then the fee is £493.
What Is the Start-Up Visa Success Rate?
As per the Official Statistics, of 2019, 32 applications made for the start-up entry clearance visa were from outside the UK, out of which 25 of them were resolved and 23 startup visas were given out with merely 2 applications refusal, indicating the fact that UK startup visa has a success rate is 92%.