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. Many times, when you start your business, there are less chances of immediate success due to which the UK startup visa program gives you a 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 the UK innovator category in order to extend their stay and develop their businesses in the UK.
· 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.
How to Apply for UK startup visa program
You can apply for UK startup visa via online.
For this, you will be required to have fingerprints and photographs that should
be taken in a visa application center. This is conducted in order to secure a
biometric residence permit as part of your application.
You can apply for this UK business visa if you:
Duration of stay with UK startup visa
With this visa you can live in
UK up till 2 years, but will not be able to apply for an extension.
UK Startup Visa Application Fee
During applying for this visa,
keep in mind that payment of application fee will 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 of the application form is £493