The new Start-up visa is aimed at ambitious entrepreneurs looking to set up a new and innovative business in the UK.
What is the Start-up visa?
The visa does not require applicants to have prior funding and is open to individuals that have been endorsed by a higher education institution or a business that has a history with supporting entrepreneurs.
A Start-up visa migrant can stay in the UK for a maximum period of 2 years after which they can switch into another category, such as the Investor visa, in order to continue developing their business.
What is the Start-up visa application process?
The application process is in two stages.
Applicants will first need to secure endorsement from a university or approved business sponsor. This process will require a business plan to be developed, detailing your business idea, strategies and projections.
If approved, you can then make your visa application to the Home Office.
How much investment will I need?
Applicants for the Start-up visa will not need to have secured investment funds for their venture.
In addition, should Start-up visa holders move on to apply for the Innovator Visa at the two-year mark, the investment requirement of £50,000 will be waived.
What are the Start-up visa requirements?
In order to make an application to the Home Office under the innovator route, you will have to show you:
- Are over 18 years of age.
- Are endorsed by an approved organisation.
- Are in regular contact with the endorsing body, at 6, 12 and 24 month intervals.
- Satisfy the English Language Requirement, Level B2.
- Already have valid UK leave under either Tier 1 Graduate Entrepreneur, Tier 2, Tier 4 (General) or as a visitor undertaking permitted activities as a prospective entrepreneur.
- Can show minimum maintenance funds of £945.
Are you looking to set up a business in the UK? Contact us now to find out how we can assist.