Numerous nations around the world are aware of how much startups enhance economies. Through startup visa programmes, governments grant citizenship and fast-track residency. These initiatives, sometimes known as entrepreneur visas, are geared toward those with a strong entrepreneurial spirit and remarkable inventive ideas. It makes perfect sense to start a business in another nation because there are several chances for foreign entrepreneurs to get non-immigrant visas by making an investment in an already-existing company or starting a new one.
It's safe to argue that the UK government supports IT entrepreneurship. Business-friendly regulatory backing of cutting-edge areas of finance and technology was added to government statements on subjects like early-stage seed investment, a dedication to open data, corporate tax rates, and overall tax simplification.
The UK (particularly London) has emerged as a breakthrough region for financial innovation in recent years. Startups have been prompted to target market leaders in a variety of industries in an effort to upend the status quo. Examples of businesses that have pursued innovative ventures with the encouragement of a benevolent regulatory approach include TransferWise in the forex market, Crowdcube and Seedrs in equity crowdfunding, Zopa and Funding Circle in debt crowdfunding and Nutmeg in personal wealth management.
The Tier 1 Entrepreneur visa, the primary entry point for entrepreneurs in the UK, has a 48 per cent application refusal rate, primarily due to the visa's stringent requirements, which can be challenging for companies to meet. For candidates in the initial stage, the minimum investment requirement of £200,000 may be highly onerous. The new Start-Up Visa offers entrepreneurs an alternative path to the U.K. market and denotes a more rational stance on immigration policy on the part of the government. It enables the U.K. to profit from the significant contribution made by foreign startups in terms of job creation and tax revenues, as well as constantly worries about rising outbound investment leaving the U.K. economy.
Benefits of relocating your startup to the UK
There are several reasons why entrepreneurs decide to launch their companies in the UK. They open up the possibility of doing more business with other nations all around Europe, gain access to new wealthy clients, and have the chance to revamp a product or service that might otherwise be static. In reality, businesses with headquarters in the UK can connect with more than 500 million consumers in Europe.
The UK continues to be a top choice for startups due to its strong startup community, quick incorporation process, and low corporation tax rate. The UK Startup Visa is the entry-level option for business owners who want to launch a new venture in the UK without making a substantial upfront financial commitment. This visa is valid for 3 years and 4 months, with a two-year extension option.
How to apply?
Anyone interested in applying for a startup visa can do so online. The application process mainly relies on which group you belong to:
- Residing outside of the UK and intending to immigrate to the UK.
- Planning to renew your present visa.
- Switching to a different visa
Requirements
- The visas are granted based on a points system, and qualified candidates must receive 95 out of 95 possible points.
- Proof of £50,000 to £200,000 in investment funds must be provided.
- A source of funding for the stay is required from the applicant. A minimum of three months must pass, during which they regularly have this amount.
Business ideas endorsement requirement
- An innovation for the UK market
- The concept that promotes entrepreneurship and innovation in the UK, maximises economic growth and creates a more creative and productive economy.
- Will contribute to the creation of jobs
- High Scalability
- The concept should be workable, and you should possess the expertise, abilities, and experience necessary to launch a business based on it.
How can you tell if the business idea you have is innovative?
The following considerations should be made before launching a business in the UK:
- Is the company providing more than just competing with other nearby businesses?
- Is there a gap in the market for the company in the UK that needs to be filled?
- Is the concept adding something fresh to the UK/global business market that already exists? This should entail more than just promoting already-available goods or services in the applicant's place of origin.
- By completing a thorough market study
- Locating businesses that provide comparable services or goods
- Acknowledging the market's gap
- What issue it resolves
- How it helps the digital economy in the UK
Analysing the business idea's viability
The requirements of viability can be met by meeting these:
- Your company plan can be implemented, given the resources you have at your disposal.
- You are working to acquire the knowledge, abilities, experience, and market awareness needed to successfully run your firm.
- Your ambitions for your products are rational and sustainable.
- The company has a long-term strategy.
Evaluating business idea scalability
When analysing the scalability of your business idea, keep these considerations in mind.
- How likely is it that the company will grow sufficiently?
- Is there room for development in this company?
- Would this company be able to expand and compete on the national level?
Meeting Home Office expectations
The Home Office anticipates:
- The business proposal must be sufficiently innovative, viable, and scalable.
- The company has the ability to integrate completely and make a significant contribution to the UK economy.
- Generate Employment
- Either develop new markets or reach new markets
- Include Innovation
- Considerably boost the UK economy
The creation of innovative techniques, products, and procedures serves as a major engine for economic growth. The UK established a pioneering programme for foreign entrepreneurs called the Start-Up Visa because it recognises immigrants as one of the most effective ways to promote entrepreneurship and innovation, optimise economic expansion, and establish a more innovative and productive economy. Meet the startup visa criteria by pursuing opportunities that are a good fit for your skills. Once in the UK on a business visa, you will be entitled to the same privileges as British citizens.
Themis Technologies meets the demands of exceptional people looking to relocate their professional base to the UK and support the expansion of the tech sector. We are a leading provider of Business Support to UK start-ups and the new UK or international entrepreneurs. Our 360-degree approach help entrepreneurs like you not only in establishing and thriving in your business but also in getting Indefinite Leave to Remain, known as ILR. Get in touch with us at info@themistl.co.uk or drop a message on our WhatsApp number at +44 7459 946660 to learn more about our Start-Up Visa Endorsement services and to realise your business objectives in the UK.
