A destination with strong economic growth and political stability, the UK continues to attract entrepreneurs worldwide. The UK government launched a new visa was launched in 2019 by the UK government to lure more skilled non-European individuals to come and set up businesses in the country through reduced eligibility standards to boost growth and creativity in the country.
The START-UP Visa category is designed for ambitious entrepreneurs who want to start a business in the United Kingdom for the first time. This Start-Up Visa route took over the Tier 1 (Graduate Entrepreneur) Visa and is open to both graduates and non-graduates with no initial investment. Applicants must have an innovative, viable, and scalable business plan that can be or has been recognised by an endorsing authority, even if they do not have any initial capital to invest.
The Start-Up Visa allows applicants to stay in the UK for two years to build their business while also working for an employer to supplement their income if necessary. The Start-Up Visa permits successful applicants to bring their family members (spouses/companions and children under 18) to the United Kingdom. Applicants should, however, request further leave to stay in the Innovator Visa category after two years to continue scaling their firm. In addition, the Start-Up Visa is not extendable, and visa holders are not eligible for settlement.
KEY BENEFITS
- Fastest Processing Time in comparison to any other category of Visa
- Work in another job, as well as working for your business under the Start-up route
- No investment required
- Switch to settlement visa route
- Bring your family with you and empower them to work or establish their businesses in the UK.
- You can set up a business or several businesses in the UK
- Travel the world without any restriction of re-entry to the UK
The Start-Up Visa category is very popular with high inception of eligibility, which includes:
- An Endorsed Business Plan: The Start-Up Visa applications must be endorsed by a recognised endorsing body. Applicants must follow a distinct process for each endorsing authority to receive an endorsement.
- Maintenance Funds: Applicants must have £945 in their bank account for at least 90 days before making the application.
- Adequate Knowledge of English: On the CEFR scale, applicants must demonstrate that their English knowledge is at least Level B2. It can be proven with several tests, including a degree taught in English.
*Entrepreneurs requesting start-up visas do not need to provide evidence of an investment fund.
Start-Up Visa Validity
The Start-Up Visa is valid for two years and cannot be extended. To continue building the business in the UK, the applicant can convert to the Innovator Visa Category.
The applicant does not need to show any investment money or evidence when transferring to the Innovator Visa category because the firm is already formed and approved for a Start-Up Visa.
While the business remains the same, the applicant will need an endorsing letter from an endorsing authority as proof of satisfying business requirements.
In case of a new business idea, the applicant will need investment funds of £50,000. (Check the Innovator Visa article)
ENDORSEMENT APPLICATION (ENDORSING BODIES):
The UK government appoints several organisations as endorsing bodies. These endorsing bodies will be in charge of providing endorsements to applicants after evaluating their business endeavour, remaining in touch with them to track their success, and issuing further endorsements as needed.
The applicant will submit an endorsement application to one of the endorsing organisations, equivalent to a small visa application. The passport, final business plan, proof of financing, and evidence of English competency are among the documents the applicant will have to present. The Endorsing Body will process the application within 3-5 working days, and the applicant will be invited to a virtual interview.
Virtual interviews typically run for 45-60 minutes and are performed online. The conversation will also evaluate the company concept and the applicant’s readiness to establish a business in the United Kingdom. If the endorsing body determines that the applicant is qualified for the endorsement, they will get a formal offer letter to confirm the interview details. Business support packages and venture builders are usually included in an offer, and month-to-month fees are paid to the endorsing body throughout the Visa. Moreover, a deposit must be paid to the endorsing body to confirm acceptance of the offer. In the case of acceptance of the offer, a draft of the Endorsement Letter is issued by the endorsing body to verify the information provided. After verification, the final draft is linked to the UK's Home Office system. Applicants have 3 months from the date they receive the Official Endorsement Letter to submit the Visa Application.
START-UP VISA APPLICATION (HOME OFFICE):
Having successfully secured an endorsement, the applicant will submit their Start-Up Visa application to the Home Office. At this stage, they will need to submit their documents such as passport, maintenance fund, English language proof, evidence of investment fund etc., in support of a Start-Up visa application. Once the Online application is processed after proving the identity and providing documents, the applicant will usually get a decision on your Visa within 3 weeks.
If the application is approved, applicants are expected to contact the endorsing bodies every 6 months. This ensures the endorsing body is willing to continue their business venture and make reasonable progress in the innovative, scalable and viable business idea. If they fail to do so, the applicant’s endorsement may be withdrawn, resulting in curtailing their leave.
FEES
The applicant must pay the following costs to apply for the Start-Up Visa, depending on their circumstances:
The cost of applying for a Start-Up Visa from outside the UK is £363. To bring dependents to the UK, the applicants will need to pay the same amount for each person.
Switching to a Start-Up Visa in the United Kingdom costs £493, and the same amount is required for each of their dependents (partner and/or child).
Additional expenses may apply, such as an immigration healthcare surcharge, biometric information fees, and the cost of obtaining and translating documents for submission.
The United Kingdom houses many start-ups and tech companies with advanced, diverse economies and technologically savvy people. The mature start-up ecosystem and the easy availability of investment capital support the start-ups are expanding nationally and fuelling their global expansion. So, if you are willing to launch your business in the UK, be confident, be prepared, and be ready to thrive.
Although the Start-Up Visa Endorsement is a rigorous application process, following the UK government’s guidelines and putting extra effort to prepare a quality application will definitely pay off. Contact Us to know more about the Start-Up Visa Endorsement services and realise your entrepreneurial dreams in the United Kingdom.
