Are you the kind of person who has fresh ideas and would love to open a child in the UK? The Start-Up Visa may be just that for you to travel to your new place of destination. The following article will discuss everything you need to know regarding the granting of this visa: who is eligible and the consequences it may bring to your career.
Understanding the UK Start-Up Visa
As of July 13, 2023, the UK Start-Up Visa is closed to new applications. If you applied before this date, you needed an endorsement by April 13, 2023.
If you’re interested in starting a business in the UK, consider applying for the Innovator Founder Visa, which has replaced the Start-Up Visa. The Start-Up Visa was designed for talented individuals to launch high-potential businesses in the UK, with no requirement for a degree or large investment. It was for early-stage businesses, typically ones that hadn’t started trading yet (except in certain cases).
This visa no longer allows extensions, but after two years, you may switch to the Innovator Visa. Time spent on this visa could also count towards qualifying for Indefinite Leave to Remain (ILR), granting permanent settlement in the UK.
Key Requirements for the Start-up Visa
Here are the key requirements you need to fulfill for the Start-up Visa:
Endorsement from an Approved Body:
You must get an endorsement from a recognized endorsing body. This endorsement confirms the innovativeness, viability, and scalability of your business idea.
Eligibility Criteria:
To be eligible, you need to meet these criteria outlined by UK Visas and Immigration (UKVI):
- Age: You must be 18 or older.
- First-time UK Business: You’re setting up a UK-based business for the first time (with some exceptions).
- Endorsement: You must receive an endorsement from an eligible UK endorsing body, assessing your business idea’s innovation, viability, and scalability.
- Work in the UK: You plan to spend most of your time working on your business in the UK if your visa is approved.
- Recent Endorsement: Your endorsement must be granted within three months before your application date.
- Capability: You have the skills and expertise to run the business as per your idea.
- English Proficiency: You can communicate in English, at least at level B2 on the CEFR Scale.
- Financial Support: You can financially support yourself while living in the UK.
- Application Options: You can apply alone or as part of a team, as long as each member meets the visa requirements. Depending on your situation, you might need more evidence to show your eligibility to the Home Office.
Insights for the Start-up Visa Application
Here are some key insights to help you navigate the Start-up Visa application process:
Endorsing Bodies:
These bodies are crucial for your visa application. They set criteria to identify genuine business ideas. Once approved, they’ll provide a letter for your visa application.
Innovation in Any Sector:
Your business idea can be in any sector, but you need the knowledge and experience to develop it effectively.
Partnership Opportunities:
You can engage in other business activities alongside your main idea if the endorsing body approves. Just ensure you devote enough time to your core business.
Choosing the Right Endorsing Body:
Picking the right body is important. If you work with IAS immigration lawyers, we can help you find the one that best fits your idea. Note that the Home Office doesn’t offer advice on this.
Path to Indefinite Leave to Remain
The Start-up Visa doesn’t lead directly to Indefinite Leave to Remain (ILR), but it can help if you switch to the Innovator Visa later. If you have the Start-up Visa for two years and then move to the Innovator Visa successfully, you might qualify for ILR. After having ILR for a year, you can apply for British citizenship. But you need to meet specific conditions, like staying in contact with your endorsing body and showing progress in your business.
Dealing with a Rejected Start-up Visa Application
If your Start-up Visa application is rejected, here’s what you can do:
- Before submission, carefully follow all instructions to increase your chances of success.
- After receiving a rejection letter, figure out your next steps and consider if an administrative review is necessary.
- If required, promptly request an administrative review, typically within 14 or 28 days, depending on your location.
- Pay the administrative review fee (£80) and submit your application online.
- Wait for the decision on your administrative review application.
Common reasons for rejection include lack of evidence, failure to meet immigration rules, concerns about public interest, criminal records, breaches of rules, or misleading information. Due to the complexity of Start-up Visas, it’s wise to work with an experienced immigration advisor for better chances and to avoid rejection.
Transitioning to the Innovator Visa
If you’re considering moving from the Start-up Visa to the Innovator Visa, here’s what you need to know:
- You must demonstrate the required level of English proficiency.
- Ensure you meet the age criteria for the Innovator Visa.
- Fulfill the financial maintenance requirement outlined for the Innovator Visa.
- Have at least £50,000 to invest in your business, unless it’s already established.
- Show evidence of having £1,270 in your bank account for a continuous 28-day period before applying or switching to this visa.
If you meet these criteria, you might also consider partnering with other Innovator visa applicants, depending on your situation.
Main Differences Between the Start-Up Visa and Innovator Visa
The UK offers two distinct visa routes for entrepreneurs: the Start-Up Visa and the Innovator Visa. While both are designed to support individuals looking to establish a business in the UK, they cater to different types of entrepreneurs and have varying requirements. Here are the key differences:
1. Target Audience
- Start-Up Visa: Aimed at new entrepreneurs who are looking to start their first business in the UK. It is suitable for those with limited business experience.
- Innovator Visa: Designed for experienced entrepreneurs who have a proven track record in business and are looking to establish or invest in a more developed venture.
2. Investment Requirements
- Start-Up Visa: There is no minimum investment requirement. Applicants do not need to show access to funds for starting their business.
- Innovator Visa: Requires a minimum investment of £50,000, which must be available for use in the new business. This amount is mandatory unless the applicant is switching from another visa where the business has already been established.
3. Duration and Settlement Options
- Start-Up Visa: Valid for a maximum of 2 years, with no option for extension. It does not lead directly to settlement in the UK, but holders can switch to an Innovator Visa after this period.
- Innovator Visa: Initially granted for 3 years, with the possibility of extension. This visa provides a direct route to settlement (Indefinite Leave to Remain) after meeting specific criteria.
4. Work Restrictions
- Start-Up Visa: Holders can work in their endorsed business as well as take up other employment opportunities.
- Innovator Visa: Holders are restricted to working only for their endorsed business and cannot engage in other employment.
5. Endorsement Process
Both visas require endorsement from an approved body, but there are separate lists of endorsing bodies for each visa type, reflecting the different criteria and focus areas relevant to each visa category.
The Start-up Visa is a great chance for innovative people to explore their business ideas in the UK. Though the application process might seem complicated, the benefits can be big. If you’re determined, meet the requirements, and have a great business idea, the Start-up Visa could be your first step toward making your entrepreneurial dreams come true in the United Kingdom.
How Law and Visas Can Help?
At Law and Visas, our team of expert immigration consultants is here to make your travel to the UK straightforward and successful. Whether you’re applying for a Global Entrepreneur Visa or an Innovator Visa, we handle every step—from preparing your application to gathering the required documents.
Our Immigration Consultants and Lawyers ensure that your application meets the highest standards, with no details missed. We’ll also keep you informed throughout the process and coordinate with the immigration office or embassy on your behalf.
Law and Visas have a strong record of helping clients secure the visas/permits they need to visit the UK. You can call us today at +234 812 5505 986 to learn how we can help you.
