UK Start-Up Visa: Ultimate Guide 2024
23 September 2024 | United Kingdom
UK Start-Up Visa: Ultimate Guide 2024
The UK Start-up visa, foreign entrepreneurs at the beginning of their careers can visit the UK to launch an innovative start-up business without the need for investment funds.
Who is eligible for the Start-up visa and what is it?
Foreign entrepreneurs with no prior company expertise might come to the UK with a start-up visa in order to launch a novel venture. As this is intended for individuals who are just starting out in business, including fresh graduates, there is no financial requirement to obtain a Start-up visa. To demonstrate their creative company idea, applicants must write a thorough business plan and get it certified by a UK-recognized endorsing organization.
Benefits of UK Start-Up Visa
The conditions of the UK start-up visa are as follows:
- You can bring your partner and children with you.
- You can work in another job and for your business.
- You can travel abroad and return to the UK.
- You can switch to this visa from other types of visa.
- Zero investment is required.
- Beneficial taxation regime.
Requirements for UK Start-up visa
To successfully submit an application for a UK Start-up visa, candidates must demonstrate that they (they are elaborated upon below):
- Are over 18 years old
- Have a business plan for a new start-up business that is innovative, viable and scalable
- Have the (or be developing) the business skills necessary to establish a successful Start-up business in the UK
- Have an endorsement for their business or business idea
- Meet the English language proficiency requirements
- Have enough funds to support yourself in the UK
Business Proposal
You must carefully draft a comprehensive business plan for your new start-up business in order to receive endorsement (as detailed below) for a start-up visa.
Your business plan must demonstrate the originality, viability, and scalability of your concept. According to the Home Office guidelines for this visa, a business plan will satisfy these three conditions if it:
- Is genuine and unique
- Is for a legitimate startup business.
- Fulfills current or future market demands and/or establishes a competitive edge
- Is reasonable and achievable given the applicant’s resources at hand
- Demonstrates that the prospective visa applicant possesses the knowledge, expertise, experience, and market awareness needed to successfully operate the business, or is actively pursuing these things; and
- Demonstrates the possibility for employment creation and expansion into national markets, as well as organized planning.
A start-up visa applicant cannot have previously opened a business in the UK. The only exemption to this requirement is if the applicant started trading while enrolled in the PhD extension program, during their final year of authorization for a start-up visa, or as a Tier 1 (Graduate Entrepreneur).
English Language Requirements
In order for your Start-up visa application to be approved, you will have to provide proof that you are proficient in the English language. That is to say, you:
- Have proof of passing an English language test and being able to read, write, speak, and understand English at a level B2 on the Common European Framework of Reference for Languages (CEFR);
- You’ve completed courses in English for your degree, or
- You come from one of the following exempt countries: Australian, Bahamas, Barbados, Antigua and Barbuda, Canada, Dominica, Grenada, Guyana, Jamaica, Malta, New Zealand, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Trinidad and Tobago, and the USA.
Enough funding for maintaining a UK Start-Up Visa
Additionally, you will have to demonstrate that you have the resources necessary to support yourself while living in the UK. To meet this condition, you must demonstrate that you have £1,270 in your bank account as of 28 days prior to applying. Proof of an extra £285 for a dependent partner, £315 for your first kid, and £200 for each additional child will also be required.
Business Endorsement for the UK start-up visa
Choosing an endorsing body
Getting approval from an authorized endorsing organization for your innovative business idea in the UK is essential to applying for a Start-up visa successfully. The type of business you plan to create in the UK will determine which endorsing body you need to seek for endorsement.
Factors that the endorsing body will be considering
In determining if to provide endorsement, the endorsing body will take into consideration:
- Does the company really need to be in the UK?
- Does the applicant possess the talents required to make the proposed innovative business successful, or are they in the process of acquiring them?
- Does the company provide anything new to markets that already exist?
- Has the candidate researched the market enough?
- Exist any realistic, long-term goals for the product?
- Does the venture have a long-term plan?
- Will the company acquire enough “traction” in the marketplace?
- Is there potential for growth in the UK?
Before submitting an application, you must receive endorsement, which guarantees that only companies with a high chance of success are permitted to move on to the application stage.
Your endorsing body will give you an explanation of their endorsement procedure and the resources that you need to utilize when you communicate with them.
You can proceed with processing your Start-up visa application after receiving a “Letter of Endorsement” if your application for endorsement is approved.
Maintaining communication with contact points and the endorsing body
Note that you will maintain contact with your endorsing body over the duration of your Start-up visa, in addition to the initial contact made prior to applying for a visa. Regular “check-points” between endorsing bodies and endorsed individuals are mandated; these may take the form of in-person meetings, phone conversations, or video conferences.
It is essential for endorsing bodies to be aware that applicants have the backing of their endorsing bodies at all times, as stated in the guidance. If feasible, you should address potential future contingencies and account for the current circumstances while evaluating their progress in relation to their business strategies.
Frequently Asked Questions
Unfortunately, a Start-up visa cannot be renewed or extended for a period longer than the first two years. Still, there are a lot of choices, such as requesting an innovator visa. Given the experience they will have gained over the course of their two years, this is a reasonable next step for holders of start-up visas.
However, they will need to demonstrate that they have at least £50,000 in investment money. As an alternative, you can think about applying for a whole other kind of visa that will let you stay in the UK, like a skilled worker or family (spouse, for example) visa.
Yes, as a UK Start-up visa holder, you are permitted by the Home Office to work in another job while working for your business. This is one of the advantages of the Start-up visa over the Innovator visa, which does not allow holders to work for another employer. Working for another employer will allow you to fund your stay in the UK while building up your Start-up business.
If your Start-Up visa application gets refused, you can make an application to the Home Office for an Administrative Review of the refusal. A request for an Administrative Review (AR) should be filed within 28 days after the application has been refused.
Yes, your family members can join you in the UK on a Start-Up visa as your dependents. If their application is successful, their visa will be valid for the same length of time as your visa.
For more details & questions, Kindly contact us and one of our Immigration Consultants & Immigration Lawyers will respond to you.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
