UK Startup VISAs: Requirements, Pros, and Cons
Despite the implications of Covid-19 and Brexit, the UK is considered to be one of the top tech hubs for companies in Europe, as well its position as leading the way in innovation. The UK offers businesses a desirable location, access to product innovators, a wide range of suppliers, consumers, and investors.
Basic Requirements
To be eligible to apply for a UK Start Up Visa, Applicants must meet the following criteria:
Age: Applicants must be over the age of 18;
UK address: Applicants need to provide a UK address;
English language competence: Applicants must either be a national of English-speaking nations or have the ability to provide documentation showcasing language competency;
Genuineness: Unless the Home Office has doubts on the applicant’s genuineness, this is a mere formality. If not, applicants should be expected to be invited to an interview.
No grounds for general refusal: Applicants must not have a history of criminal behaviour or in breach of UK immigration provisions.
Maintenance funds: Applicants who have been in the UK less than 12 months will have to pass the financial requirement of proving they have £1270 as the main applicant, £285 for dependent partner. £315 for a first dependent child and £200 for subsequent dependent children. The funds must have been in the applicant’s bank account for 28 consecutive days.
The United Kingdom Start Up Visa
This visa aims to support and provide an opportunity for entrepreneurs to pursue a UK venture, either individually or as a collective. The Start Up Visa is open to both graduates and non-graduates alike, which differs from the government's previous stance exhibited through the Tier 1 Graduate Entrepreneur Visa. Initially, no funding is required to be eligible to apply for this visa. However, you will need to secure endorsement for your business idea before applying for the visa to the Home Office.
The visa is valid for a maximum of two years, after which you must apply to another visa category, such as the Innovator Visa, to proceed operating a business in the UK. In switching to another visa category, applicants will not be responsible for paying the relevant investment requirements either. For example, an applicant who has been in the UK under a Start Up Visa who switches to the Innovator Visa after two years will not be responsible to pay the £50,000 investment requirement of the latter visa.
For these reasons, the UK startup visa is an attractive avenue for entrepreneurs to bring their business to the United Kingdom.
Author: Yasmin Welsh -
Author: Yasmin Welsh -
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DISCLAIMER
This article has been written by law students for the sole purpose of providing informative insight. The information in this article is intended for educational purposes only and does not constitute legal advice, nor should the information be used for the purpose of advising clients. You should seek independent legal advice before relying on any of the information provided in this article.
Sources
DavidsonMorris, ‘UK Start up Visa (for Entrepreneurs!) | DavidsonMorris’ (www.davidsonmorris.com) <https://www.davidsonmorris.com/uk-start-up-visa/>
Hind M, ‘Why the UK Is a Great Place to Set up a High Growth Business’ (Finerva27 January 2022) <https://finerva.com/advice/why-the-uk-is-a-great-place-to-set-up-a-high-growth-business/> accessed 22 February 2023
