The Govt. of UK is planning changes to its immigration system in 2021. However, some of the proposed changes may come into effect by Spring this year.
The current Tier 1 Entrepreneur Visa allows foreign entrepreneurs to set up their own business in the UK. These entrepreneurs should meet the Visa requirements which include having access to £200,000.
The Tier 1 Graduate Entrepreneur is also a similar Visa route. However, applicants need to be endorsed by a Higher Education Institution (HEI) or by the Dept. of International Trade (DIT). It is also necessary for the applicants to hold a Bachelor Degree from the UK. However, applicants do not need to provide evidence of having access to investment funds. They will need to submit a credible and business idea though.
Tier 1 Entrepreneur Visa applicants also need to submit a viable business plan. This is to demonstrate that they are “genuine entrepreneurs”.
Going forward, a new Start-Up Visa is going to take the place of the Tier 1 Graduate Entrepreneur Visa. The Start-Up Visa will allow all entrepreneurs to apply for endorsement and not just recent graduates. The UK Govt. is planning to introduce more incubators, accelerators, and angel investor groups across the country.
Currently, for the Tier 1 Graduate Entrepreneur Visa, there are just 2,000 endorsements available. These are divided among all the endorsing bodies in the UK, as per The Guardian.
With the UK Govt. increasing the number of endorsing bodies, it appears that the quota for this Visa will also increase.
Applicants who hold the Start-Up Visa will be able to, later on, progress to the Innovator Visa of the UK.
Y-Axis offers a wide range of Visa and Immigration services as well as products to overseas immigrants including UK Tier 1 Entrepreneur Visa, Business Visa for the UK, Study Visa for the UK, Visit Visa for the UK, and Work Visa for the UK.
If you are looking to Study, Work, Visit, Invest or Migrate to the UK, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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