The UK Start-up Visa was launched by the Government earlier this year. It is a new immigration pathway for people who wish to set up a business in the UK.
The UK Start-up Visa has been launched with another Visa the UK Innovator Visa. These are the first set of fresh immigration pathways. They will replace the immigration pathways under the existing Points Based Immigration System over the next few years.
Who can apply for the UK Start-up Visa?
Individuals from outside the EEA can apply for the UK Start-up Visa if they intend to launch a business in the UK. Nevertheless, they must first be approved by an authorized agency.
The list of endorsing agencies has been announced by the Home Office. These comprise of some business organizations and higher education institutions in the UK. They have been known to support Entrepreneurs in the UK.
How does the UK Start-up Visa work?
The applicants who are successful are permitted to remain in the UK for 2 years. It is not permitted to extend the UK Start-up Visa beyond 2 years. The time spent by an individual on the Graduate Entrepreneur Tier 1 Visa will also be counted for the calculation of 2 years.
This Visa does not lead to ILR – Indefinite Leave to Remain in the UK. Nevertheless, it is possible to transition to the Innovator Visa from the Start-up Visa after one qualifies for it. The Innovator Visa does have a pathway for ILR.
Some benefits of the UK Start-up Visa
Dependants or Family members can accompany the main applicant on the UK Start-up Visa. Children below 18 years, Partner and Spouse can be included as Dependants.
The applicant will also be permitted to be employed in another occupation and in the Start-up business. The huge advantage of this Visa is that investment requirements are not present. The involvement of a UK employer is also not required, as quoted by the South African.
The main applicant has only one financial requirement. This is to prove that they possess adequate personal cash for supporting themselves while staying in the UK. It is having a minimum of 945 Pounds in their bank account for 3 months prior to applying for the UK Start-up Visa.
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.