UK Launches New Visa Program for Tech Entrepreneurs

In recent weeks, the UK's Tier 1 visa program which is a points-based system has received a significant reformation. UK Launches New Visa Program for Tech Entrepreneurs The most significant change is the ending of the Tier 1 Entrepreneur visa scheme on the 29th of March, 2019 and the launch of the new Innovator visa as its replacement. One vital difference between the old Entrepreneur visa and the new Innovator visa is the requirement for funding. Applicants applying for entry clearance from overseas now only need to prove their access to just £50,000 in investment funds. This is a sharp contrast to the former investment fund requirement of £220,000. With this move, the UK government is hoping to attract foreign tech entrepreneurs and make the visa accessible to them. It is a signal to the world that the UK's tech industry is completely open for business after Brexit and has a position at the core of innovation. The UK made these changes — especially as regards the funding requirement — because the government realized that having access to huge funds has no fundamental relevance. It came to terms with the fact that throwing their borders open for foreign innovators who have the potential and plans to advance key sectors in the country has more importance than just having huge funds to invest. For those who simply want to invest in the UK and not necessarily work there, then their option remains the Tier 1 investor visa which requires them to invest £2 million.

Business plans will now be reviewed and assessed differently

Other significant changes made to the visa program asides the reduced funding requirement is in the new method of evaluating and assessing business plans of applicants. The above method was criticized because then, a denied application was often challenged by an appeal. This usually took months before a decision was reached. So in order to provide a solution, the new program requires applicants businesses to be endorsed first by an approved endorsing body. The Home Office recommends that each of the applications submitted for endorsement is judged under these 3 criteria: innovation, viability, and scalability. Stay connected to www.visatime.com to get updates about visa news from Asia, Africa, US, Americas, Australia, Europe, and the Middle East! We will also assist you with the visa process for the chosen country.

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