The UK, recently announced the new changes made to its Immigration Rules to prove that even with the uncertainty of Brexit, it has prioritized the provision of access to business talent. By this, the UK is sending a clear message to international entrepreneurs.
The former visa routes for investors, the Tier 1 — same as ‘Graduate Entrepreneur’ — and the Tier 2 — which is also simple, ‘Entrepreneur visa’ — have been removed. Their replacements, the ‘Start-up’ and ‘Innovator’ visas were open for applications as at March ending. Significant changes have been made to the visa program, what with the requirement for financial investment almost disappeared. The Innovator Visa, however, now requires applicants to invest £50,000.
The two routes demand that applicants:
Get trusted organizations in the UK to endorse them. Such organizations could be providers of higher education, business accelerators, and government agencies.
Remain in regular contact with the endorsing bodies
Show that they speak up to level B2 of the English language
Have business plans which have scalable, credible and innovative qualities. An interview may be arranged for them to prove this.
Fulfil the maintenance requirement
The Start-up Visa is designed for foreign entrepreneurs who have plans to establish a business in the UK. It has to be their first time. Applicants do not need to fund the business first before they're granted visas. They also do not need to be graduates. An endorsing body must back the application. This route does not directly lead to a settlement.
The Innovator Visa is for business people who have experience and who want to open a business in the UK. As against the £200,000 that was formerly required for the Tier 1 visa, applicants now have to invest only £50,000. This step, however, will be waived for holders of the Start-up Visa who want to switch to the Innovator Visa. The Innovator Visa could lead to a settlement.
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