START UP VISA for the UK ?? (How to apply) in 2020 ✅️
UPDATE: My client was granted an innovator visa and I did a video on it: https://www.youtube.com/watch?time_continue=1&v=Fcm8BehVqFo
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There are two new visa routes: the start up visa and the innovator visa. Each of them is designed to incentivise innovation in the UK and economic growth through a residency programme.
START UP VISA
The start up visa is for people looking to establish a business in the UK for the first time.
You must be endorsed by an recognised body to apply. But this is broadly defined and can include appropriate incubators and universities.
It is for 2 years and does not directly lead to settlement in the UK and citizenship. However, the innovator visa does, and you can switch from the start up visa to innovator visa when you have set up your business.
The endorsement criteria are:
The applicant has a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage.
The applicant has, or is actively developing, the necessary skills, knowledge, experience and market awareness to successfully run the business.
There is evidence of structured planning and of potential for job creation and growth into national markets.
The great thing is that you can switch to this visa from other visas while within the UK. This is true if you are:
A Tier 1 (Graduate Entrepreneur)
A Tier 2 (work visa) holder
A Tier 4 (General) student
A visitor who has been undertaking permitted activities as a prospective entrepreneur
You can get an innovator business either by switching from the start up visa, or by applying afresh.
If you switch from the start up visa, then the Home Office will look at the same business that was the subject of your start up visa.
The main criteria which need to be satisfied (and confirmed by the endorsing body) are:
(a) You have shown significant achievements, judged against the business plan assessed in your previous endorsement.
(b) Your business is registered with Companies House and you are listed as a director or member of that business.
(c) Your business is active and trading.
(d) Your business appears to be sustainable for at least the following 12 months, based on its assets and expected income, weighed against its current and planned expenses.
(e) You have demonstrated an active key role in the day-to-day management and development of your business.
(f) You will spend your entire working time in the UK on continuing to develop business ventures.
If you apply for the innovator visa afresh, without going through the startup pathway, then:
You need to have at least £50,000 available to invest.
These can be:
your own funds;
funds from a 3rd party; or
funds that have already been invested into the business.
You can apply as a team, but you need £50,000 per person.