The UK has introduced significant changes to its immigration routes for entrepreneurs and business founders. The previous Tier 1 Entrepreneur visa route was closed to new applications and replaced by the Start-up Visa and Innovator Visa routes.
These visa options were designed for individuals from outside the UK who wanted to establish and develop a business in the UK. The requirements differ depending on the applicant’s experience, business plans and long-term objectives.
UK Start-up Visa
The Start-up Visa was introduced for individuals from outside the European Economic Area (EEA) and Switzerland who wanted to establish a new business in the UK for the first time.
A key requirement was that applicants obtained an endorsement from an authorised body. This could include a higher education institution or an approved business organisation with a proven track record of supporting entrepreneurs.
The applicant’s business idea needed to be assessed and considered viable, with the approved endorsing body issuing an endorsement letter where the relevant requirements were satisfied.
Start-up Visa Requirements
In addition to obtaining an endorsement, applicants generally needed to meet the following requirements:
- Be at least 18 years old;
- Meet the English language requirement; and
- Demonstrate that they had sufficient personal savings to support themselves while in the UK.
At the time, the financial requirement was at least £945 held in the applicant’s bank account for 90 consecutive days before applying.
Applicants could also bring eligible family members, or dependants, to the UK. Additional maintenance funds were required for each dependant.
The Start-up Visa was granted for two years. It was not intended to provide a direct route to settlement, but applicants could potentially move into another qualifying immigration route after developing their business.
UK Innovator Visa
The Innovator Visa was aimed at experienced entrepreneurs from outside the EEA and Switzerland who wanted to establish and develop an innovative business in the UK.
Applicants were required to demonstrate that their proposed business was genuine and viable and obtain an endorsement from an approved endorsing body.
The business proposal also needed to be supported by a credible business plan and demonstrate that the applicant had the necessary skills and resources to establish the business.
Innovator Visa Requirements
Applicants generally needed to satisfy requirements including:
- Having at least £50,000 available in investment funds for their proposed business, unless an applicable exemption applied;
- Meeting the English language requirement;
- Demonstrating that they could support themselves and any eligible family members while living in the UK;
- Obtaining an endorsement from an appropriate Home Office-approved endorsing body; and
- Providing a credible and viable business plan for the proposed business.
Successful applicants were granted permission to remain in the UK for three years at a time and could generally bring eligible dependants with them.
Choosing the Right UK Business Visa
For entrepreneurs considering starting a business in the UK, choosing the appropriate immigration route is an important decision. The requirements surrounding endorsement, investment, business viability and financial maintenance can vary, and applicants should ensure that they understand the relevant criteria before submitting an application.
It is also important to consider your longer-term immigration objectives, including whether the chosen route could potentially lead to settlement or whether you may need to switch to another visa category in the future.
Please note: UK immigration rules and visa routes have changed since these schemes were originally introduced, so applicants should always check the current requirements before relying on information contained in older guidance.
Get Advice on UK Business Immigration
If you are an entrepreneur looking to establish a business in the UK, obtaining specialist UK immigration advice can help you understand the available routes and determine which option is most appropriate for your circumstances.
For specific advice on UK business immigration, visa applications or your eligibility for an entrepreneur visa, please contact Dee Popat to arrange a consultation.
The above is intended as general guidance only and does not constitute legal advice. Immigration rules and requirements are subject to change. You should obtain specific advice based on your individual circumstances before making an application.
