Many individuals come to the UK with the intention of starting their own company. A new policy on corporate immigration to the United Kingdom entered into effect in March 2019.
Two new visas, the Innovator Visa and the Start-up Visa, have superseded the Tier 1 Entrepreneur Visa.
Following the modification, a large number of immigrants formerly holding Tier 1 Entrepreneur Visas were reclassified to the Start-up Visa. Their current dilemma is whether to continue with the Start-up Visa or apply for the Innovator Visa.
The benefits of the Innovator and Start-up Visas
Here are some benefits you'll get when you apply for an Innovator Visa:
- You will be granted three years of automatic residency in the UK.
- You will be eligible to seek for a three-year extension of leave after the first term ends. The extension will enable you to remain in the UK for more than 5 years, which is necessary to apply for Indefinite Leave to Remain.
You can't get an Innovator Visa unless you have
- The ability to access a £50,000 business fund
- A well-defined and practical business plan
- Travel funds to cover your 90-day stay in the UK, which would amount to £945.
- Proof of English proficiency, either an academic degree recognized by UK NARIC or a passing grade on the CEFR Level B2 Test.
- Endorsement from an accredited institution's governing body.
When evaluating your company proposal, the endorsing body will keep three main points in mind.
- How original and forward-thinking is the company concept?
- Can the company strategy be executed?
- Is there room for expansion and financial gain with this company concept?
But suppose you can't get your hands on a fifty thousand pound business fund. The Start-up Visa is useful in this situation. You don't need access to a company money to apply for the Start-Up Visa, which is a major perk.
However, the Start-up Visa only allows for two years of leave, but the Innovator Visa offers three. If your firm has been very successful after two years (for example, has created employment), then you may apply for an Innovator Visa and, finally, for ILR.
If you fulfill all the conditions for the Innovator Visa, with the exception of having access to a £50,000 company fund, you will be eligible for a Start-up Visa.
For young people with a fantastic business concept but no capital to launch their venture, the Start-up Visa is a lifesaver. They have the option to permanently relocate to the UK as their firm expands and achieves success.
Conversely, the Innovator Visa is best suited for startup founders with sizable starting capital and ambitious long-term plans. The likelihood of acquiring permanent residency in the United Kingdom is greatly enhanced with the Innovator Visa.
Entrepreneurs are free to choose between the Start-up Visa and the Innovator Visa according to their own preferences.
How the team at QC Immigration can help?
QC Immigration specializes in Innovator Visa and Global Business Mobility routes applications and UK Visas under the Immigration Rules. They have maintained an exceptional success rate, even when handling complicated cases. Contact them now for an initial consultation to discuss your unique case and for the best chances for a successful application with this Visa category.
Bringing on legal professionals to advise you and help you shape a strong application is highly advisable. Having to deal with an appeal or an administrative review can prove to be a drawn-out and costly process. Therefore, it's best to do what you can in order to be successfully granted visa on the first attempt.
