The Start-up Visa Together with the Innovator visa provides a new immigration route that will replace the immigration routes in the future. Presently there is an Immigration System Based on Points.
Eligibility norms for the Start-up Visa
Persons hailing from the countries outside the EEA, intending to set up business establishments in the UK can opt for the Start-up Visa. Firstly it needs an endorsement by the authorized body. The Home Office has forwarded the list of endorsing bodies. These consist of higher education institutions of the UK and some business organizations that support the UK entrepreneurs.
The way it works
An applicant who is successful can stay in the Kingdom for two years. There is no provision of extending the start-up visa beyond two years. The Time which a person spends on the Tier 1 Graduate Entrepreneur visa, will also count as a part of two years. The visa does not lead to Indefinite Leave to Remain. Additionally, there is a possibility to switch to the Innovator visa from a Start-up visa, after qualifying for the route. The Innovator visa leads to an Indefinite Leave to Remain.
Dependants/Family members can accompany the chief applicant. Dependants here mean spouse, partner, and children below 18 years. Applicants can work in another job, and also in the start-up business.
Another immense advantage of this visa is that it has no requirements for investment. Moreover, it does not need the involvement of a local employer.
The only financial requirement says that the main applicant must prove to have sufficient personal savings for supporting their expenses while staying in the UK. The requirement specifies £945 in a bank account for 90 days consecutively before applying. In case a family member accompanies the applicant the additional financial requirement specifies £630 for each dependant.
Eligibility norms for switching to the Start-up Visa
Persons residing in the UK, and meeting the eligibility norms can switch to this visa if they presently hold the;
• Tier 2 visa
• Tier 1 visa for Graduate Entrepreneurs
• Tier 4 -General student visa
• Persons on the standard visitor visa in the UK who can get funding and a letter of support from an endorsing body can switch from inside the UK.
The new Start-up visa will open up more opportunities for persons intending to live and work in the UK.