The UK Startup visa is a chance for foreign businessmen to start and develop their business in England.
The businessman is allowed to work in a convenient business environment, and a clear legal and tax system supported by the government. Thanks to this, you will gain invaluable experience and skills for career growth and business development anywhere and anytime.
With the startup’s visa in Great Britain, you can enjoy privileges from local banks and the country’s tax authorities. Opening a business without investment and the ability to move a family to the UK are the main advantages of obtaining a startup visa in the United Kingdom.
Residence in the UK
A start-up visa in the UK is issued for 2 years and cannot be extended, however, you can always switch to another visa, for example, a Novator visa provided that you meet all the requirements.
To obtain permanent residence and British citizenship, this is the only way – to switch to another visa, which leads to permanent residence.
Conditions for obtaining the United Kingdom startup Visa
If you want to open your business in the UK and you are doing it here for the first time, you must be 18 years old or older and you must prove that your idea or business has potential, it is innovative and scalable.
In addition to the letter of approval, you must provide and show the following:
- The availability of funds to support yourself and your dependents.
- Knowledge of English at B2 level.
- Covid-19 Test
- No criminal record.
Fees for getting the United Kingdom startup Visa
Apply (outside the UK) ยฃ363
Switch (in the UK) ยฃ493
For more information about fees, you can learn in the official government website https://www.gov.uk/start-up-visa
How can you get a letter of approval?
In this letter, the approving organization confirms that your business idea meets all criteria: it has potential, can be expanded, and is resilient to market changes. This letter is your main document when applying for a Startup visa in the UK. When you ask for support from one of the organizations, provide them with as much information as possible so that it is easier for them to evaluate and approve your business. In this case, a business plan is irreplaceable.
The main criteria for evaluating a business idea:
Innovativeness
The market is oversaturated with various goods and services. Your task is to present something original and innovative that will find its buyer in the UK and international markets and provide you with profit.
Perspective
You must show that you have all the tools and means to ensure the success of your business. The main factors to be assessed are growth potential and resilience.
Scalability
You are required to show that you can expand and grow your business in a highly competitive environment. The key is to demonstrate that you can increase sales by attracting additional resources.
Post-visa checks
6 and 12 months after receiving a Startup visa, you will need to contact the organization that approved you and tells them what you have achieved during this time and that you continue to fulfill all the conditions of this visa. If for any reason, they decide to withdraw support for your business before your visa expires, or if they are removed from the government list, you will need to look for a new “sponsor” and get a new visa. In this case, the visa will be issued for the remaining validity period of the previous one.
Outcome
The United Kingdom is a great business solution for doing business there. Thanks to state policy, the state occupies a leading position in terms of business indicators. Anyone with an innovative business idea can get a UK startup visa. For this, you need to provide a business plan, collect the necessary documents, have enough money in the account, and apply.
Good luck!