Great Britain is a country of continuous development and progress. It was here where the scientific and technological revolution began, which gave mankind the necessary inventions for a comfortable life. Today, the UK is giving a powerful impetus to start-ups founders and innovators, who are now provided with special visas.
Following the decision of Great Britain to leave the European Union, the opportunity for foreigners to start their own business and invest business investment has increased significantly. The country is interested and ready to accept energetic entrepreneurs who, thanks to their innovative thinking, can build a business and provide new jobs. To do this, the state issues start-up visas.
A start-up visa to the UK is a real opportunity for a foreign entrepreneur to realize his opportunities and develop a business in one of the most advanced countries in the world. The modernized immigration system has made the process of issuing such a permit faster and more consistent, as well as giving impetus to business immigration. After 2 years, the start-up visa turns into an innovator visa, which gives the right to a permanent residence permit, and therefore obtaining UK citizenship.
If earlier the “green light” was given preferably to graduates of technical specialties, now the British government is attracting enterprising foreigners with innovative ideas. For such business immigration, the United Kingdom not only provides a residence permit with a start-up visa, but is also ready to provide some capital for the development of the company. The latter is possible subject to the availability of a promising business concept.
What is a start-up visa and an innovator visa in the UK?
Now, active and enterprising people who want to realize their business in the United Kingdom for the first time can get a start-up visa. This document will allow them to stay in the country for two years and develop their project. A necessary component of obtaining such a document is the approval by authorized bodies (business accelerators, universities and government agencies) of the start-up idea and its compliance with such criteria.
What are the conditions for issuing a start-up visa?
- A candidate for a start-up visa is at least 18 years old.
- An applicant had not previously opened a business in the UK.
- An applicant for a start-up visa must have a high level of English (minimum B2)
- An applicant must provide a bank statement confirming the presence of £ 945 in the account for 90 days.
- A candidate should be ready to provide all the necessary documents to confirm all the data (if necessary)
A start-up will receive approval if it is:
- innovative – a start-up presents an original business plan,
- viable – an applicant is constantly improving his skills and developing,
- scalable – there is evidence of structured planning and potential for job creation and growth in national markets.
An entrepreneur does not even need to make business investments at the application stage. However, to obtain an innovator visa in the UK, you need to invest a business of at least £ 50,000. In the latter case, it is possible to apply from a group of entrepreneurs. However, this does not reduce the amount of necessary business investment.
Obtaining a permanent residence permit in the UK
In order to obtain a permanent residence permit under the start-up visa program, and subsequently the innovator’s visa, the candidate will need to demonstrate the following indicators within 2-3 years:
- double turnover and customer base
- receive an annual income of 1 million pounds
- raise minimum investment to £ 500,000
- create 5 full-time jobs with a salary of £ 25,000 per year and 10 jobs with a minimum salary
As we can see, in the UK, as well as in Canada, a large mandatory deposit of own funds is not required to obtain a start-up visa. Moreover, financial assistance is provided for active and progressive entrepreneurs from the state itself.
Great Britain and Canada are in the “Great 7” of the most economically developed countries. Therefore, opening a business and obtaining a permanent residence in these countries brings a lot of opportunities and prospects. However, in both countries, knowledge of the state language is required at a sufficiently high level to obtain a start-up visa, and subsequently an innovator visa in the UK.
The start-up visa and the innovator visa is a real opportunity to succeed and obtain citizenship in one of the leading countries of the world. If you have an idea and you see in it the potential for large-scale development, do not miss your chance to get a start-up visa to the UK!