British Prime Minister Theresa May has announced the launch of a new migratory option for aspiring entrepreneurs across the world in the year 2019- the UK startup visa. The visa, set to be launched in the spring of 2019, will be inviting talented individuals with business plans to set up businesses in the United Kingdom.
The UK Startup visa will be the new route for prospective entrepreneurs coming into the UK and in some ways is an extension of the existing Tier 1 (Graduate entrepreneur) Visa, which allows non-EU graduates from UK universities to remain in the country. The current Tier 1 Graduate Entrepreneur Visa is available as a settlement route to graduates only. The StartUp visa to be launched next year will have no such limitations, as long as the business plan shows promise and is endorsed officially.
Read What is UK Start Up Visa?
According to Theresa May, “It’s a great time to be in tech in the UK, and our modern Industrial Strategy will drive continued investment, ensuring the nation flourishes in the industries of the future and creating more high-paying jobs.”
We see this as a great opportunity to allow young, spirited minds with the motivation to affect the world in a positive way, to follow through with their entrepreneurial ambitions in a strong economy such as the United Kingdom. If you are an entrepreneur yourself, looking for some inspiring stories to look up to, be sure to check this inspiring article by Lendgenius out.
While the UK startup visa will be a great route for aspiring entrepreneurs in the years to come, the Tier 1 Entrepreneur Visa is still the option that business-minded individuals must choose if they wish to launch their business ideas in the United Kingdom.
UK Startup Visa Requirements
The UK Tier 1 Entrepreneur visa of the points-based system is for non-EEA migrants who want to invest in the UK by setting up or taking over, and being actively involved in the running of, a business or businesses in the UK. The UK Immigration rules require the applicants of a Tier 1 entrepreneur visa to have access to at least £ 200,000 for investment in the UK (£ 50,000 in certain cases).
Until the launch of the UK startup visa in 2019, the Tier 1 Entrepreneur visa remains the best route for launching a business in the UK. It is intended to bring in applicants who would be able to add value to the UK economy by bringing in the capital and generating full-time employment.
Stay tuned with The SmartMove2UK for regular updates on the UK startup visa and startup visa requirements. In the meantime, our expert UK immigration consultants are happy to offer their services to anyone looking to migrate to the UK on a Tier 1 Entrepreneur Visa.