(This article was updated on 15/07/2020)
The London Tech Week saw an upsurp of new opportunities, introducing the Start-up visa replacing an exclusive visa route meant for graduate entrepreneurs who wish to start a business in the UK ( It has been touted to official be shut down on 6th July,2019.) This new visa has been aimed to increase the scope and possibility to a wider category of people who wish to drive the economy by becoming entrepreneurs thus, leading to increase in employment opportunities in the country.
The key factors which has to be kept in mind while applying for this visa are as follows:
- The Applicants will be required to have acquired an endorsement from a university or any business sponsor approved by the Home Secretary so as to not limit the scope of endorsement.
- If the applicants are deemed successful, they can also bring about their family members which includes their parents, their spouses or any children who are dependent on the applicant to the UK.
- The Applicants have no such requirement for any funds to invest in their business at the initial stage, and there is no such requirement to have previously set up a business in the UK.
- The applicants can also work outside of their own business in order to support themselves in the duration of leave to remain.
- The applicants are allowed to switch to the Innovator category, if they wish to do so at the end of their duration of the two year period which can lead to UK settlement.
This visa has been formulated in such a way so that through guidance and advice has been taken from the Migration Advisory Committee and the Tech sector for better efficiency to bring in the best talent pool with exceptional potential.