(This article was updated on 24/06/2020)
There has been some confusion regarding the future of entrepreneurial options for immigrant students in the UK who are about to graduate soon and have ambitions of utilizing their UK education to launch a business in the UK itself. However, this confusion is an expected symptom in current times, with the UK’s seismic shifts in its political landscape. Keep an eye on The SmartMove Immigrtion’s Brexit updates.
Since the reason behind these frequent changes in rules and policy can be pinpointed to the UK’s split from the EU precisely, there is hope; it’s only a matter of time before the UK (choice or no choice) regroups and bounces back on the global innovation scene. The deals are not in place now, but there is no reason to believe that they will not be.
Predictions of prosperity in such seemingly confusing times are well backed by the gradual changes the UKVI is bringing into the legal immigration rules of the UK. For instance, there is now a clear path for migrant students who are soon to complete their graduate courses in the United Kingdom: The Start-up Visa UK.
The Start-up visa is set to replace the Tier 1 Graduate Entrepreneur Visa; the current visa option for international graduate students with business plans ready to launch immediately after their studies end. This visa can be seen as an extension of the Tier 1 Graduate Entrepreneur Visa in many ways; an improved version if you will.
Highlights of the new Start-up Visa UK:
The UK visa fee for a start-up visa entry clearance and leave to remain applications will be £363 and £512.20, respectively. Moreover, the main applicant can also avail a Council of Europe Social Charter (CESC) discount of £55.
The length of leave for initial applications under the startup visa UK is 2 years. Moreover, the length of leave for an extension application under the startup visa is also 2 years, minus the time already granted in Tier 1 (Graduate Entrepreneur) and Start-up categories. Therefore, the maximum time an applicant can spend in the UK under the start-up worker visa is 2 years. If an applicant has already been granted the maximum time in the start-up category, then any further application will be refused. However, an applicant can switch from start-up to innovator visa
Is the Startup Visa different from the Graduate Entrepreneur Visa, besides the changes in magnitude (of time and money)?
Yes indeed. Here’s how.
No Requirement for graduation and funding for a start-up visa:
Unlike its predecessor, an applicant applying for a start-up visa does not need to be a graduate or secure any initial funding. Moreover, a successful applicant may get up to 2-year leave, instead of 1-year under the Tier 1 Graduate Entrepreneur route. Furthermore, after 2-years a start-up migrant will have the option to switch to innovator visa under Appendix W for further developing business in the UK.
Back on an upward graph!
For our attorney here at The Smartmove2UK (a unit of SmartMove Immigration), the traits of the Startup Visa highlighted above, make it a compelling message on behalf of the British government that they want to move ahead in the correct way. Encouragement of innovation, which is exactly what the new Start-up Visa UK does, is a sign that the UK is back on an upward graph.
Furthermore, our associates had also written about the Start-up Visa, and how it might be a great new option for entrepreneurs coming to the UK from 2019, way back in June of 2018 itself. Have a look at our article on the startup visa here. For information on how you can apply successfully with the help of our legal immigration assistance, fill out the form below and one of our associates will contact you shortly. or call us on +91 22 2850 9857 or +91 9819 025 362.
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