Know About New Visa Types For Business Immigration To UK 2022

The COVID-19 pandemic and other economic and political factors have led to changes in visa laws in the past few years. After mulling over a few possible changes to the UK visa regime since the beginning of the year, the UK finally scrapped the UK Tier 1 Entrepreneur visa. So, what happens if a UK visa is required to start a business in the UK? Here’s a short guide to help you decide. 

Entrepreneur visa UK (Tier 1) is no longer available. 

Earlier, if you needed a UK visa to start a business in the country, you would have needed to apply for a UK tier 1 entrepreneur visa. The entrepreneur visa UK allows foreign nationals to reside in the U.K and run a business. This visa not only assisted the visa holder’s business immigration to the UK but also assisted their families to immigrate. A new, dynamic visa route for entrepreneurs replaced this visa in February 2022. 

From 2022, anyone interested in establishing a business in the UK must apply for an Innovator or Startup visa.

Innovator visa 

The visa is for entrepreneurs operating unique businesses in the UK. To qualify for this visa, the business idea must be new and not already present in the UK market. It must stand out from the crowd. Additionally, it should be able to grow and sustain itself as a successful business.

With this visa, you can stay in the United Kingdom for 3 years. There is no limit to the extension of this type of business entrepreneur visa UK. A visa can only be extended each time for three years once it has expired. You can also apply for permanent residence in the UK after running a successful business for three years. You may lose your visa, however, if your business does not succeed in the UK. 

Consider it as a self-employed work visa UK  for the aspirant and innovative entrepreneurs looking to make it big in the UK. Innovative visa holders can work and expand in the UK, and even move their families here. A UK visa does not allow you to work for another company or profession and receive a state pension. 

Start-up visa

For a start-up visa, you need to present a novel business proposal and unique idea that has the potential to expand in the UK. Furthermore, you should be endorsed by a UK higher education institution or a company that has assisted UK companies in the past. 

Startup visas are valid for two years and cannot be extended. When your business is established and your endorsers agree, you can switch this visa to an Innovator visa. On a Start-up visa, your family can accompany you, but only for the duration of the validity period. This visa does not allow the applicant or family members to settle in the UK indefinitely.  You can, however, get other jobs while working on your startup venture in the UK. The only exception is that you cannot apply for State Pensions or work as a professional sportsperson on this visa. 

Eligibility criteria

• Knowledge and proficiency in English are required for innovator and start-up visas. Good command of English is required. 
• Furthermore, you must be 18 years old and hold a valid passport. 
• You need an endorsement letter from the endorsing committee that assesses and approves your business idea.
• You should have at least £1 270 in savings in your account 28 days before you apply for your visa. Your ability to support yourself and your family during your stay in the UK must be demonstrated and conveyed.
• As part of your UK visa application, you will also pay a visa fee and a health surcharge. 
• Applicants for the Innovator visa must prove they will invest at least £50,000 in the new business.  These funds cannot be used for personal expenses. 
• The visa fee, the application process, and the time when you receive the visa result will differ depending on the location from where you are applying the visa.