LS Legal News Bulletin
Updates: UK's visa for global entrepreneurs
Tuesday 23rd April 2019
According to the recent publication of the Immigration Rules for the UK's new Innovator visa, from 29 March 2019 the new innovator and start-up visas have replaced Tier 1. Extension applications for Tier 1 (Entrepreneur) migrants will remain open until 5 April 2023 and settlement applications until 5 April 2025.
Innovator visa seems to be the best option for non-EU citizens thinking of relocating to the UK to set up a business, and stay in the country on a long-term basis to develop it.
The Immigration Rules define the innovators category as "more experienced businesspeople seeking to establish a business in the UK" who have "an innovative, viable and scalable business idea". The fact that a visa applicant's business meets all 3 criteria must be proved by the endorsement of an approved body. The role of endorsing bodies is crucial to the new route as entrepreneur application for the visa won't be accepted without an endorsement letter. You must have at least £50,000 in investment funds to set up a new business, which is 4 times less than was required for Tier 1 (Entrepreneur).
The innovator visa is issued for three years initially. Then entrepreneurs can apply to extend their stay for a further 3 years or to settle permanently in the UK. As well as for the previous stages it also requires endorsement from a third-party endorsing body.
Less experienced, but high potential entrepreneurs who are coming to the UK for the first time can take advantages of new Startup visas. Applicants do not need any funds to invest in their business at this stage. This type of visa permits young entrepreneurs to stay in the UK for 2 years. To extend their stay and grow their businesses in the UK, businessmen can progress to the innovator route.
LS Legal Solicitors may assist you with any type of immigration application. Please contact our firm on 02081445588, via email on info@LSLegaLUK.com or use the contact box to discuss your matter or make an appointment.
