“Entrepreneurship is not about ideas, it’s about making ideas happen!”
How many of you agree with it? If you have an attitude toward becoming a buzzing entrepreneur, then the sky is the limit. ‘Niti Ayog’ in India is an effort in this direction to reward innovative entrepreneurs. Abroad countries also offer many rewards to innovative entrepreneurs.
One step in this direction is a Start-up visa UK. After the Tier I visa was discontinued by the UK government it wanted to attract genuine innovators who could contribute to the growth of the nation. As a result of which they came up with two options viz., Innovator visa Uk and Start-up visa UK. We have discussed the innovator visa in another blog, and here we wish to discuss the UK Start-up visa.
Why does the UK Offer a Start-up Visa?
The UK Innovator visa required people to have £ 50000 in their bank accounts in order to apply. Many of the applicants could not afford it. To solve this problem, a UK Start-up visa was started.
What’s the basic difference between a UK Start-up visa and an Innovator visa?
An Innovator visa requires you to have funds of £ 50000 in your bank account. Whereas there are no such requirements in the case of a UK Start-up visa.
As an abroad consultancy in Vadodara, we suggest people go for a Start-up visa UK if they don’t have funds. This is because of three reasons.
- It does not require funds
- You can carry on parallel business in the UK if you go there on a Start-up visa.
- You can later convert it to an innovator visa if you wish and extend your stay beyond 2 years. However, you need to satisfy certain conditions for this.
The reason for converting it into an Innovator visa is that an Innovator visa enables you to extend the visa further and later convert it into a PR. Well, here are the requirements to get a Start-up visa UK.
What is the Eligibility to Apply for the Start-up Visa UK?
As an abroad consultancy in Vadodara, we see many young enthusiastic people dropping in at our office and wanting to opt for a Start-up visa UK.
However, you need to be clear that just because you have a business idea does not qualify you to get a UK Start-up visa.
To get a UK Start-up visa you must be endorsed by an authorised body that is either:
- a UK higher education institution
- a business organisation with a history of supporting UK entrepreneurs
In addition to that you must be able to prove that your business idea is:
- a novel idea – you cannot join an existing trading business.
- It is an original innovative idea – it should have the capacity to solve the problems that people are currently facing.
- It should be viable – it must have a potential for growth.
Apart from the above requirements that relate to the business idea, you need the following:
- You must be above 18 years of age.
- You should clear the required English Proficiency Test.
- Your business idea should be approved by the endorsing authority.
- You need to have had at least £1270 in your bank account for 28 consecutive days before you apply.
What are the Benefits of Applying for a UK Start-up Visa?
There are various benefits to applying for a Start-up visa.
- You can be accompanied by your family members and dependents.
- You can visit other countries and then return to the UK again.
- You can switch to an Innovator visa after completion of a 2-year Start-up visa UK.
- You can carry on another employment in the UK if you opt for this visa.
- You can switch to a Start-up visa from any other visa that you may possess.
What are the Fees for Applying for a UK Start-up Visa?
The application has to be made online. As an abroad consultancy in Vadodara, we can help you in completing the documentation and form filling formalities. The fees for making an application depend on your location.
Generally, the visa is issued within 3 weeks if you apply from the outside UK and within 8 weeks if you apply from inside the UK. The health surcharge is charged extra.
What Documents are Required to Process the UK Start-up Visa?
You need to provide:
- A letter from an endorsing body that has assessed your business.
- A valid passport or another document that proves your identity and nationality.
- Bank statements show that you have had at least £1270 in savings in your bank account for 28 consecutive days before you apply.
- Proof that you meet the English language requirement.
- Tuberculosis test results (if you belong to a country where you have to take the test).
So, if you think that you have all skills that are required to be an entrepreneur and have a business idea that is innovative, scalable, and viable then approach us. We can help you to get a UK Start-up visa in the fastest possible way.