UK Start-up Visa “Discontinued”
The UK Start-up visa is for individuals who are new entrepreneurs and want to establish a business in the UK. You do not need to be a graduate or have secured any initial funding. However, you will need to have an innovative, viable, and scalable business idea that has been approved by an endorsing body.
Who is the Start-up visa suitable for?
The Start-up visa category is suitable for early-stage, but high-potential, entrepreneurs who are looking to start a business in the UK for the first time.
Requirements for a Start-up visa
• You are at least 18 years old;
• You have not previously established a business in the UK
• You have received an endorsement from one of the authorized endorsing bodies in the UK, which has examined your company’s idea for innovation, viability, and scalability; and is satisfied that you would devote the majority of your working time to establishing your business venture.
• An endorsement letter issued not more than 3 months before the date of your start-up visa application
• You are competent in the English language (equivalent to IELTS 5.5 in reading, writing, listening, and speaking);
• If you are outside the UK or have been in the UK for less than 12 months then you have at least 1270 Euros to support yourself, plus 285 Euros for a dependent partner, 315 Euros for a first child, and 200 Euros for any additional children.
Investment funds requirement for a start-up visa
Start-up visa applicants do not need any funds to invest in their businesses. However, the requirement to have a ‘viable’ and ‘scalable’ business idea means that, in practice, you may need to have funds available to invest. Some endorsing bodies require a certain level of funding as a condition for endorsement.
Endorsement criteria for a UK start-up visa
In order for your business proposal to be endorsed, an approved endorsing body will need to be satisfied that your business idea meets all of the following criteria:
• Innovation: You have a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage.
• Viability: You have or are actively developing the necessary skills, knowledge, experience, and market awareness to successfully run the business.
• Scalability: Your business plan has the potential for job creation and growth in national markets. The endorsing body also needs to be satisfied knowing that you will spend the majority of your working time in the UK and on developing your business venture.
Applying for a Start-up visa as part of a team
You do not need to be the sole founder of your business but can be a member of a start-up team. This means that you may share the same business idea and plan as another start-up team member. However, each applicant must receive their own individual endorsement from an approved endorsing body.
Start-up visa endorsement letter
If your application is endorsed by a start-up visa endorsing body and is approved, you will be issued with a start-up visa endorsement letter. This letter must be submitted as part of your start-up visa application or the 10-Pro team will organize this for you.
Start-up visa validity period
Your initial start-up visa will be valid for 2 years.