UK Visa Options for Entrepreneurs
A Guide for Aspiring Business Owners
In recent years, the UK has undergone significant changes in its immigration policies, particularly affecting entrepreneurs who aspire to establish and grow their businesses within the country. One of the most notable changes is the discontinuation of the Tier 1 Entrepreneur visa, which was a popular pathway for entrepreneurs to secure residency through investment.
The End of the Tier 1 Entrepreneur Visa
The Tier 1 Entrepreneur visa, once a cornerstone for entrepreneurial immigration, is no longer available for new applications. This visa allowed entrepreneurs to invest in a UK business and, in return, gain the opportunity to live and work in the country. To qualify, applicants had to demonstrate significant investment of 200000 pounds or 50000 pounds and create employment opportunities for settled workers.
New Alternatives – Innovator Founder Visa
For those still keen on setting up a business in the UK, the Innovator Founder visa has emerged as a viable alternative. Introduced to support innovative and scalable business ideas, this visa requires endorsement from an authorised body. The endorsing body must verify that the business is based on a new, innovative, viable, and scalable idea.
To be eligible for the Innovator Founder visa, applicants must meet specific criteria including:
Innovation – The business idea must be new and original
Viability – The business must have the potential to succeed
Scalability – The business should have the potential to grow and expand
Endorsement – The business must be endorsed by an approved endorsing body
Pathway to Residency and Citizenship
While the Innovator Founder visa does not offer the same direct investment route as the Tier 1 Entrepreneur visa, it still provides a pathway to residency and eventually British citizenship.
Under the Innovator Founder visa, successful applicants can apply for Indefinite Leave to Remain after a continuous period in the UK, although the specific duration and requirements are subject to ongoing policy changes. Generally, Indefinite Leave to Remain can be achieved after 3 to 5 years, depending on the individual’s circumstances and the performance of their business.
For those who obtain Indefinite Leave to Remain, the next step is applying for British citizenship. Typically, this involves holding Indefinite Leave to Remain for at least 12 months and meeting other residency and eligibility requirements.
Key Considerations
Continuous Residency – Applicants must spend a continuous period in the UK, with no more than 180 days spent outside the country in any 12 month period
Business Performance – The success of the business, as evidenced by its growth and impact, can influence the speed at which Indefinite Leave to Remain is granted
Family Inclusion – The Innovator Founder visa allows for the inclusion of spouses, partners, and children, making it a family friendly option
Conclusion
While the discontinuation of the Tier 1 Entrepreneur visa marks a significant shift in UK immigration policy, the Innovator Founder visa offers a promising alternative for entrepreneurs with innovative and scalable business ideas. By understanding the requirements and pathways associated with this visa, aspiring business owners can still achieve their goals of establishing a successful business in the UK and securing residency.
At Cutts and Co Accountancy, we are committed to helping entrepreneurs navigate the complexities of UK immigration and business setup. Whether you are looking to secure an Innovator Founder visa or need guidance on the financial aspects of your business, our expert team is here to support you every step of the way.
