Why You Should Consider Applying For A Start-Up or Innovator Visa in 2022

In late 2020, according to The Centre for Economic and Business Research (CEBR), the UK regained its place as the fifth-largest economy in the world, “leapfrogging” India in doing so. More recently, it was reported that Britain is to recover the fastest of all G7 countries from the pandemic. According to the OECD, “The [UK] economy is recovering and expected to reach pre-crisis levels at the beginning of 2022. Output is projected to rise by 6.9% in 2021, with growth moderating to 4.7% in 2022 and 2.1% in 2023. Consumption is the main driver of growth during the projection period”. While the Omicron variant may have dented this somewhat, the projections are for a strong economic rebound in 2022. The vast business opportunities in the UK for 2022 coupled with the considerable benefits of both the Start-up and Innovator immigration schemes are largely behind the drive for business visas.

Why should I apply for a Start-up Visa as a national of Russia, China, India, Pakistan, or Sri Lanka?

The Start-up visa is directly intended for overseas entrepreneurs, including those from Russia, China, India, Pakistan, and Sri Lanka who wish to set up a new innovative business in the UK. It was introduced by the Home Office to ensure the UK remains a global powerhouse for innovation and new business growth.

Unlike the Innovator visa, which is for those with more business experience, the Start-up visa does not require candidates to have investment funds. To make a successful application, Start-up visa applicants need to draft a detailed innovative business plan, and their idea must be different from anything else on the market. This idea then has to be approved by an endorsing body with knowledge and experience of the target market. The authorising body will verify that the idea is new, innovative, and viable.

While the Start-up visa does not provide a direct route to permanent settlement in the UK, it offers a fantastic opportunity and a stepping stone to other visas that, once you are established here, will allow you to gain Indefinite Leave to Remain (ILR) after a qualifying period.

The benefits of the UK Start-up visa are as follows:

• No investment funds are needed
• The application fee is set relatively low at £363 (if applying outside the UK)
• You should receive a decision within just 3 weeks using the standard application process
• You may be able to pay to receive a faster decision within 1 to 5 working days, depending on where you apply from
• You can stay for up to 2 years after at which point you can apply for another visa
• You can switch from another type of visa to a Start-up visa
• You can bring your dependant partner and children to the UK with you
• You are able to work in another job as well as for your business
• You are able to travel abroad and return to the UK freely

Why should I apply for an Innovator Visa as a Russia, China, India, Pakistan, or Sri Lanka national?

If you are considering submitting an application for the Start-up or Innovator visa, it is important to understand the differences and benefits of each. Like the Start-up visa, the Innovator visa enables international entrepreneurs from Russia, China, India, Pakistan, Sri Lanka and other countries to establish a genuinely innovative business venture in the UK. The business idea must be unique to the market and be approved by an approved endorsing body. The Innovator visa, however, is for more experienced entrepreneurs with investment funds of at least £50,000.

In addition to the investment funds requirement, the Innovator visa differs from the Start-up visa in that it is issued for an initial period of just 3 years, after which it is possible to apply for ILR (i.e. permanent settlement). As such, the Innovator visa offers an accelerated route to settlement compared to most other visa types, which require holders to reside in the UK for at least 5 years before applying. It is also possible to set up and run several businesses while in the UK on an Innovator visa.

Final words

If you have a unique and innovative commercial idea, then there are truly few better places than the UK to establish and operate your enterprise. The barriers to entry are low, taxes are favourable, administrative burdens are minimal, there is a wealth of skills and expertise available, and many UK investors are willing to invest in innovative businesses. No matter which country you are from, the wealth and business opportunities available in the UK in 2022 and beyond are substantial.

For a free consultation regarding your Start-up or Innovator visa application, please call our immigration law team on 0208 300 6666 or complete the form HERE.