The Start-Up Visa is an expanded version of the Graduate Entrepreneur Visa – now open to non-graduates. The list of approved sponsoring bodies will also be extended, to boost your chances of setting up a UK-based business.
You will no longer need to secure any initial funding, but you will need to show some proof of maintenance funding – unless your sponsor has backed you to the sum of £945. The sponsor will normally be a university or business that has agreed to support your business plan.
The other difference is that the visa will last for two years instead of one. This provides extra time for business development and gives more time to upgrade to the Innovator Visa after the two-years are up.
The Government has stressed that the Start-Up Visa won’t lead to a permanent settlement in the UK. However, the Innovator Visa opens up after two years, and this does offer a route to Indefinite Leave to Remain.
The transitional measures mean that Tier 1 Graduate Entrepreneur Visa holders do not need to switch immediately. You will be allowed to switch to a Tier 1 Entrepreneur Visa until June 2021.
Scarsdale Solicitors – Oldham and Rochdale
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