Most people don’t realize that the UK is an excellent destination for entrepreneurs, who can benefit from a supportive regulatory framework, access to investment and a skilled workforce. In this guide we will review why you should consider moving to the UK and provide you with some tips on how to start a successful business in the UK– without being an expert in all things British!
When it comes to starting your own business, the UK is one of the best places in Europe. It has the lowest unemployment rate in the EU, so finding talent shouldn’t be difficult. And if you’re looking for financial backing, there are many investors eager to support entrepreneurs and innovative startups. So, what are you waiting for?
There are two distinct visa processes applied for foreign nationals seeking to operate brand new business or introducing an economically benefiting business in the UK.
Innovator Visa for the UK
If you’re a seasoned entrepreneur, the prospect of establishing a business in the United Kingdom, particularly in London, would likely be the ideal solution for you to start a business in the UK.
To be eligible for the visa you need to:
- You must have a minimum of £50,000 in investment money.
- Obtain the approval of a local group for your company proposal.
- You’ll need enough money to support yourself in the UK.
- Demonstrate that you can communicate in English at a B2 level.
- You need to have the business experience and management skills to successfully run a company.
It isn’t just about any business idea. If you want to live in the country, you must demonstrate your business idea is:
- You won’t be able to invest in a company that is already operational and profitable. The Investor visa is your sole choice if you wish to invest in an existing business.
- The important terms here are “innovative” and “unique,” and you must show that you will have a competitive edge.
- It must have a strong potential for growth in order to be considered viable.
Start Up Visa
Do you have an early-stage yet high-potential startup and want to start a company in the United Kingdom for the first time?
The start-up option is perhaps the best option for the entrepreneur in you to obtain a visa to the UK. You, as an aspirant entrepreneur, are most likely eligible to apply for a Tier 1 Start-Up Visa in the United Kingdom.
To be eligible:
- There is no requirement for a minimum investment.
- Innovate Business idea to help the Economy in the UK
- You must be able to demonstrate that you can communicate in English
- you have enough money to maintain yourself and your family.
It’s pretty similar to the Innovator Visa, but you don’t have to spend a certain amount to apply. Simply said, you must be able to demonstrate that your business idea can be the next unicorn in the Silicon Valley.
During the start-up route applicant will not be able to extend it; this visa does not lead to established status or citizenship. Once, your business is up and operating, you’ll need to move to a different visa, such as the Innovator visa. The benefit is the £50,000 investment criterion for the Innovator visa will be waived.