Are you a non-British national and planning to set-up a business in the UK? What you need to set up a business depends on such things as your type of business.
Also, it depends on where you work and whether you take people on to help. Nowadays, there are various UK Government-supported resources for entrepreneurs to grow their business. So, if you are an entrepreneur but you are a non-British national, it is still possible to set-up a business in the UK.
However, forming your business correctly is essential to ensure you are protected and you comply with the rules. You have to be aware that there is a certain amount of red tape to work through when planning to set up a business.
However, with the right knowledge and support, you should have little trouble making your way through it. Below are some of the facts that you need to know about setting up a business in the UK.
Applying for a business visa
Applying for a business visa is one of the first steps for entrepreneurs who are not British. Nowadays, the UK Government supports entrepreneurs and tech startups, especially, when it comes to visa applications.
So, if you wish to start a business in the UK, you’ll need to apply for a business visa called a UK Innovator Visa. It’s a specific business visa which has replaced the Tier 1 Entrepreneur visa as of March 2019.
UK Innovator Visa criteria
Essentially, this visa is the correct route for an experienced entrepreneur with enough start-up capital. In order to successfully apply for this type of business visa, you will need to meet all of the following criteria:
- Have access to a minimum of £50,000 in start-up capital
- To be endorsed by an endorsing body
- Supply an original business plan
- Prove that you have what it takes to run a business successfully in terms of skill and experience
- Show that you have a good command of the English language
- Have at least £945 in your bank accounts for 90 days prior to applying
Ultimately, it is advisable to seek out the help of reputable London immigration lawyers who are equipped to assist you in submitting your business visa application and in maximising your chances of approval.
Can I stay in the UK permanently on an Innovator Visa?
No, although you may be eligible to apply for “Indefinite Leave to Remain” further down the line. With the Innovator Visa, you will be granted three years of residence in the UK. This can be extended a further three years if renewed shortly before its expiration date.
After a period of five years, you may apply for Indefinite Leave to Remain if at least two of the following requirements are met:
- £50,000 or more has been invested in your business and used wisely in an effort to execute your business plan at the time when you applied for an extension
- Your organisation has engaged in significant research and development activity and has applied for intellectual property protection in the UK
- You have made a minimum annual gross revenue of £1 million in the last 12 months
- Your business generated a minimum annual gross revenue of £500,000 in the last 12 months. This includes at least £100,000 from exporting overseas
- You have created an equivalent of at least 10 full-time jobs for resident workers through your business
- Your organisation has created the equivalent of at least 5 full-time jobs for resident workers, with an average salary of at least £25,000 a year
Good luck as you embark upon your new endeavour. Don’t forget about the power of blogging and digital marketing when you begin your new business – it could be the secret to solidifying your success!
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I am a foreign student about to complete my Masters and I will like to set-up a business here in the UK after my study. Will I need to apply for entrepreneurship Visa or continue to use my student Visa?