The UK’s business-friendly laws and regulations make it a favourite destination for entrepreneurs who want to set up or expand their businesses internationally. You can do this with a UK Business visa which includes the Start-up visa, Innovator visa or Investor visa.
Why invest in the UK
Entrepreneurs play a key role in creating jobs and driving economic growth in the UK. A stable economic, political and social environment has helped the UK position itself at the centre of most of the world’s trade. Compared to other developed countries, the UK has the lowest corporate tax rate in the world.[1]
UK Business visas
As of 2019, the UK Tier 1 (Entrepreneur) visa is no longer available and was replaced by the Innovator and Start-up visas.
The UK Start-up visa
This visa is aimed at foreign entrepreneurs who have never owned a business in the UK. A key aspect of the Start-up visa is that applicants don’t need a university degree to qualify, making it attractive to entrepreneurs who are in the early stages of business development with a high potential for success. Further, one can also be employed and work on another job while working on your own business.
You can only qualify for a Start-up visa if your business idea is different from anything that’s currently on the market.
Requirements for the Start-up visa
To qualify for a visa, you must:
- Be at least 18 years old
- Not be a citizen of the European Economic Area EEA or Switzerland[2]
- Have an endorsement from a UK higher education institution
- Have an endorsement from an approved business sponsor with a history of supporting entrepreneurs in the UK
- Meet the financial requirements to support yourself
You must also show that your business is:
- A new idea (you cannot join an existing business)
- Innovative (your business idea is different from anything else on the market)
- Viable with the potential to grow
Financial requirements for the UK Start-up visa
At least 28 consecutive days prior to applying for your visa, you need to have had at least £1,270 in your bank account.
You do not need to hold funds to invest in your business, as the visa allows you to take on work outside of your business to support yourself financially.
The Start-up visa is valid for two years and allows you to bring family members with you to the UK. Should you wish to remain in the UK after your visa has expired, you can extend your stay in the UK by switching to the Innovator category.
The UK Innovator visa
This visa is designed for experienced business people wanting to establish a business in the UK. To be eligible, you will need to have access to at least £50,000 in investment funds. It is valid for three years and will allow you to bring dependants with you to the UK.
After three years, you may extend your stay for a further three years and thereafter apply to settle permanently in the UK.
Requirements for the UK Innovator visa
To apply for the Innovator Visa, you must:
- Be from outside the EEA and Switzerland[1]
- Be at least 18 years old
- Have a business idea that has been endorsed by an approved body
- Meet the English language requirement
- Meet the financial requirements
You will need to research which entities serve as endorsing bodies. It is best to approach those in line with your business idea.
Financial requirements for the Innovator visa
To apply for an Innovator visa and set up a new business, you must have at least £50,000 in investment funds available. You must be able to show where you got your funding from.
You do not need investment funds if your business is already established and has been endorsed for an earlier visa or you’ve changed your business and your endorsing body has approved it.
One company can have more than one Innovator applicant (e.g. co-directors of the same company), but each applicant still needs to be able to show that they have £50,000 to invest.
Funds to support yourself
You need to have had at least £1,270 in your bank account for 28 consecutive days before you either:
- Apply for an Innovator visa
- Apply to extend your Innovator visa
- Switch to an Innovator visa if you’ve been in the UK for less than a year
The funds cannot come from money for your investment funds.
Can I bring dependents on the Innovator visa?
You are able to bring your dependents (spouse, partner, child under 18) with you to the UK. Each dependant will need to complete a separate application and have their biometric information taken.
Tier 1 Investor visa
Requirements for the Investor visa
For investors who have access to a substantial amount of capital, the Tier 1 Investor visa is a relatively easy way to move to the UK and earn citizenship through investment. To qualify for a visa, you, your spouse or partner must have £2 million available to invest in UK government bonds or the share capital of active and trading UK companies.
You will not need to pass an English language test, be sponsored by a UK business or institution or prove you have adequate maintenance.