New UK Startup Visa Scheme

Brexit what? That is old news friends! The real news is that the United Kingdom has announced the ‘Startup Visa’. This, dare we say, ‘strategic’ move to encourage new businesses to set up on the island nation, post Brexit, is forward thinking to say the least and will continue to drive economic growth. With the aim of attracting entrepreneurs to the UK from abroad, the scheme will launch in the Spring of 2019. Applicants would need to be endorsed by a university or approved business sponsor. The UK is considered a leading nation and is looking to attract worldwide talent in innovation and entrepreneurship to their shores. Expanding on the existing Graduate Entrepreneur Visa, the scheme is now open to a wider range of candidates. We imagine the UK’s goal is to remain competitive in industry sectors such as tech. Some might view this move as a little ironic considering the UK’s stance on immigration policies but clearly where economic benefits are concerned, loopholes can exist. Current regulations allow for entrepreneurial visas under the Tier 1 route but criteria is stringent and approvals are low. This does not paint a pretty economic picture for the UK. A new one must be painted. How stringent is the criteria for the new Startup Visa Scheme, we hear you ask? All will likely depend on the viability of the business idea and the person behind it. Who best to decide that? The business sponsor or accelerators will review the business proposal and the Home Office will review the individual applicant. The eligibility criteria is seemingly still under review and more information should be available soon but we understand that the existing cap of 2,000 applications for the current scheme will remain. Watch this Startup space! Start up your journey with us and list your business today!  

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