According to Rules this category is for people seeking to establish a business in the UK for the First time. In contrast to the Innovator Visa, it is not for more experienced business persons. Those are switching to the Start-up category in the UK will be, “Tier 1 (Graduate Entrepreneur) Migrants”, who will be recent Graduates, Tier 2 Migrants, Tier 4 (General) Students and Standard Visitors who are here as prospective Entrepreneurs. Tier 1 (Graduate Entrepreneur) route was intended for graduates who wished to establish one or more businesses in the UK; at the endorsement stage they only needed to have a genuine and credible business idea. The Start-up route is explicitly said to be a replacement for Tier 1 (Graduate Entrepreneur) where the Business Plan required to be endorsed by the Authorised Endorsing Bodies. There is no specific requirement to have investment funds. However, maintenance funds for Main Applicant i.e. £945 and £630 for each dependent required to be maintained for over a period of 90 days. This Visa route requires that you establish a business in the UK that must be, “Innovative, Viable, and Scalable”. Your “Proposed Business Plan” will be endorsed by the “Authorized Endorsing Bodies”. You can move to the United Kingdom along with your family. The visa will be granted for, “Two Years” and after this period you can switch to Innovator visa if you prove the business of at least £50,000 however Extension for the same Category is not allowed. During the Granted period of leave applicant will spend the majority of the time to develop the business, but on other hand applicant can also take on other work outside of their business, to support. For English Language requirement you have to provide Knowledge of English either through a Degree Taught in English or you should pass an IELTS for UKVI test with CEFR Level B2.
Requirements of This Visa:
- a) £0 Investment Funds
- b) Maintenance Funds must be as follow (must be maintained for over a period of consecutive 90 days before the date of the online Visa Application in personal Bank Account of Main Applicant or in Bank Account of any Dependent)
- 1) For Main Applicant: £945
- 2) For Each Dependent: £630
- c) Innovative, Viable, and Scalable Business Idea/Business Plan. Client’s thoughts and plans will need to be tweaked to encourage the, “3 Elements” above in the business plan and in the execution of the business.
- 1) Innovation:
It is likely they will assess whether the Business Products, Marketing or Branding Display any Innovation. Here a focus on new methods, branding and perhaps most significantly new inventive products or services will be assessed.
- 2) Viability:
It will not be enough to simply be innovative, it is likely that the business will need show that it has thought about an made plans to be viable. Essentially this means careful assessment of whether the business will be able to provide the product or service in question, and whether it will be able to maintain cash flow until profitability. It is unlikely that the business plan that does not have a clear route to profitability will be accepted.
- 3) Scalability:
This is relevant to start-Up most of all Business Plans will need to have clear goals to scale. This is relatively easy for tech companies who are built to scale up from the outset. However all is not lost for companies in other sectors or others who are experts in other forms of businesses. For example, someone who wants to commence a fast food business will clearly be at a disadvantage if there seek to set up a single store which relies on local foot traffic for business. But if the same business, instead sought to open a number of branches of a fast food outlet that had strong branding, had innovative ideas or menu products (i.e. a normal range of fast food products as well as some that were indigenous from their country) or a strong process in its kitchen, this would fulfill all the relevant criteria.
- d) Endorsement Letter issued by one of the Auhtorised Endorsing Bodies.
- e) Applicant must not have previously set up a business in the UK.
Marif offers innovative, viable and scalable business plan according to endorsing bodies by “British Certified Accountants”.
In addition to the above requirements, applicant must not be a most recent Graduated and must have work/business experience to glow the more chances to avail this UK Start-Up Visa.