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The start-up visa lets people from other countries with basic business experience come to the UK and start a new and creative business. You don't need much money to get this visa, which makes it good for recent graduates and others who are just starting. Instead, you need to have a well-thought-out business plan that shows your unique business idea. A UK organization must approve this plan.
The start-up visa started in March 2019, replacing the old Tier 1 (Graduate Entrepreneur) visa. The UK start-up visa is a type of visa that allows foreign entrepreneurs to come to the UK to develop innovative business ideas and start or run a business. Here are some key points about the UK start-up visa:
To be eligible, applicants must have a genuine business idea or be an established business owner. They need to demonstrate that they have access to at least £50,000 in investment funds.
The Start-up visa is initially valid for 2 years and 4 months. After this period, visa holders can apply to extend their stay for another 3 years if their business is progressing well.
Visa holders can work full-time on developing their business idea or running their existing business. They can also raise further investment and bring in additional team members.
After 2 years on the start-up visa and meeting certain conditions, like funds invested and the number of jobs created, entrepreneurs can apply to settle permanently in the UK. Visa holders get access to the UK's entrepreneurial ecosystem, including incubators, accelerators, and investors. The government guides the setting up and growth of businesses.
It is a visa category that aims to attract innovative entrepreneurs and help them establish sustainable businesses in the UK.