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UK Start Up Visa

UK Start Up Visa

Tier 1 Graduate Entrepreneur visa

A new type of UK business visa, the UK Start-up visa, which replaced the Tier 1 Graduate Entrepreneur visa, is created specifically for early-stage but high-potential entrepreneurs seeking to launch a firm in the UK for the first time. This category of visa was created to make sure that the UK attracts the greatest talent from around the globe and keeps its position as the top innovation and entrepreneurship destination in the world.

Benefits

  • It attracts young and talented businesspeople to come and start a new business in UK
  • This move will in turn amp up the productivity levels and inject more growth and development in to the economy of UK in the longer run.
  • This will then lead to more and more employment opportunities for skilled and ambitious workers both overseas as well as on a local level.

 

Economy

  • The UK economy has been fueled by the new start-up culture.
  • Start-ups are well known for creating new employment opportunities for overseas as well as local workers.
  • Much of innovation hub client companies are part of industry clusters that comprise of nearly 12 percent of UK GDP and nearly 2 million
  • The economy of UK is mainly dominated by services industry.
  • As per Corruption Perceptions Index, UK is ranked as one of the least corrupt countries in the world.

 

Business Opportunities

  • Start-ups are the reason behind the revival of many UK industries.
  • Much of the innovation and progress in UK economy is determined by advent of these start-ups.
  • Strong infrastructure and a sturdy taxation system is what make UK such a promising startup destination.
  • Ease and viability of conducting business in UK makes it such a lucrative destination for business pursuits.
  • The best part about exploring business opportunities in UK is the sheer creativity and openness with which they accept.

 

Eligibility Requirements

  • Prior to applying for this visa, you are required to have your business or Business idea evaluated by an approved body.
  • You will be given an endorsement letter stating whether your proposed business or business idea is viable or not.
  • Aspirant must be a minimum of 18 years of age
  • Must meet the English language requirements. You can do this by passing an approved English test with a minimum of CEFR level B2 in reading, writing, speaking and listening. Also, you need to have an academic qualification that was taught in English and recognized by UK NARIC, as it is equal to a UK bachelor’s degree, master’s degree or even PhD.
  • Personal funds to support yourself while you are in UK. You must have a at least £945 in your bank account for 90 consecutive days before applying for this visa.
  • Must be endorsed by an authorized body which is either an UK higher education institution or a business organization with a history of backing up UK entrepreneurs.

 

Processing time

  • If you are applying from outside UK you will be required to pay £363 as processing fees, but if you are switching within UK then you will be required to pay £493
  • If you have dependents along with you then you will be required to pay £363 each person, if you are applying from outside UK and if you are applying for dependents within UK itself then you will need to pay £493 each person.
  • The earliest you can apply for this visa is three months prior to your travel. For example, you must apply in advance from 16thMarch, if you have planned to travel on 15th
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