The United Kingdom undoubtedly offers a wide array of opportunities not just to potential employees, and new businesses but to innovative individuals as well. There has recently been a boom in SME businesses getting established and growing through the hard work and dedication of the owners, and due to the support of the government and investors.
Given that the UK is already a hotspot for startups due to its robust economy and language advantages, more and more startups are coming to the UK, and benefiting from the support available. The UK government also supports foreign startups and offers a nice program to help them legitimately operate in the country.
So if you are an entrepreneur, interested in entering the UK SME Market then you just need to secure an endorsement from an authorised body in the UK and can apply for a UK startup visa. There is more to that than just an endorsement letter. We will help you to understand the key points of getting a startup visa in the UK… Let us now go into details!
UK Startup Visa Eligibility Requirements
- If you wish to do business in the UK then you first need to pitch and have your idea assessed (it must be innovative, viable, and scalable) by an approved body in the UK. Then they will give you an endorsement letter.
- Of course, you must be of legal age and must have a basic English knowledge, and prove that you are able to financially support yourself while in the UK (minimum of £945 in your bank for 90 consecutive days).
- Lastly, you should have a passport or any identification that allows you to travel.
When to apply, how long it takes and how long you can stay on the UK Startup visa?
- Apply three months before your target date of travel to the UK. Once approved for a Startup-Visa, you are now given 2 years to do business in the country. Sadly, there is no extension for a Start-up Visa and length of stay could also be reduced if the endorsement letter is withdrawn. If you wish to stay longer, then you could apply as an Innovator.