With the withdrawal of the United Kingdom from the European Union, there has been substantial disruption to European investments into the UK.
Following Brexit, it was necessary for the UK to enter into bilateral agreements with other countries to encourage investments to fill up the pockets of commercial vacuum created.
India being an important partner of the UK, both countries earlier this year executed several Memorandum of Understandings to encouraging exchange of talent and skill to facilitate presence of talented and skilled professionals and businesses particularly in the UK. It is anticipated that in the coming days, the ties between both India and the UK will become strengthened.
While professionals from India are hired by UK employers on a point-based system under the skilled worker visa regime, in this article we shall provide information regarding the routes of business immigration to the UK.
This article may be useful for business owners and professionals who are planning to launch their start-ups in the UK.
Entrepreneur or Investor visa
This immigration route is intended for high net worth individuals who intend to make large investments in the UK. The minimum investment required to be eligible is £2,000,000.00 (Two-million-pound sterling) into the UK.
This category of leave allows the holder to eventually settle down in the UK along with any dependants. Generally, the application for a permanent settlement can be made after 5 years of business in the UK, however, if the quantum of investment is more, then the visa holder may apply for settlement before the completion of five years.
Innovator and Start-up visa
In recent years the innovator and the start up routes have become quite popular particularly amongst young and dynamic entrepreneurs. India is a booming economy of young talented professionals, and we often receive several instructions and queries from India in relation to these visas.
In order to apply under these two routes, the proposed business plan of the applicant is required to be endorsed by an “endorsing body” based in the UK. An endorsing body is an entity who would consider the potential business plan of the applicant and decide whether the business is innovative or whether the business is likely to be successful as a start – up. The endorsing bodies are generally specialist in the field of the proposed business of the applicant.
The innovator visa is aimed at established individuals who have an ability to invest a minimum of £50,000.00 in the UK. This is a mandatory requirement along with the endorsement. The aim of the endorsing body is to assess whether the business is innovative, viable and scalable. The endorsing bodies may set other mandatory pre – conditions apart from the minimum investment capacity of £50,000.00. The innovator visa is initially granted for 3 years which can be further extended.
The Start – up visa is aimed at new businesses, particularly, where talented professionals intend to start an innovative business in the UK. Similar to the Innovator visa, the applicant requires an endorsement from the endorsing body to ensure that the start – up is innovative and has opportunities for growth. There are no requirements for mandatory minimum investment in this category of visa. Initially, the visa is granted for a period of 2 years, after which, the visa holder may switch to an innovator visa for a period of 3 years and subsequent extensions.
Both these visa routes offer the applicant and their dependants a route towards settlement in the UK.
How can KTS Legal help ?
We have a fully functional immigration desk comprising of solicitors who are experts in the field of business and corporate immigration.
We will liaise on your behalf with the endorsing bodies and guide you with your visa application with the Home Office in the UK.
After the grant of your visa, our team of experts can guide you to open your company in the UK, register your business with the relevant authorities, rent/purchase an office space, and advise you on employment and regulatory compliance.