If you are thinking of setting up a business in the UK from abroad, there are a number of things you need to consider. In this post, we discuss the fundamentals of setting up a business in the UK from abroad, and seek to answer the question: ‘I’m setting up a business in the UK – what visa do I need?’
Who can start a business in the UK?
If you to start a business in the UK as a foreigner, you’ll need to firstly determine your legal status.
EU citizens who lived in the United Kingdom before January 1, 2021, may be eligible for the EU Settlement Scheme, however, most foreign people will need to apply for a work visa before they’re able to start a business in the country. As long as you have the right to work and live in the United Kingdom, you can work as a freelancer, be self-employed, or start a business.
Which Visa do you need to start a business in the UK?
There are several types of UK visas that can be of use to individuals who are looking for a route to starting their own business in the UK.
Innovator visa
Innovator visas have similar rules to the now-defunct entrepreneur visa and are for people who desire to start a new business in the United Kingdom. If you want to apply for this visa type, you have to make sure your business idea is unique and it’s endorsed by an approved body.
You must have at least £50,000 in investment capital, or have invested this sum already in the previous year. If you haven’t invested the money yourself, it must come from a government-endorsed funding competition, a venture capital fund registered with the Financial Conduct Authority, or a UK government department.
You must also adhere to some other rules too, such as demonstrating you are from a majority English-speaking country or have taken an accredited English language examination.
Visas are £1036, or £1292 if outside the UK, and last for three years. You can extend your visa by a further three years if you meet the criteria.
Start-up visa
You can apply for a start-up visa if you have an endorsement from a UK higher education institution or an organization with a history of supporting UK entrepreneurs.
You’ll need to prove your business idea is new, innovative, and with potential for growth. Applications for Start-up visas can be made from outside the UK, but it is also possible to switch into the Start-up visa category from within the UK provided you do not have, or were not last granted, permission as a Visitor, Short-term Student, Parent of a Child Student, Seasonal Worker, Domestic Worker in a Private Household or outside the Immigration Rules. Fees are £308 for someone applying from outside of the UK, and £508 for someone switching.
You can stay in the UK for two years with a start-up visa. You can’t extend a start-up visa, but they can switch to an entrepreneur visa upon expiry in some circumstances.
Global talent visa
If you’re a leader either in academia or research, arts and culture, or digital technology, you can apply for a Global Talent Visa in the UK. The application cost is £608.
Under this category, you can work in the UK for up to five years.
UK Expansion Worker Visa
The UK Expansion Worker visa is a new sponsored route for established overseas businesses who wish to set up a branch or subsidiary in the UK. It allows eligible businesses to sponsor an existing senior manager or specialist worker when being assigned to the UK for a temporary period of time to undertake work related to the expansion of a business in the UK.
Applicants must be at least 18 to qualify for a UK Expansion Worker visa. The applicant must also already be working for a linked overseas business on the date of application and, unless they fall within an exception, have worked for that business for a prescribed minimum period. The UK Expansion Worker visa requires the worker to have a UK sponsor.
To apply for a UK Expansion Worker visa, there are various costs involved. In addition to needing funds of at least £1,270, where applicable, the applicant will need to pay an application fee of £259 and the annual immigration health surcharge of £624.
High Potential Individual Visa (HPI)
The High Potential Individual Visa is available to recent graduates of top global universities who wish to work or look for work, in the UK.
The High Potential Individual route does not lead directly to settlement in the UK. However, before your leave expires, you may be able to apply from within the UK to switch to another immigration route which does lead to settlement. Applicants may be joined or accompanied by a partner and dependent children.
The cost of the HPI visa is £715.
How can UK Advisory Services help?
UK visas and immigration are complex, so it can be difficult to navigate the visa application process by yourself. If you make a mistake in your application, your visa may be refused. This is why it is highly recommended that you seek the complete assistance of a professional immigration lawyer.
At UK Advisory Services, we can connect you with a team of expert business immigration solicitors who have had success with thousands of visa applications and will work tirelessly to give your application the best chance of a successful outcome. Contact us today to learn more.
