Tier 1 (Entrepreneur) Visa Category is Replaced with Start-Up and Innovator
Effective March 2019, changes to UK immigration law mean the Tier 1 (Entrepreneur) visa category has been done away with. In an apparent effort to deter projects that contribute little to the UK’s economy, the Tier 1 (Entrepreneur) and Tier 1 (Graduate Entrepreneur) categories have been replaced with the Start-Up and Innovator categories. What does this mean for non-UK nationals wishing to run their business from the UK? If you are looking for UK visa advice in the USA, you’ve come to the right place.
Why have the Tier 1 (Entrepreneur) & Tier 1 (Graduate Entrepreneur) categories been replaced?
These two visa categories have garnered a lot of attention in recent years. The UK government explained the elimination of these two categories by an influx of low-quality projects and a rise in financial crimes. The Tier 1 (Investor) visa category has also undergone a significant overhaul for similar reasons.
Migrants currently on these visas will not be affected and will be eligible to apply for settlement until April 2025. However, those looking to move to the UK now will need to apply under the new Start-Up and Innovator visa categories. Read on to learn more about these new visa categories.
The Start-Up Visa
The Start-Up visa is a quasi replacement for the Tier 1 (Graduate Entrepreneur) category. It is targeted at migrants wanting to start their first new business in the UK. Some major differences between the two include:
The Start-Up visa expands eligibility to those without a degree from a UK university.
It also does not require you to have already secured initial funds for your business.
The Start-Up visa is granted for two years, an extension of the one year compared to the Tier 1 (Graduate Entrepreneur) visa. After this two-year period, applicants may apply for an Innovator visa.
Importantly, it is now necessary to apply for an endorsement from a designated Endorsing Body before you may apply for the visa itself. You must show that your business is a new idea, innovative and viable (i.e. it has potential for growth).
The Innovator Visa
The Innovator visa has replaced the Tier 1 (Entrepreneur) category. It is a visa intended for those further along in their career, such as businesspeople and mature entrepreneurs. Some things to note about the Innovator visa are:
It is intended for those with a scalable, innovative and financially viable business plan. As with the Start-Up visa, it is now necessary to apply for an endorsement from an Endorsing Body before you can apply for an Innovator visa.
Applicants are required to have £50,000 to invest in their business from legitimate sources.
Applicants who meet the Home Office’s criteria may be eligible to apply for settlement in the UK after three years on the Innovator visa.
Do you need help with UK visa advice in the USA?
As you can see, these UK visa categories have undergone some major alterations in recent years. If you’re considering starting your new business in the UK, it’s a good idea to consult a team of professionals - when large investments are at stake, it's worth getting it right the first time.
At Eversage Associates, we specialize in UK-bound immigration. Our modern approach to communicating with clients and providing tailored advice sets us apart from the crowd.
Moving abroad can be stressful, especially when your business plans are a part of the equation. Our experienced team makes using a lawyer easy, and we take complete ownership of the process for you. If you’d like to learn more about eligibility and requirements of the Start-Up and/or Innovator categories, please contact us today!