Call for Assistance: 02033 259 341
Spondoo Accounting
Call for Assistance: 02033 259 341
Spondoo Accounting

SETTING UP YOUR BUSINESS IN THE UK? UK VISA PROGRAMS TO BE ACQUAINTED WITH.

January 19, 2023

The UK is a world leader for raising capital, starting a business or acting as a credible location for a head office for running a truly global operation. From Europe fintech businesses (such as https://wise.com/) to Indian professional services companies, London and the UK have acted as a platform to scale up their organisation ready for global expansion. 

Many factors driving this trend include:

  • the large concentration of family offices and venture capitals firms within London
  • tax incentives for raising investments such as SEIS and EIS https://www.spondoo.co.uk/tips/is-your-business-eligible-for-eis-seis-qualifying-trades/ 
  • robust and internationally connected banking sector
  • limited withholding taxes for international investors
  • the world’s most robust and sophisticated sector for offshore tax structures
  • the UKs skilled workforce and professional services network

In this article we will attempt to explain the VISA options available to you as an international entrepreneur looking to set up your business in the UK or even scale up your current business. 

How do I move to the UK and set up my business? 

As an international entrepreneur, you have the following VISA options available to you for moving to the UK: 

Innovative Visa 

This visa option is designed for individuals with innovative business ideas and plans looking to start a business in the UK. It aims to help talented entrepreneurs bring their ideas to life and create new businesses that can benefit the UK economy while also providing a viable source of income.  

To be eligible for this Visa option, applicants must meet the following requirements and conditions: 

  • Have an innovative, viable and scalable business idea that can benefit the UK economy 
  • Have a genuine and original business plan that is backed by an approved endorsing body ( https://www.gov.uk/government/publications/endorsing-bodies-innovator/innovator-endorsing-bodies) 
  • Demonstrate the necessary qualifications, skills, and experience to run the business 
  • Be able to demonstrate access to at least £50,000 in investment funds 
  • You must not have any criminal convictions 
  • Show proof of English language proficiency to a minimum of CEFR level B2 
  • Must provide evidence of your business’s potential to generate revenue and create jobs 
  • You must be able to demonstrate that your business has the potential to grow and expand 

This visa is part of the Start-up visa program and is valid for three years. It accepts applications from those who want to launch businesses in the UK from anywhere in the world. 

Start-up Visas 

This two-year visa option is designed to allow entrepreneurs from outside the European Economic Area (EEA) to move to the UK and start their own business. It is open to over 18 year-old individuals with a business idea or existing business. 

 To be eligible, the applicant must comply with the following requirements and conditions 

  • You must have a business plan endorsed by an approved body  
  • You must have a minimum of £50,000 of investment funds or have access to those funds from an approved third party 
  • You must be able to demonstrate that you have the skills and experience to start and run a business 
  • You must have enough money to support yourself while you’re in the UK 
  • You must not be involved in any business related to terrorism activities 
  • You must not work for another employer or set up a business that competes with your own 
  • You must not claim public funds 
  • You must comply with all UK immigration laws 

Applicants who apply for the Start-up Visa must demonstrate that their business is active and makes a positive contribution to the UK economy. 

Scale-up Visa 

The scale-up visa option is available to those looking to expand an existing successful business in the UK. This visa allows the applicant to stay in the UK for up to three years.  

It is open to applicants from India and Eastern Europe who have an existing business in the UK that is looking to expand. 

 To qualify for the Scale Up Visa, you must meet the following requirements and conditions: 

  • An endorsement from an approved body, such as an accelerator or venture capital firm 
  • A viable business plan that outlines the company’s objectives and how it will achieve them 
  • Access to the necessary finances to fund the business 
  • Evidence of business success in the home country and/or the UK 
  • The applicant must be at least 18 years old 
  • Must demonstrate an active engagement in the management of the business 
  • Must not pose a threat to the public or national security of the UK 
  • Must create at least two jobs in the UK 

UK Global Talent Visa 

The UK’s Global Talent Visa is a five-year option designed for highly skilled individuals who wish to work in the technical fields such as engineering and medicine. It is open to applicants from India and Eastern Europe who are looking to work in the UK. 

The following requirements and conditions are to be achieved: 

  • You must be a highly skilled individual with recognised expertise in the fields of science, humanities, engineering, the arts, or digital technology 
  • You must have been endorsed as a recognised leader in your field by a designated competent body such as the Royal Society 
  • You must meet the maintenance requirements 
  • The applicant must meet the English language requirements 
  • You must have access to sufficient funds to support yourself and any dependents 
  • The applicant must not have any unspent criminal convictions 
  • You must not have any immigration violations in the past 
  • You must be able to demonstrate a successful career in your field and a record of accomplishment. 

Summary 

Overall, the United Kingdom Visas and Immigration (UKVI) is committed to helping talented people from around the world make the UK their home, but they must prove that they are adding value to the UK economy. The range of visas available for entrepreneurs, innovators and global talents provides an excellent opportunity for people to develop their business ideas and make a real contribution to the UK economy. The visas also provide access to a range of benefits, such as access to the labor market, access to certain public funds, and assistance in scaling up the business. 

Get in touch with us today for more information.

more tips

Can You Claim Food as a Business Expense?

The golden rule when claiming business expenses is that the cost must be “wholly and exclusively” for business purposes. So, where do you stand when it comes to food and drink? After all, everyone needs these things to survive. When does it become an allowable expense? Read on to find out when your business can claim food and drink as an expense.
READ MORE

Self-Employed National Insurance Class 2 and Class 4 Rates

If you are sixteen and over, self-employed (sole trader or in a partnership) and making a profit befitting the ‘small profits threshold’, you are liable to pay national insurance.
READ MORE

Key UK Personal Tax Year Dates & Deadlines 2021/2022

Are deadlines creeping up on you? Spondoo is here to ensure you keep on top of things and take control again. These are the important dates you should take note of.
READ MORE

How To Set Up A Limited Company 

A Step-by-Step Guide  This is an easy-to-understand, step-by-step guide, to opening a successful limited company. But before we dive in, let’s check the legality surrounding it. 
READ MORE

Accountants in Haslemere, Surrey

We are qualified accountants providing personal and professional services for start-ups, established companies and individuals in and around the Halsemere area in Surrey. With the rise in technology, we have embraced the digitisation of accounting using efficient digital accounting tools to offer reliable services to our customers. Our goal remains to get our clients the best accounting and taxation services at the most affordable rates.
READ MORE

Onsite Canteen and Lunch Vouchers - Are They Taxable?

The provision of food and drink to an employee by their employer is a lovely thing to do. Eventually, it promotes teamwork, loyalty, a sense of belonging and even improves productivity. Taking it at face value makes it look like a simple act of kindness. However, unless it is done correctly, it can cause tax and national insurance compliance issues for the employer.
READ MORE
1 2 3 39
LEARN MORE
Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.
© Copyright 2023 - Spondoo - All Rights Reserved
How, can we help?
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram