UK Entrepreneur visas
On the 29th of March 2019, the UK introduced new visas for entrepreneur looking to set up business in the UK.
The Start-up and the Innovator visa categories
An immigration business plan is required for each of the two visa categories and these needs to be professionally written to get your business endorsed by an authorized endorsement body.
An immigration business plan is quite different from a standard business plan which an entrepreneur would normally have for the smooth running of their business or to secure funding for their business
A compliant start-up visa or innovator business plan will need to satisfy the tests set by the UK immigration rules. Most clients failed in the genuineness test under the prior Tier 1 entrepreneur visa route
The plan must therefore show the endorsement bodies as well as the UK visa and immigration officer that it meets the following tests
The business plan needs to demonstrate the originality of the business setting out the products and services as well as how the business will create a competitive advantage.
The business plan needs to set out the necessary skills and experience required to progress the business and how the applicant possess those skills as well as a study of the market.
The business plan must show how the business will contribution to the UK economy in the form of job creation and the international markets.
This is likely to be more challenging for startups, where projections will need
You must also show the immigration officers that
- you genuinely intend and are able to establish, take over or become a director of one or more businesses in the UK within the next 6 months;
- you genuinely intend to invest the money you have stated as your investment amount
- the money is genuinely available to you and will remain available to you until such time as it is spent for the purposes of your business or businesses;
- you do not intend to take employment in the United Kingdom other than working in your business.
You will also need to show
- your relevant experience in your proposed UK Industry
- the credibility and breadth of your market research
- your relevant academic qualifications
- how your business will benefit the UK
Your business plan also needs to deal with the following:
- Your market research and feasibility
- How you plan to spend your investment
- How you plan to provide at least 2 employments to the UK
- The viability of your business