For the past some years, the Investment Visa UK has acted as the most sought-after route for people looking to set up a business in the UK. This visa was also known as a Tier 1 investor visa. This visa helped overseas investors to live in the UK by investing a substantial amount of money in the UK. But as of 2022, this visa was closed due to illicit use of the visa for money laundering in the country. The closure of this route may have adversely impacted many aspiring businesses in the UK. Still, there are many alternatives like the UK self-sponsorship visa route (also referred to as self-employed visa) which offers another way to establish business in the UK and then get residency in the country.
An overview of UK Investment visa:
The UK investment visa was primarily brought in by the UK Government to attract high-net-worth individuals in the UK who can easily contribute to the growth of the UK economy. In return, they got the ability to work and live in the UK and eventually get permanent residency in the UK.
The UK investment visa served the following benefits to the high net worth individuals:
- Faster way to residency: On the basis of the amount of investment, investors could fast-track their residency process in the UK
- Sponsorship not required: As this route is different from other routes, you don’t need a job offer or an employer to sponsor you.
- Ease for family members: The family members can join you in the UK and enjoy the same residency rights as you.
But with the abolishment of this route, high net worth individuals have an alternative visa option: the UK self-sponsorship visa route (also known as self-employed visa) became the next best alternative.
Let us discuss in detail this self-employed route
When the UK investment visa was closed, the UK self-sponsorship visa became very popular due to its many advantages. This visa route offers a flexible and autonomous way to start your business in the UK.
What is a UK self-sponsorship visa route?
The self-sponsorship visa route that is; the self-employed visa is an amalgamation of a sponsorship licence and a skilled worker visa. The visa route uses various elements of a sponsor licence and a skilled worker visa and the combination of both of these creates a business visa route option for overseas entrepreneurs which is the most sought-after route. This route is in line with the UK’s approach to attract talented individuals and entrepreneurs while also ensuring compliance with immigration regulations.
Step-by-step guide to applying for a Self-sponsorship visa
- Starting a business in the UK:
- Start with registering your company in the UK with companies house and make sure you are compliant with the rules and regulations in the UK
- Create a working and realistic business plan that is potent and comes with the possibility to contribute to the UK’s economy and create more jobs in the UK.
- Get a business bank account and secure funding that supports your business.
- Get a sponsor licence:
- You will be required to apply for a sponsor licence from the UK home office which lets the business to sponsor skilled workers.
- You will have to meet the criteria for eligibility which includes proof that your business is legitimate and fulfills the responsibilities of sponsorship.
- Apply for a skilled worker visa:
- Once your sponsor licence is attained by you, then you can submit the application for skilled worker visa to employ yourself and work for your own business.
- You also need to fulfill the job role needs which also include the requirement of meeting salary threshold and level of skills.
Advantages of Self-Sponsorship Visa
- Business Freedom:
This self-employed visa route is one of a kind as it lets you start and operate your business by having more control in comparison to other business visa options like the Innovator Founder visa.
- Flexibility:
Individuals belonging to different fields that include technology, healthcare, and creative industries can customise the business to be in line with their experience and expertise.
- Pathway to settle :
Like the UK Investment visa, the self-sponsorship visa route leads to indefinite leave to remain and finally permanent residency in the UK.
- Family inclusivity:
Your family dependants including the spouse and children can come to the UK with you and have the same residency rights as you have in the UK.
Are there any other alternatives?
Apart from the self-sponsorship visa route, there are some other business visas you understand about.
- The Innovator Founder Visa:
As the name suggests, this visa is based on how innovative is your business idea. Apart from being an innovative idea, your idea also needs to be endorsed by an authorised body in the UK. However, this visa does not come with a minimum financial requirement as it focuses on how innovative and powerful your idea is. It’s just that the individuals must be able to get their idea validated from an authorised body to endorse.
- UK Paid permitted activity:
If you are a professional in your field and have been invited to the UK by a British company or client, then a Certified Paid Engagement Visitor Visa may be the right choice for you. Paid Engagement Visitor Permit Visas are often used by artists, musicians, speakers, and other professionals who wish to visit the UK for a short period. In this article, we explain everything you need to know about visiting the UK for a Certified Paid Engagement. This route is only available to people coming to the UK for approved paid work. The Authorised Paid Employment visa allows certain professionals and experts from other countries who are employed by a paying company or client to come to the UK for up to one month without sponsorship.
- UK Business Visitor Visa
The Business Visitor Visa and several other categories of visitor visas have been combined into one program known as the Standard Visitor Visa. If you need to visit the UK on business, travelers from certain countries will need to obtain a UK Standard Tourist Visa before entering the country. This visa allows you to carry out commercial activities to be appropriate conditions and represent a foreign company in the United Kingdom for up to six months. It also allows you to attend the study within 30 days, if necessary. Regarding creativity, scholars who come to the UK are allowed to stay up to 12 months if they meet the criteria for acceptance. We recommend using a visa to use a visa. This is because a visa may refuse even a small error. If you need to visit the UK regularly in your business for a long time, you can apply for a visa for 2, 5 years, or 10 years. Nevertheless, you can stay for only six months for each visit.
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