Aimed at encouraging more foreign entrepreneurs to come to the UK and contribute to the British economy, the new visa will be a welcome addition to current UK business visa options for non-EEA nationals wanting to come to the UK to set up an enterprise.
A driving force behind the proposals are ambitions to accelerate growth in sectors such as tech.
Under current proposals, the Start Up Visa will be available to individuals who want to set up business in the UK. Initial plans are that the visa will replace the existing Tier 1 Graduate Entrepreneur visa by widening availability to non-graduates, and by introducing faster processing and decision-making.
The Start Up Visa will require endorsement of the applicant and their business idea. The list of approved endorsers is to be made broader than under the existing Graduate Entrepreneur visa to include business sponsors, as well as universities.
Anne Morris, Managing Director at business immigration law firm DavidsonMorris, commented: "A new and well-aligned visa scheme is exactly what’s needed to make the UK a more attractive and accessible destination for foreign talent and investment.
"At DavidsonMorris, we work with foreign entrepreneurs and investors every day. We're extremely passionate about the contribution of foreign talent and its role in shaping and growing the UK economy. I'm extremely positive that the UK Start Up Visa will be a key enabler for our economy as we assert our global proposition as a hub of innovation."
If you have a business idea or are looking to invest in an existing UK business, please contact DavidsonMorris to discuss your eligibility and the options available to secure a UK business visa.