I’m extremely excited with the good work the UK government is achieving in approving the new Startup Visa program.
In summary, three types of visa applicants will benefit from this new program:
“Investors who invest £5 million will be allowed to settle here after 3 years, and those investing £10 million or more will be allowed to settle after 2 years. This compares with the current minimum 5-year requirement.”
Entrepreneurs who create “10 jobs or turn over £5 million in a 3-year period.” Additionally, “the standard investment threshold for an entrepreneur to qualify for a Tier 1 visa will remain at £200,000, but the government will allow high-potential businesses to come to the UK with £50,000 in funding from a reputable organisation. And entrepreneurs will be allowed to enter the UK with their business partners as long as they have access to joint funds. Additionally, a new type of visitor visa will be created for prospective entrepreneurs. They will be allowed to enter the UK so that they can secure funding and make arrangements for starting their business before they transfer to a full Tier 1 (Entrepreneur) visa while they are here.”
An Exceptional Talent visa (limited to 1000). “This innovative new route for exceptionally talented migrants will be limited to 1,000 visas per year. It is for those who have already been recognised or have the potential to be recognised as leaders in the fields of science, arts and humanities.” The limit to 1,000 of these is the only downer in the new reforms… hopefully this will change with time as the process to evaluate credible candidates is streamlined (currently this is set for review after 12 months).