New Category for the UK Visa: Prospective Entrepreneur
You’re new startup idea is getting a lot of interest in the U.K., even garnering some interest from a group of investors outside of London.
What’s needed right now, is your presence in the U.K. to personally vet out the sources of interest, and further your feasibility assessment to see if the project can really take off.
You and your partner are guessing you’ll need three to six-months tops over in the U.K. to make your presentations and follow-ups with the investment group. Then, you can make plans to set up your office sometime within the year.
The country introduced a ‘special visitor category,’ called a Prospective Entrepreneur UK visa, to make it easier to come to the UK. Generally, the entrepreneur is seeking funding for a startup, or looking to run a business in the UK.
The criteria for the Prospective Entrepreneur visa include:
Coming to the UK for less than 6 months in order to secure funding for a business, or even to take over an existing business, or actively involved in a business within the UK.
If you can’t meet the requirements, you must be ready to leave after 6 months; however, meet certain requirements for an extended stay via the Entrepreneur status.
Submit an original, signed letter with your applications to include one or more Financial Services Authority (FSA) Venture Capitalists. You can also provide the same from the UK Trade and Investments department (UKTI).
If you are ready to move up to the Entrepreneur status, you’ll be given the go ahead to remain in the country for two years to mark your initial stay.
But you won’t be able to sit back and enjoy your stay without realizing progress in your business---a criteria for the extended stay.
Then, as your business becomes entrenched in the UK, and after you’ve spent four years in the country, you’re allowed to apply for an Indefinite Leave to Remain (ILR).
That has to be a nice cup of tea for any entrepreneur with eyes on the UK. Contact us for more information on how we can help you acquire this important visa.