Suppose you are an entrepreneur by heart and are going through various UK investment visa. In that case, you must have heard about the Innovator founder visa, Start-up visa, Global talent visa, and Global Business Mobility Route. But have you ever heard about the self-sponsorship visa? 

You may not find this visa name if you search for it on the UK Home Office website as this visa does not exist, but moreover, this visa is a route developed by coming Skilled Worker Visa and Sponsor Licence. Yes, you heard it right. 

Now you may have questions like- “Is the self-sponsorship visa an authentic visa type?” 

The answer is yes. This visa route works in a way under which you establish a business in the UK and then sponsor yourself via your own company that has a legitimate sponsor licence while also meeting the skilled worker visa norms.  

The self-sponsorship visa is a very legitimate and promising route that allows overseas entrepreneurs to grow their business in the UK and ultimately settle in the UK. 

Let’s explore some key benefits of the self-sponsorship visa route:

1. No hefty financial requirements: There is no compulsion of a certain amount set by the home office that is to be invested. However, it does not mean that this visa route is free, It still has some costs attached to it including the legal fee, sponsor licence fee etc.  

2. No need to have a sponsor: As you are the owner of the business you have established in the UK. You won't need to depend on a third party or an employer to sponsor you. Once you have acquired a certificate of sponsorship you can apply for the skilled worker visa. Via this way you can become your own sponsor while being a business owner. 

3. Control over your immigration matters: Now that you control your business you can become in charge of however you want to manage your immigration requirements. 

4. Anyone can meet the eligibility criteria: under this route, you have a wide range of industries and business types, including startups, small businesses, and consultancies.

This route favours those who are not able to meet the strict financial or industry-specific needs of other traditional investment visas like the Innovator founder visa, Start-up visa, Global talent visa, and Global Business Mobility Route but are determined to establish a successful business in the UK.

Getting an Understanding of Traditional UK Investment Visas:

1. Innovator Founder Visa: This visa requires an investment of at least £50,000 along with a valid endorsement from a UK-approved endorsement body. Under this visa, as the name suggests, your idea must be innovative, thriving in nature and scalable business. 

2. Start-up visa: designed for business owners with high-potential ideas but no startup capital. It is short-lived and non-expandable, but it doesn't require investment.

3. Investor Visa: This route is targeted at entrepreneurs who don’t have early finance but have a high-potential business idea. While it does not require investment, it is just transitory and this visa can’t be extended.

The above-discussed visas are tightly structured and meant for high-net-worth individuals with access to large financial aid and unique business ideas that are well aligned with the Government of the UK and their economic priorities.

Comparison of Self-Sponsorship Visa Route with Traditional Investment Visas:

Challenges you should consider:

Self-Sponsorship:

The business plan that you present must be detailed and must convince the home office that proves to be beneficial for the UK economy. If you are not able to fulfill this requirement then this could prove to be the biggest challenge for you. 

Apart from one of the challenges mentioned above, the entrepreneurs who have gone through the self-sponsorship visa UK route must comply with the time-to-time immigration reporting and rules that are required to be followed. 

Traditional Visas:

Under the traditional routes, one of the biggest challenges faced is the amount of significant investment needed which makes the visa inaccessible for many business owners. The traditional visas limit flexibility as most of them require businesses to align with specific sectors or government priorities. 

To add more difficulties, the process that has been set up involves multiple steps including audits related to finances and endorsements which can be time-consuming. 

How to make the right choice:

Choosing between self-sponsorship and the traditional investment route can involve a lot of research and effort. The choice between both things depends on your situation, including financial resources, your business goals and mission & vision.

Here is something that can help you with considering which of the options is best for you:

1. Funds requirement:

The self-sponsorship visa route is undoubtedly more accessible if you have less money to invest. However, this does not mean that you don't need funds to invest in the UK via this route; it simply means you need less funds compared to the traditional visa routes. 

But if you have a significant amount to invest in the UK, you can choose the traditional visa route. 

2. Achieving business objectives

If your vision is to establish a new business, have control over the operations, and grow your business this route provides you with the freedom to do so.  

3. Chance to become a citizen of the UK

This visa route is ideal for entrepreneurs who are planning to stay for a long in the UK especially those who are looking to get permanent citizenship. Under this route, after you have completed 5 years you can apply for citizenship in the UK but under the traditional route, you can get a limited time of residency without the guarantee of becoming a citizen of the UK. 

Taking the right route between the self-sponsorship visa route and the traditional investment route needs an expert to give you the right guidance. It is important for you to consult with immigration experts like A Y & J Solicitors who can help you to understand the terms and conditions that are attached with each of the options for attaining the UK business visa.