The United Kingdom beholds a rich culture and immense opportunities for global citizens to build a successful life. This country also offers numerous work, study, and travel opportunities. Business enthusiasts from various parts of the world want to run their own business and gain popularity. Due to the increasing demand in the business field specifically, the UK government offers specific types of visa routes such as UK innovator founder visa, start-up visa, self-sponsorship visa, etc. These are some of the specific visa routes that are recommended for business professionals. However, most of the people choose the innovator founder visa or start-up visa. If you are someone who wants to establish your own firm in the UK and still looking for the right visa route, this article is just for you. In this informative article, we are going to compare the innovator visa with the start-up visa. So what are we waiting for? Let’s dig into this article to learn more about this comparison.
What is the UK Innovator Founder Visa?
Before going any further, it is essential to know about this route first. So when we say innovator founder visa, it is for people with innovative business ideas. Your business idea must differ from what people already do in the market. Your business must be scalable, sustainable and viable. This visa option requires you to get along with an endorsing body or a UK sponsor who can take responsibility for meeting the requirements of your business idea. Through this visa route, you can stay in the UK for three years, and after this period, you can switch to other visa options. This route requires a heavy investment of at least £50000, which can not be affordable for everyone.
Eligibility Criteria of Self-Sponsorship Visa
To obtain this visa route it is essential to fulfil the eligibility criteria. Here, we have mentioned some of the specific eligibility criteria that are essential to fulfil.
First of all, you must have a robust business plan which should be scalable and value-adding to the UK business market.
You must have obtained a sponsor licence that can help you to sponsor yourself through your own business.
You must have registered your business in the United Kingdom as a sole trader, partnership or limited private company.
You must have a certain amount in your bank account to invest in your business and live an independent life in the United Kingdom.
This visa route requires you to have a certain proficiency level in the English language. You can appear in the IELTS test and obtain an English language test certificate.
Your age should be above 18, and you must have all your educational certificates in place.
Benefits Of Self-Sponsorship Visa
This visa route allows you to sponsor yourself and eliminate the requirement of having an endorsing body or a UK sponsor.
The UK self-sponsorship route allows you to run your business independently without the involvement of any third party.
Another benefit that you can get from this visa route is great exposure to the UK business market. You can get connected with bigger fish in the market and analyse their moves to learn robust business tactics.
Self-sponsorship visa can help you stay in the United Kingdom for four years and after this period of time you apply for indefinite leave to remain and obtain permanent residency.
If you are looking forward to settling down in the United Kingdom, this visa route can help you to obtain British citizenship as well.
Self-Sponsorship Visa Vs Start-Up Visa
These two visa routes are the most in-demand visa routes available for global citizens. But it is important to analyse both the routes and select the most beneficial one. So if you are also confused between choosing self-sponsorship and a start-up visa you must know the differences between these two. You will be surprised to know the biggest difference between these visa routes. Well, the start-up visa route has been closed and you can not apply for this visa any longer. Instead of this route, you can apply for an innovator founder visa but it can not be affordable for every business enthusiast. The innovator founder visa route asks for a certain huge amount to invest in the UK business market. On the other hand, self-sponsorship does not require a certain amount to invest in the United Kingdom. The innovator founder visa is specifically designed for the high net worth individuals but a self-sponsorship route for everyone wanting to establish or expand their business in the United Kingdom.
Another essential difference between these two visa options is innovator founder visa requires to have a UK sponsor or an endorsing body. On the other hand, the self-sponsor route eliminates the requirement of having a UK sponsor. Now, you must understand which visa option will be affordable and beneficial for you. Well, it’s clear that the SS visa option is much better than any other visa option you are looking for. However, it won’t be that easy to obtain this visa route as it involves certain complexities. However, to overcome those complexities, you can seek professional help from experienced immigration solicitors with great knowledge of UK immigration laws. There are some renowned immigration firms in the UK, such as A Y & J Solicitors.
Conclusion
At last, we can say that the innovator founder visa or start-up visa UK is good, and individuals are free to choose this option, but the thing is, these two visa options have been closed for application. Since there is no such beneficial UK visa route, you can choose the self-sponsorship route. This route is designed specifically for business professionals who want to set up their business in the UK. This visa route is open for big and small types of business individuals. This route is exceptionally great as it streamlines the path to UK citizenship as well. So, without any doubt, you can opt for this route and fulfil your dream. So what are you waiting for? Let your dreams come true without carrying any extra baggage.
