Start up visa guidance (2020) 🇬🇧 ✅️

What are the absolutely key points that you need to bear in mind before applying for a startup visa or innovative visa That’s what we’re going to cover on this live webinar. So let’s start with this diagram this is really important it shows in this flowchart the different stages of compliance when you apply and your full journey through to settlement we’re going to cover that along with the key criteria that you need to evidence the questions that will be asked about your business plan we are going to go over how you can then switch from a startup visa into an innovative visa and we’re going to talk about the process and achievements that you’ve got to have before applying for settlement we’re also going to look at a template endorsement letter and show what you need to do so we’re going to pack lots of information into this live webinar this is part of a series to help you if you’re applying for an innovator or startup visa if you want to get in touch with me for a free consultation if you’re considering your immigration options please do go ahead and message me on whatsapp on the telephone number in the description below if you’re watching this elsewhere just Google Tom Bradford innovative visa or Tom Bradford startup visa and you’ll get my details so let’s make a start the first point is in relation to startup visas. Now what are the key points you need to know before you apply well the startup visa and innovative visa categories are for non ei nationals wishing to set up a business in the UK to qualify for either category you’ve got to first obtain an endorsement from an approved endorsing body if you want help in applying I’d be very happy to assist you so what are the endorsing bodies these include business organizations and also higher education institutions endorsement is based on print support that it’s endorsing bodies rather than the home office who are best placed to assess and identify innovative business ideas and talent for the startup visa category it’s essentially for early stage but high potential entrepreneurs who are starting a business in the UK for the first time they may have already begun setting up their business but it should not have commenced trading and that’s a really important point you’ve got to make sure that you don’t incorporate first and then apply because you could disqualify yourself by doing so successful applicants can bring their family members so your spouse partner or children under 18 to the UK and at the end of the two years you switch into the innovator visa to extend your stay and develop your business in the UK so the startup visa is a one-off two year visa during which you spend the majority of your time developing your business but you can also take on work outside of your business to support yourself so you can have a side hustle if you like or as is more applicable to most of my clients they have a a separate business and doing something else but you can in theory work in the UK alongside building up your startup that’s the summary of that visa route let’s have a look at the innovator visa category so the innovator visa is for more experienced business people seeking a start seeking to establish a business in the UK applicants will usually need a minimum of 50,000 funding available to invest in their business this does not have to come from the endorsing body although some endorsing bodies may choose to offer this funding again talk to me if you’re looking to raise investment in the UK innovators must work entirely on their business so that means exclusively on the business that’s the contrast with the startup visa but there’s nothing to stop you having passive income from another source abroad so from investment income or if you’ve delegated your business over these two managers than that in principle is fine each case is considered on its own fact so you can be granted leave for three years at a time and you can bring your family members to the UK after three years you as an innovator can apply to extend your stay for a further three years or settle permanently in the UK so there’s an important difference there so these startup visa cannot be extended but the innovative visa can so if you’re considering applying and you’re considering your options between the two an important decision is what to go for

immediately given that eventually you’re going to need to switch into the innovative visa in order to settle in the UK in many cases my what I found with my clients is that we can go for an innovative visa straight off the bat and and skip the startup stage but that’s not for everyone if you’re most perhaps the most obvious example is a student in the UK and you’ve been on tier 4 and you’ve come to the end of your studies and you’re looking to either be endorsed by your university or by an incubator or accelerator then you might just want to go straight for the startup visa it’s going to be difficult for you probably as a student without making an assumptions but for most students it will be difficult to show they’re an experienced business persons that I have to do this startup visa route as I say if you’re doing that then you need to have some confidence about your ability to then switch after two years and to satisfy the other criteria which I’ll come to in a moment. Now what’s the role of endorsing bodies so an endorsing body has measures of what makes a good business idea and the freedom to apply these criteria as they think best so you’re in endorsement or be used to support your visa application and the endorsing body will need to stay in contact with you as a business founder at check points after 6 12 and 24 months in the case of the innovator category and it will have to let the home office know if they’re not satisfied with your progress so a lot of people ask me what do I have to do show progress with my business in the UK to maintain my prospects of securing residency and really the test is reasonable progress you must make reasonable progress with your business that does not necessarily mean that you’re in profits especially in the innovation sector many digital companies aren’t in profits for several years particularly if they’re highly scalable they might run a freemium model for some time until they build up their active user base for example so applicants can be working on their own as a business founder or working together as part of an entrepreneurial team they can be presenting a new business idea so the business may or may not already exist but should not yet have been started it should not yet have started trading and you may be presenting an idea in any sector so there’s no restrictions. Now on your business idea for example as there is in relation to tier 1 there were property development exceptions on to the previous tier 1 entrepreneur category but nevertheless it’s got to be sufficiently innovative viable and scalable and you could be developing another business as well as your main business that’s not prohibited so the categories are not designed for people that establish the business which doesn’t fulfil those criteria so which isn’t innovative viable and/or scalable and it’s not designed for joining an already trading business so for that the tier 2 skilled work routes might be more appropriate however if you are looking to invest into a company and be co-founder then get in touch with me because I have a network of businesses in the UK that are looking basically for co-founders and Investment Partners you would need to have a value-add to be a co-founder but you could still join a British entrepreneur for example for a new UK venture you can’t simply invest into the business but you would have to first put together a pitch based on your joints business concept and then establish the new business but there are entrepreneurs in the UK with scaleable viable and innovative business ideas and you may want to partner with someone in the UK in order to establish a business which has perhaps already got some viability testing so for example with an entrepreneur that’s already secured a government grant in respect of a business where you can have a value-add whether that’s in terms of investment or subject matter knowledge and ideally both of those things so let me know bol means as I say drop me a message if you want help with that if you want to consider teaming up with an entrepreneur here or indeed with one of my other clients I have clients in almost every sector of the of the digital economy so those are the key considerations let’s just go to the flow chart as promised so

I’m just going to zoom in on this just bear with me a moment because I’m doing this life so the early-stage entrepreneurs just zoom in a bit more on this flow chart so the early stage entrepreneur will be going for a start-up endorsement there will be no funding required the visa application will be for two years and they can work outside of their own business. Now by the time of their next endorsement the question will be has the applicant demonstrated enough to meet the innovator same business criteria so if you’ve begun on a startup visa and then you’re switching after two years to the innovative visa have you demonstrated enough progress so reasonable progress and I made a comment about that just a moment ago so if the answer is yes then they would have the innovator endorsement and that’s the that would be in respect of the same business that that applied for under the startup visa there’d be no funding required and the visa application would be granted for three years but they could not work outside of their own business save for as I say passive forms of income. Now this is really important so it means in other words that there’s you can begin on the startup visa and not invest anything so there’s no minimum investment requirement and if you do that and then you switch to the innovative ease that the advantage is even then there’s no minimum investment requirement so you do not have to show the availability of 50,000 pounds however when you get to the settlement stage one of the ways of satisfying the criteria is to show an investment of 50,000 so then we get to here so the question is by the next endorsement has the applicant spent three or more years in the innovator category and have they demonstrated enough to meet the settlement criteria so the two criteria there’s a choice of several that you could fulfill some of them relating to market size and job creation my recommendation in most cases which would be applicable as I said to most businesses for beats demonstrate research and development and to have applied for a patent or intellectual property in respect of that and also to have invested 50 thousand although as I say it’s not strictly required if you begin on the startup visa and switch to the innovative visa let’s have a look at the other option so obviously we’ve completed that journey then so they come to the settlement endorsement. Now the other side of the flowchart is this that you are an experienced entrepreneur so if you are an experienced entrepreneur then you can go straight for the innovative visa let’s just zoom in on this a bit more so for this you need to have 50,000 of funding that could be your own funding your visa application is granted for three years and you can’t work outside of your own business and then you go straight through to the question of whether after three years you have demonstrated enough progress to meet the settlement criteria. Now if you have not then the advantage on the innovative visa is you can simply apply to extend at that point obviously you still have to meet the test for extension and show reasonable progress on your business but if for any reason you didn’t satisfy the criteria you could apply to extend that is by contrast with the startup visa which does not allow you to extend so as I say if you’re applying for a startup visa you’ve got to have pretty high levels of confidence that you can make it to the switc you will have some levels of confidence if you know that you are going to be endorsed under the startup visa because that is a vote of confidence by the endorsing body that hopefully should carry through for when you next apply so that’s the flowchart what sort of evidence do you need to produce and what do you need to prove in order to get the startup visa you’ve got to show that you have a genuine original business plan that meets new or existing market needs and/or creates a competitive advantage. Now in my last video which you can see in my suggested videos below or if you subscribe to my channel I went over some example business plans including eLearning and software-as-a-service products so I spoke about innovation and I want to repeat that here next viability does the applicant have or are they actively developing the necessary skills

knowledge experience and market awareness to run the business successfully. Now I spoke before about subject matter expertise so you’ve either got to have that or you’ve got to be developing it but the key test for me in relation to viability and what the endorsing bodies actually think about is financial viability so is this business idea going to fly is there sufficient market research what is your product going to be and how much is it going to cost to deliver it the next question is scalability is there evidence of structure planning and of potential for job creation and growth international market. Now I do work with sector experts so I’d be happy to assist you if you’re concealed considering this and looking at different sectors looking at market research you can just touch base with me as I said just drop me a message on the number below you can contact me on whatsapp or you can drop me an email so those are the key tests. Now when you come to the innovator criteria this is what is considered and this is what the endorsing bodies will have a look at so let’s just zoom out again so your endorsement letter must confirm that the applicant has made significant progress in developing their business as follows so this is if you’re switching from the startup visa into the innovative visa the applicant has shown significant achievements judged against the business plan assessed in their previous endorsement so significant achievements is the test the applicants business is registered with Companies House and the applicant is listed as a director or member of that business so you know you’ve got it you’ve got to incorporate etc as I say after and you get the endorsement for the startup visa not not before as I say otherwise you could disqualify yourself let’s go through the other criteria the business is active and trading the business appears to be sustainable fat least the following twelve months based on its assets and expected income weighed against its current and planned expenses so here again it’s really about financial viability if you are still developing your product by that stage and how much is it going to cost to deliver that to the marketplace do you have a Minimum Viable Product by that stage and then the applicant has demonstrated an active key role in the day-to-day management and development of the business this is important you can’t run this on a passive basis although this is not to say that you can be physically located in different place than the actual within the UK to the actual business you’ve still got to be involved in day-to-day management so this is not a passive investment option if you’re looking at past totally passive options then you would need to invest two million or more under the Tier one investor route again I’ve got videos about about that if you want to check that out just subscribe to my channel and check out my playlists let’s go for the next slide which is basically the template endorsement letter so this says dear your name this letter confirms that you’ve been endorsed for a UK startup or innovative visa application and it gives your endorsement details the reference number name of the endorsing body aim with the authorised person and those details so that’s pretty simple but the key the key thing to bear in mind is what is the ambit of the business that you’re working for bear in mind that under the innovative easy you’ve only got to be working for that business so it’s important to be able to define what the parameters of that business are so you know what is work in the business and what is work or what would work be outside of the business that’s very important to protect your position in relation to the visa conditions and to be in a safe position in respect of your activity so you don’t universally end up in breach or perceived breach of your conditions so look I hope that’s helpful in the next video I’m going to be going in to more detail I’ll be giving updates on the latest endorsing bodies how you can secure an endorsement the sample business plans I’ll be providing and more valuable information for you if you’re considering your options for the UK and elsewhere I mean I think that this visa route is one of the most compelling ones internationally and within Europe essentially under the innovative visa in particular you get permanent residents here it’s called indefinite leave to remain after three years and you only have to invest 50,000 that compares very

favorably with the other international routes including Portugal Island even the Caribbean roots obviously they’re not necessarily comparable but you have to invest you know much much more under those visa routes I think in terms of citizenship by investment and residency by investment Greece offers currently one of the cheapest residency by investment routes but really the UK continues to be very attractive to many applicants and if you are an entrepreneur or investor and you’re you’ve got a particular interest in the digital technology sector where you have an existing successful business that has an innovative element to it then this is definitely worth considering. Thanks very much for your time and I’ll see you in the next video