UK Home Secretary Sajid Javid has announced a major overhaul of immigration regime for overseas Entrepreneurs in the Parliament. UK Innovator Visa will now replace the Tier 1 Entrepreneur Visa.
UK Start-up Visa was also
announced by Sajid Javid. This is for those who are launching a new business in the UK for the first time. UK Innovator Visa is for experienced business individuals who possess funds for investing in their
business.
The Home Secretary
said that both the new streams will be
based on the endorsement model. This has proved to be successful for our
Exceptional Talent and Graduate Entrepreneur routes, he added.
Business experts and not the Home Office will assess
the business ideas of the applicants. This is for
their scalability, viability, and
innovation. It is for identifying those ideas that will incur optimum
benefits to the UK.
The assessing
agencies will include Seed competitions, Business accelerators, and Government
agencies. Higher education provides will also be included, as quoted by the
Guardian.
The UK Innovator
Visa and UK Start-up Visa will replace
the current Entrepreneur and Graduate Entrepreneur Visas. These have
attracted a couple of high-quality businesses to the UK.
However, the
Entrepreneur Program has a long list of projects of low quality. These have
contributed minimal or nothing at all to the broader economy of the UK.
Sajid Javid said
that the existing pathways will be kept open for a period of transition. This
is for those who are already having these UK Visas. It is for extending their
stay and enabling them to settle if they fulfil the current requirements.
The applications for Tier 1 Entrepreneur Visa will be accepted until March 29, 2019. The conditions for the UK Innovator Visa are yet to be announced.
Y-Axis offers a
wide range of Visa and Immigration services as well as products to overseas
immigrants including UK Tier
1 Entrepreneur Visa, Business Visa for the UK, Study Visa for the
UK, Visit
Visa for the UK and Work Visa
for the UK.
If you are looking to Study, Work, Visit, Invest or Migrate to UK, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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