Overview
The UK is home to some of the biggest innovations on earth. Using analysis of SyndicateRoom’s Top 100 list, which identifies those companies who have seen the largest increase in value over the last three years, we find that while just 14 per cent of UK residents are foreign-born, 49 per cent of the fastest-growing businesses in the UK have at least one foreign-born co-founder.
The Top 100 list includes seven unicorns (startups with a valuation of $1bn or more), of which five have at least one immigrant co-founder, including Monzo and Deliveroo.
More broadly, the report finds that nine of the UK’s fourteen startup unicorns have at least one immigrant co-founder, including TransferWise and OakNorth. The fast-growing companies co-founded by immigrants in the Top 100 have attracted a combined £3.7bn in investment.
This has led the UK government to create a visa type called the “UK Startup Visa” which is targeted at brilliant founders from across the globe, who want to launch their business in the United Kingdom.
Benefits of the UK StartUp Visa
The UK Start-up visa allows you to:
bring your partner and children with you as your ‘dependants’, if they’re eligible
work in another job, as well as working for your business
travel abroad and return to the UK.
You can apply for a Start-up visa if:
you want to set up an innovative business in the UK - it must be something that’s different from anything else on the market
you meet the other eligibility requirements
You can also switch to this visa from some other visa categories.
You cannot:
apply for most benefits (public funds), or the State Pension
work as a professional sportsperson, for example a sports coach
settle in the UK on this visa
If your application is successful, you’ll get a full list of what you can and cannot do with a Start-up visa.
If you’re from the EU, Switzerland, Norway, Iceland or Liechtenstein
If you or your family member started living in the UK by 31 December 2020, you may be able to apply to the free EU Settlement Scheme.
The deadline to apply was 30 June 2021 for most people. You can still apply if either:
you have a later deadline - for example, you’re joining a family member in the UK who was living in the UK by 31 December 2020
you have ‘reasonable grounds’ for being unable to apply by 30 June 2021 - for example, you had an illness or were the victim of domestic abuse
Check if you can still apply to the EU Settlement Scheme.
Otherwise you need a visa to work in the UK.
Irish citizens do not need to apply for a visa or to the EU Settlement Scheme.
Eligibility
You must be endorsed by an authorised body that is either:
a UK higher education institution
a business organisation with a history of supporting UK entrepreneurs
You must be able to show that your business idea is:
a new idea - you cannot join in a business that is already trading
innovative - you must have an original business idea which is different from anything else on the market
viable - it has potential for growth
If you’re not eligible for a Start-up visa
You may be eligible for another type of visa to work in the UK.
How long you can stay
You can stay for 2 years if you either:
come to the UK on a Start-up visa
switch to this visa from another visa while in the UK
If you want to stay longer in the UK
You cannot apply to extend this visa.
You may be able to switch to an Innovator visa if you set up a business while on a Start-up visa and:
your endorsing body assessed and agreed it
it is active, trading and sustainable
you have day to day involvement in it
If your endorsement is withdrawn
Your visa may be cut short if your endorsement is withdrawn by the endorsing body. If you want to stay longer, you must re-apply with a new endorsement before your current visa expires.
You can only stay for a total of 2 years even if you’re granted a new visa with a new endorsement.
How to apply
You must apply online.
How you apply depends on whether you’re:
outside the UK and are coming to the UK
inside the UK and switching from a different visa
Your partner and children can also apply to stay in the UK if they’re eligible. They’ll need to complete separate applications.
How long it takes
As part of your application, you’ll need to prove your identity and provide your documents.
You may need to allow extra time if you need an appointment to do this. You’ll find out if you need one when you start your application.
Getting a decision
Once you’ve applied online, proved your identity and provided your documents, you’ll usually get a decision on your visa within:
3 weeks, if you’re outside the UK
8 weeks, if you’re inside the UK
If you need to go to an appointment, you may be able to pay for a faster decision. How you do this depends on whether you’re outside the UK or inside the UK.
Healthcare surcharge
You’ll also have to pay the healthcare surcharge as part of your application.
Check how much you’ll have to pay before you apply.
If you’re applying to switch in the UK
You’ll also need to have your biometric information (fingerprints and a photo) taken - there’s no fee for this.
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