Moving to the UK on an Innovator Founder visa: Planning your immigration budget
Here's how to launch a startup in the UK and plan your immigration budget
In recent years, the UK has become one of the most attractive places in the world for launching startups.
In this article, we will explore how to relocate and launch a startup in Britain, as well as discuss how to plan your immigration and business budget effectively.
In this article, we will explore how to relocate and launch a startup in Britain, as well as discuss how to plan your immigration and business budget effectively.
Types of visas for relocation
The primary visa type for British immigration through business is the Innovator Founder visa. It is designed for those looking to relocate or extend their stay in the UK by managing a business. Approval of your innovative, viable, scalable, and innovative business idea by the UK is a key criterion for obtaining this visa. Visa holders are required to actively manage the business and achieve specific outcomes as per visa conditions.
Advantages of the Innovator Founder visa:
Qualification requirements
To meet the requirements, you need to:
Legal support
The cost of legal support varies significantly depending on the complexity of your business project. VAT may also apply.
Payment structure for applying for the Innovator Founder visa
Below are the fees required for the main applicant, co-founders, and family members during the visa application process:
Additional business expenses
Obtaining a Sponsor License for hiring overseas employees
If you need to hire and relocate employees from abroad, you will need to obtain a Sponsor License. The cost of this license and associated expenses depends on the size of your company and the number of employees.
Conclusion
For a comfortable relocation to the UK on a business visa, it's important to have an appropriate budget. In addition to the financial requirements for immigration, including initial visa costs and medical insurance, consider business expenses for company setup and development. This will help ensure a successful start and sustainable growth of your startup in the new country.
For relocation to the UK on a business visa, it is recommended to have at least £20,000 to £40,000 at your disposal, which can be used without restrictions, excluding travel and everyday expenses. You may attempt to relocate with a smaller budget, but it is important to note that a successful business relocation requires careful planning and financial preparation.
The primary visa type for British immigration through business is the Innovator Founder visa. It is designed for those looking to relocate or extend their stay in the UK by managing a business. Approval of your innovative, viable, scalable, and innovative business idea by the UK is a key criterion for obtaining this visa. Visa holders are required to actively manage the business and achieve specific outcomes as per visa conditions.
Advantages of the Innovator Founder visa:
- The visa is valid for 3 years and grants the right to live and work in the country for you and your family.
- It also opens the opportunity to apply for Indefinite Leave to Remain (ILR) after 3 years, with subsequent eligibility to apply for British citizenship after residing in ILR status for at least 1 year and being in the UK for a total of at least 5 years.
Qualification requirements
To meet the requirements, you need to:
- Demonstrate English language proficiency at level B2 on the CEFR by taking the appropriate language test.
- Provide evidence of funds for your initial stay in the UK, amounting to at least £1,270 in your bank account continuously for 28 days prior to applying for the visa.
- In some cases, a tuberculosis test certificate may be required depending on your country of residence.
Legal support
The cost of legal support varies significantly depending on the complexity of your business project. VAT may also apply.
Payment structure for applying for the Innovator Founder visa
Below are the fees required for the main applicant, co-founders, and family members during the visa application process:
- £1,000 (plus VAT) for applying for approval of your business idea.
- £1,191 for the visa application fee after receiving approval of the business idea (when applying outside the UK) or £1,486 (when switching visa categories within the UK). If you are relocating with your family, you will also need a budget for each family member's relocation.
- £3,105 for 3 years for the Immigration Health Surcharge (IHS) for mandatory medical insurance fees.
Additional business expenses
- From £1,000 (plus VAT): fee for endorsement of your business by an endorsing body.
- £3,000: company incorporation and office or coworking space rental, opening a bank account, and accounting services.
- From £2,500: application for intellectual property rights.
- Company development budget: can vary significantly depending on your plans and goals.
Obtaining a Sponsor License for hiring overseas employees
If you need to hire and relocate employees from abroad, you will need to obtain a Sponsor License. The cost of this license and associated expenses depends on the size of your company and the number of employees.
Conclusion
For a comfortable relocation to the UK on a business visa, it's important to have an appropriate budget. In addition to the financial requirements for immigration, including initial visa costs and medical insurance, consider business expenses for company setup and development. This will help ensure a successful start and sustainable growth of your startup in the new country.
For relocation to the UK on a business visa, it is recommended to have at least £20,000 to £40,000 at your disposal, which can be used without restrictions, excluding travel and everyday expenses. You may attempt to relocate with a smaller budget, but it is important to note that a successful business relocation requires careful planning and financial preparation.
Do you have any questions about business immigration, obtaining permanent residency, or citizenship in the United Kingdom?
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