The Entrepreneur Visa as we know it will end in April. The Home Office have just announced the seismic change following the attempt at the effective scrapping of the Tier 1 investor Visa presently in abeyance.
What’s coming in its place? Two new visas: one called a Start-Up Visa and the other an Innovator Visa, plus new certainly stricter rules to test genuineness on applications inside and outside these two specific categories for entrepreneurs wishing to qualify for a visa.
Let’s look at the real world impact and not be seduced by political sound bites that are intended to camouflage a further effort to reduce inward immigration.
We can say it’s going to be tougher to qualify. You are likely going to need a business sponsor or similar to approve your business plan. That won’t be easy. And the new visa requirements mean you have to show innovation and scalability as well as viability. Those first two things are going to be a challenge as certain businesses are not easy ones to innovate in. Combined with the Start-Up Visa we can see high-tech (and so high risk) will be the name of the game.
Obviously we await more details which will be ready soon. However, let’s try and think of some practical conclusions. There’s going to be a premium on having experience in the start-up and innovation world. That’s just the experience we’ve gathered in the last six years as we have specialised in working with business mentors and start-ups, particularly innovative companies.
We’ve been involved in helping fund over seventy young start-ups including second and even third stage funding for a number of them. That means we really do have a deep knowledge and understanding of the sector and a very extensive database of companies looking for funding. We’ve been involved with lots of innovative founders. Visa Kings Global can certainly apply that knowledge in helping to identify suitable companies, and in suppling the mentoring support. For example we have access to some 120 hours of business videos we helped put together for the start-ups we have been involved with.
Talking the talk as people say is one thing; walking the walk is quite another as these type of companies provide unique challenges and opportunities.
These companies represent the tip of the iceberg in terms of the over 1500 start up companies we’ve seen in the last few years who have looked for funding. One thing we have learned is how to see innovation where others may not and we can bring that to bear on some very easy to understand business activities.
Of course people will start thinking as well about what other countries they can go to when for whatever reason they can’t continue living where they are. The government may well find other countries can benefit from the further obstacles they have put in place against many otherwise well qualified entrepreneurs.
Because Visa Kings Global also offer guidance on citizenship and residency in many other countries we can take a holistic approach in looking at possible alternatives.
In the meantime there is one thing we can certainly say; if you want an entrepreneur visa under the present rules there is not a moment to lose. Visa Kings Global are expecting a significant increase in applications and are ready to do all we can to help. Those who have prevaricated will now have to jump off the fence or meet a new set of regulations which we can confidently predict will be harder to meet.
Please contact us as soon as possible to discuss your migration options.