In a bid to make visa process faster and smoother for businessmen, the UK Home Office on June 12 announced new “startup visas’ for entrepreneurs coming into the country during the London Tech week, the Independent reported.
The visa, which will be launched in spring of next year, is set to replace a visa route that was put exclusively for graduates. The current Tier 1 (Graduate Entrepreneur) visa allows Indian and other non-EU graduates from UK universities with a “genuine and credible business idea” to remain in the country. With the new startup visa, the net will spread wider than graduate entrepreneurs and extend to talented business founders.
For the startup visa, the applicant will need to be endorsed by a university or approved business sponsor.
This was designed after consultations with the Migration Advisory Committee and feedback from the tech sector, among others.
Emphasizing the UK government’s commitment to making the country a “dynamic, globally trading nation,” UK Home Secretary Sajid Javid said: “The UK can be proud that we are a leading nation when it comes to tech and innovation, but we want to do more to attract businesses to the UK and our migration system plays a key part in that.”
He added: “That’s why I am pleased to announce a new visa for people wanting to start a business in the UK. This will help to ensure we continue to attract the best global talent and maintain the UK’s position as a world-leading destination for innovation and entrepreneurs.
“This initiative builds on other recent reforms to the visa system – including doubling the number of visas available on the Exceptional Talent route to 2,000 per year – and shows the Government’s commitment to making the UK a dynamic, open, globally-trading nation.”
UK Prime Minister Theresa May also made this announcement during the London Tech Week, which drew £2.3 billion of private investment and 1,600 new jobs. “The measures we are announcing today will allow innovative British startups to invest in their future — and in the UK — by hiring more skilled people, expanding their business and exporting their expertise across the world,” May was quoted as saying by the Hindustan Times. “It’s a great time to be in tech in the UK, and our modern Industrial Strategy will drive continued investment, ensuring the nation flourishes in the industries of the future and creating more high-paying jobs.”