From the 29th March, the Tier 1 Entrepreneur visa route will be closed.
Instead, new visa categories are announced: Start-up and Innovator.
Start-up visa will come in place of the Tier 1 Graduate Entrepreneur.
However, it will be open not only to recent graduates but also to those who wish to start their business in the UK for the first time, meaning more people can apply.
Not new to UK business? Great, visit the Innovator section.
It will now be a lot easier to meet the financial requirements.
As you do not have to be a recent graduate to apply, paying for British higher education is not necessary anymore.
Also, the Start-up visa will be granted for two years instead of one, giving entrepreneurs more time to develop their business idea, and reducing the pressure to establish a company in one year.
However, as always, some requirements remain:
Before applying you must ensure your business idea is Innovative, Viable and Scalable.
You will also need to be endorsed by one of the qualifying bodies (a university or business sponsor). The full list will be published on the gov.uk website soon, and we will let you know straight away.
You will need to demonstrate good English knowledge (CEFR B2)
You will need to demonstrate maintenance funds
Your business idea must be credible
Such changes in the immigration rules demonstrate that the UK is interested in attracting a wider pool of talent as never before, providing more opportunities for everyone.