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The UK government has announced today that new “start-up visas” will be launched in spring 2019 for people who want to found their own business in the UK.
The scheme is designed by Home Secretary, Sajid Javid, following advice from the Migration Advisory Committee and tech industry professionals. The “start-up visa” promises a faster process for entrepreneurs coming to the UK.
Unlike the Tier 1 Entrepreneur Visa currently in place, the new visa route promises to appeal to a larger audience and therefore a wider variety of talent. Applicants can either be endorsed by their university or by a business sponsor, including accelerators. The move comes as a deplorably low number of candidates were approved for a Tier 1 Entrepreneur Visa in the year ending March 2018. While the visa cap currently sits at 2,000, only 839 candidates were successful.
The new “start-up visa” promises more flexibility and a higher acceptance rate for the exceptionally talented and business-savvy. It also directly addresses the potential skills shortage the technology sector faces in the plight of Brexit.
Sajid Javid said in The Independent: “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.
“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.”