Creating a start-up has the potential to be extremely profitable, but it can be hard to know where to begin. This is especially true when you want to move to the UK to do so. This article offers some advice on which sectors to look into.
There is no end to the sectors in which you can set up a small business, but some areas are more fruitful than others. Artificial intelligence is on a steep rise, but many businesses are not taking this into account; a start-up related to AI has the potential to grow very quickly. As climate change becomes more and more drastic, there is an increased interest in sustainability and decreasing one’s carbon footprint. A new business related to the production of reusable, eco-friendly products, for example, has the capacity to become quite successful. Since the beginning of the pandemic, many people have started working from home, which makes it harder to get as much exercise compared to when most of our daily lives took place outside the home. For this reason, things like online gym classes and more affordable healthy food services could be excellent business ventures.
If you’re interested in setting up a start-up in the UK but do not have the right to live or work here, you should consider the Innovator Founder visa route. It is designed for those who want to start a business unlike any other in the country. Aside from the uniqueness of your idea, there are a few other eligibility requirements. Your proposed business must have “potential for growth,” and you need to show that you have a plan for the business to succeed in both national and international markets. You will also need an endorsing body to approve your idea; a list of acceptable organisations can be found here.
The innovator founder visa allows you to stay in the UK for 3 years, but you must meet with your endorsing body after each year to establish that your business is growing. You can extend the visa by 3 years an unlimited number of times. You may also undertake some work outside of your own business, and bring your dependants to the UK. After 3 years, you can apply to settle permanently, subject to meeting the requirements. Through this visa route, your start up could be extremely successful in the UK.
How Gherson can assist
Gherson’s Immigration Team are highly experienced in advising on UK visa matters. If you have any questions arising from this blog, please do not hesitate to contact us for advice, send us an e-mail, or, alternatively, follow us on Twitter, Facebook, Instagram, or LinkedIn to stay-up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.