The UK offers favourable opportunities for entrepreneurs who want to do excellent growth and create immense opportunities for the stable growth of business in a wide variety of markets. During past years the Entrepreneur Visa UK was a very well-known option for international business owners, but it is no longer available. In this article you will be informed about why this visa was discontinued, introduce the UK Self Sponsorship Visa Route as an
option and this route will let you know about how to create business plans that meet visa requirements.
The UK Entrepreneur Visa: What Happened to It?
It was a business visa which allowed business individuals to invest in a business or to acquire a business in the UK with some specific investment requirement. This visa was abolished due to concerns over illegal financial activity which was affecting the UK’s economy. As this visa is not an option, there is one more alternative route which is also affordable for entrepreneurs like you: the UK Self-Sponsorship Visa Route
The UK Self-Sponsorship Visa: A Practical Alternative
This route allows the entrepreneurs to establish and manage their own ventures in the UK without any third-party sponsorship. The UK Self Sponsorship Visa is sometimes also referred to as the “Self-Employed Visa” as this visa also offers a streamlined and efficient approach” to create a simple and productive way to set up your presence in the UK business environment and then enroll yourself as an employee of the same company.
Key Benefits of the Self-Sponsorship Visa:
- There is no requirement for other sponsorship or any type of external sponsorship.
- You have an opportunity to sponsor yourself and relocate your family to the UK.
- You have the Flexibility to create, set up, and develop your business to manage and grow.
- This is the permanent residency pathway in the UK.
At A Y & J Solicitors, through the Self-Sponsorship Visa route, we assist individuals through all the legal requirements and also make you settle in the UK effortlessly.
Requirements for the Self-Sponsorship Visa
In order to apply successfully for a UK Self-Sponsorship Visa Route, you must meet these criteria :
Business Idea and Registration
- Have a sustainable business idea that meets the UK market expectations.
- Register your company officially to formalise its legal status with Companies House.
- Skilled Worker Sponsorship License
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- To sponsor you a skilled worker visa your business must obtain a sponsorship license
- You must provide proof that your role is real and necessary for the success of the business.
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- Financial Stability
- You need to provide proof that you have enough saving funds to cover your living expenses and support your family during your stay in the UK.
- An evidence that your business can sustain over a long period of time as it has enough financial resources to sustain operations smoothly.
- Compliance with Immigration Rules
You must pass the language test ( English language proficiency test) and show the ability to communicate in English and you need to pay the fee that allows access to the National Health Service (NHS).
- Business Plan
- You must post a well-structured business plan that proves the sustainability and growth opportunities of your business.
See the video below for comprehensive information.
How to Create a Business Plan That Meets Visa Requirements
A good business plan is an effective and essential component of your Self-Sponsorship Visa application. Here’s how to craft one:
- Executive Summary
- You need to provide a brief description of the business targets.
- You need to emphasise how your business will benefit the economy of the UK and how differently it can stand out from others.
- Through conducting a general research you will have to find out who are your target audience, market competitors, and what is new in this area of business.
- You need to add data and statistics to justify your results or findings.
- Example: If you’re opening a tech consultancy, highlight the demand for digital transformation services among small and medium-sized businesses in the UK.
- Business Structure and Operations
- Explain your business structure (e.g., sole trader, limited company) and operational plan.
- You need to include the details about your products like pricing strategy, supply chain, etc
Financial Projections
- A detailed financial forecast needs to be provided, including:
- An Initial costs
- An Estimates of earnings
- The financial statements
- You need to show and prove how your business will remain financially well.
- Example: For a business like a restaurant or cafe, you first need to specify the main expenses which are initial investment costs for equipment and rent, along with the monthly revenue of the business expected to earn each month.
- Job Creation and Economic Impact
- Here you need to pay attention to how your business is making an impact on the economies of the UK, whether it is creating job opportunities contributing to the locals, or enhancing any community services.
- You need to emphasise the promotion of your business, the strategies you will use for promotions, and specific approaches that draw the attention of new clients and attract new customers.
- For upgrading your scale of business over time you need to Increase operations and explain how you will serve more customers and a detailed plan to enter new locations or increase new infrastructure.
Why Choose the Self-Sponsorship Visa Route?
This Visa offers many advantages over traditional visa options. It’s not just a route to start your business but also a pathway for long-term settlement. With the right process and guidance, the assistance during the process will be rewarding and fruitful. At A Y & J Solicitors, we provide comprehensive services to ensure your application is successful. Our services include:
- We assist you by registering your company with the relevant authorities by completing all the legal and regulatory requirements.
- Provide detailed Guidance to create an effective business plan that meets visa requirements.
- Assist you in obtaining a necessary sponsorship license and completing your Skilled Worker visa application.
We offer practical and legal assistance for setting up a business in the UK and securing the required visa .
Conclusion
Although the UK Entrepreneur Visa is no longer available, international business entrepreneurs can still pursue business opportunities in the UK through the UK Self Sponsorship Visa Route. You can meet your needs by making a valid business plan, you can set up your business and live your life successfully in the UK.
For personalized assistance, contact A Y & J Solicitors today. We are here to guide you every step of the way, from planning to settling with your family in the UK.
