What is the UK Entrepreneur Visa? A Comprehensive Overview

The Entrepreneur Visa has been one of the mainstays of UK immigration, wherein a person can set up or run a business in the United Kingdom. Businesspeople around the globe were attracted to it, as with this visa, they could reside and work in the UK, developing their businesses. This visa category has since closed, and many business aspirants are forced to look at other options, including the UK Self-Sponsorship Visa. In this article, we will look at the UK Entrepreneur Visa, some reasons for its discontinuation, and how, in turn, the UK Self-Sponsorship Visa has gained priority among those who plan to set up a business in the UK.

UK Entrepreneur Visa: Overview

The Entrepreneur Visa UK, popularly known as the Tier 1 Entrepreneur Visa, was devised to attract new overseas entrepreneurs who could invest a minimum of £200,000 in a UK-based company or establish a business in the UK. It grants residence in the UK for three years and four months, with the possibility of an extension and application for ILR.

The basic requirements to get this entrepreneur visa were to satisfy the UK authorities of his ability to establish a viable business in the UK, have a detailed business plan and investment funds, and prove the potential for creating job opportunities for UK residents. This visa is limited to only those of means with the enterprising spirit to assist in developing the UK economy.

The UK government introduced the Innovator Visa and the Start-Up Visa, both more streamlined visa options than the Entrepreneur Visa UK. This was a way of inviting innovative business ideas with an assurance that applicants had the skills and experience to enable them to succeed in the market. However, given the emphasis on innovation, scalability, and job creation, the Entrepreneur Visa felt somewhat outdated in these categories.

Due to this, the UK government closed the Tier 1 Entrepreneur Visa in 2019, making it unavailable for new entrants. In contrast, applicants who managed to get the visa before it closed down could continue their stay in the UK but had to adhere to the requirements for extension and settlement.

The Rise of the UK Self-Sponsorship Visa

Since the termination of Entrepreneur Visa UK, the UK self-sponsorship visa has become one of the most feasible options for aspiring business owners. First, it has to be clarified that the UK Self-Sponsorship Visa is not a visa category; instead, it is the way or route to establish or expand the business in the UK. This route thus enables an individual to sponsor themselves as a worker with a particular skill set, for which they are entitled to live and work in the UK while running their businesses.

It has several advantages compared to the previous Entrepreneur Visa route. It opens greater flexibility with no minimum investment threshold and opens the doors to more entrepreneurs who may not have such massive capital at their disposal.

On the other hand, the UK Self-Sponsorship Visa route has security and transparency. Applicants for this visa route go through quite a hectic process in proving their skill, business acumen, and commitment to contributing to the UK economy. These include obtaining a sponsor license, creating jobs for UK residents, and adhering to the UK's strict immigration rules.

Why the Golden Visa is no longer available?

The other identifiable category to be axed is the Golden Visa category, also known as the Tier 1 Investor Visa. This grants residency in the UK once you invest substantially in the UK. The minimum investment starts from £2 million. This route faced the same criticisms as many people thought that it was going to be misused for illicit activities. 

For instance, it was a step akin to the UK government's announcement in 2022, on the grounds of national security and interest, of prioritising genuine investment that genuinely benefits the UK economy. The trend in immigration policy within the UK has focused on a targeted approach toward talent and innovation, not financial capital.

UK Self-Sponsorship Visa: Benefits Compared to Golden Visa

Admittedly, there are quite a few advantages to self-sponsorship accruable to the discontinued UK route over and above the Golden Visa route. While the latter entailed rigid investment, the former considered the applicant's skills, business plan, and economic contribution. It is much more meritocratic since only people with real business intentions or capabilities would set up businesses in the UK.

This is the route of self-sponsorship in tune with the priorities underlined by the UK government over recent times with respect to innovation, immigration, job creation, and economic growth. Such a route will incentivise business setups that could create jobs and drive innovative capability, helping the general prosperity of the UK economy move further ahead, including through self-sponsorship as skilled workers. Besides, self-sponsorship provides stability and security to an applicant. This will render more predictability and reliability for those desirous of creating a business and life in the UK.

The Importance of Legal Counsel in the Application Process for Self-Sponsorship

The pathway to a UK self-sponsorship visa is rather complex to manoeuvre in case one has never dealt with the rules of UK immigration or the business climate in the UK. That is why ample consultancy with expert immigration solicitors is included to make your application successful and make your life in the UK as smooth as possible.

To this end, legal experts, such as those at A Y & J Solicitors, can walk one through the relatively complex process of self-sponsorship. It includes everything from obtaining a sponsor license and compliance with UK immigration laws to advice on how to prepare a robust business plan that meets the UK's strict requirements for job creation and economic contribution. An eligible solicitor could significantly enhance one's possibilities in such cases. 

Conclusion

Without the UK Entrepreneur Visa and Golden Visa, the UK Self-Sponsorship Visa has become a popular choice for aspiring owners. While the self-sponsorship route is not a visa category, it is workable and flexible for persons seeking to set up or extend their business in the UK.

Self-sponsorship is a complicated process that requires professional advice in every respect to meet several diverse requirements to maximise your possibility for success. A & Y Solicitors can provide expert guidance on setting up your business in the UK and complying with all relevant regulations to enhance the likelihood that a proposed application will be approved. Proper legal assistance could be one's golden key to a successful UK Self-Sponsorship Visa, leading to a lucrative business and a prosperous future here in the UK.