It's the Brexit month. Decisions are being made and regulations are being amended. In all this political turmoil, the UK economy is also being affected. This has put foreign start-ups and entrepreneurs in a fix. Should they set up in the UK or opt for another nation?

Here is some good news for you!

The UK government on 7th March 2019 published a new Statement of Changes in Immigration Rules. In this Statement, the UK government confirmed the changes in the Tier 1 Visas. They introduced two new visas, i.e. Start-up Visa and Innovator Visa to replace the Graduate Entrepreneur Visa and Entrepreneur Visa respectively.

The changes in the visa regulations are meant to attract skilled businesses in the UK. The Start-up visa route will be open for first-time businesses in the UK, while the Innovator Visa will target experienced business people looking to invest in the existing businesses. Another advantage of the change is that the applicants’ business ideas will be assessed by endorsing bodies and business experts instead of the Home Office.

Caroline Nokes, the UK immigration minister, said, “My priority is making sure that talented business people continue to see the UK as an attractive destination to develop their businesses. This will help create more jobs across the country and ensure our economy continues to thrive.”

The amendments, which will be in effect from 29th March 2019, will prove beneficial for Start-Up Visa applicants as they can set up their business without any initial funding. They will be allowed to remain in the UK for a maximum period of two years. After two years, if they want, they can continue with their business by switching to the Innovator Visa. In such case, the start-ups have made significant achievements against their business plan, their funding requirements would be waived off.

The government’s reassurance of continued business opportunity in the UK can be seen as a silver lining that all immigrant start-ups. With the changes, the UK Government has ensured the immigrants that their future in the UK is secured.