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UK to launch ‘Start-Up Visas’ in 2019 for encouraging tech entrepreneurs

Theresa May announces new visa will be launched in spring 2019 to invite talented founders of business ventures to the United Kingdom.

business Updated: Jun 13, 2018 10:57 IST
Prasun Sonwalkar
Prasun Sonwalkar
Hindustan Times, London
United Kingdom visa,UK Start-Up Visa,Tier 1 Visa
Britain's Prime Minister Theresa May returns to Downing Street from the Houses of Parliament in London, Britain, June 12, 2018.(REUTERS)

Prime Minister Theresa May on Tuesday announced that a new visa will be launched in spring 2019 to invite talented founders of business ventures to the United Kingdom--part of measures to showcase the country as the best place to run a tech company.

Called ‘Start-Up Visas’, the new route will replace the current Tier 1 (Graduate Entrepreneur) visa, which allows Indian and other non-EU graduates from UK universities with a “genuine and credible business idea” endorsed officially to remain in the country.

Currently, the visa is exclusively for graduates, but the new route will open it to talented business founders. This will include accelerators playing a role in the endorsement of candidates who have credible business ideas, official sources said.

The new visa was announced by May in Downing Street at an event that saw £2.3 billion of private investment and 1,600 new jobs as part of the London Tech Week.

“The measures we are announcing today will allow innovative British start-ups to invest in their future--and in the UK--by hiring more skilled people, expanding their business and exporting their expertise across the world,” said May.

“It’s a great time to be in tech in the UK, and our modern Industrial Strategy will drive continued investment, ensuring the nation flourishes in the industries of the future and creating more high-paying jobs.”

First Published: Jun 13, 2018 10:57 IST