Entrepreneurs are a rare breed. Because of that, many countries issue a special conditional residence permit for them. With a license like StartUp Visa entrepreneurs from emerging economies can raise funding in developed countries and seek a permanent stay afterwards. StartUp Visa is a tool to execute a business model under a better environment.
The top three developed economies that offer StartUp visas are the United Kingdom, Denmark and Singapore.
United Kingdom
You can apply for a Start-up visa if:
- you want to set up a business in the UK
- you’re from outside the European Economic Area (EEA) and Switzerland
- you meet the other eligibility requirements
It would be best if you were endorsed by an authorised body that is either:
- a UK higher education institution
- a business organisation with a history of supporting UK entrepreneurs
You must be able to show that your business idea is a new idea – you cannot join or invest in a business that is already trading. It has to be viable, with potential for growth.
You should only approach authorised bodies that are suitable for your business idea.
How long it takes to get a visa? The earliest you can apply is three months before you travel.
Consultants like the Oracle Capital Group can help you with getting endorsement for your Start-Up Visa.
Denmark
You must meet certain conditions to be granted a residence permit and run your own business in Denmark based on the Start-up Denmark Scheme. Your business must contribute innovative ideas and potential for development to the Danish business community.
A panel of experts appointed by the Danish Business Authority has to approve your business idea before the application.
You can only apply for a residence and work permit based on the Start-up Denmark scheme based on the approved business idea.
There must be specific Danish business interests speaking in favour of the establishment of your business in Denmark. Usually, it is not possible to be granted a permit for start-ups without innovative potential, e.g. restaurants, retail stores, smaller trade, import and export or similar businesses.
You can read more about the evaluation criteria for approval of your business idea and submit your business plan electronically on the web portal of the panel of experts.
Please note, that a maximum of 75 foreign nationals receives a permit based on the scheme per year, i.e. 1 January to 31 December.
If you have only economic or financial interests in the business – for example, if you are a shareholder – you cannot be granted a permit based on the Start-up Denmark Scheme.
Singapore
You will need these documents to apply for the EntrePass in Singapore:
If you have non-English documents, you must submit a copy of the original text and an English translation.
Migrant entrepreneurship stimulates economic growth, and governments are well aware of that. Start-Up Visa serves as an essential tool in the strategy of enticing skilled migrants with potentially successful business models.
Yuliya Andresyuk,
Head of Legal Oracle Capital Group
