Startups give economies a huge boost. The world’s wise nations are aware of this. In response, governments are implementing startup visa schemes that give fast-track residency and citizenship.
Additionally, these initiatives—also referred to as entrepreneur visas—are geared toward those with strong business acumen and innovative ideas. These nations are aware of the benefits of encouraging a startup culture for the development of homegrown business owners. Fortunately, some of these visa programs come from the top nations in the world for business startups.
Foreign business people who make a commitment to their new country can do a lot to advance that culture. This is article is not an exclusive list as there are lots of startup visas from different countries. We just picked 5. With that in mind, here are 5 startup visas worth looking into:
1. UK Startup Visa
The UK Start-up visa is intended for people who are first-time business owners who want to launch a company in the UK. You don’t have to be a graduate or have any initial investment in place. However, you must have an innovative, viable, and scalable business idea that has been given the seal of approval by a recognized organization.
Start-up visas are single-use, two-year visas that do not directly lead to settling in the UK. Holders of Start-up visas can, however, prolong their stay under the Innovator visa category and become eligible for ILR after three years(conditions apply).
Start-up visa candidates are permitted to travel to the UK with their spouse and any minor children.
To be eligible, you:
- are older than 18 years of age;
- didn’t previously launch a business in the UK (unless you had previously been on leave as a Tier 1 Graduate Entrepreneur);
- have received the support of a recognized UK endorsing organization, which has examined your company idea for innovation, viability, and scalability and is satisfied that you will devote the majority of your working hours to building your venture in the UK;
- applied for your Start-up visa no more than three months ago, according to your endorsement letter;
- truly intend to engage in any job or commercial activity in the UK that you describe in your application, and you are qualified to engage in such activity;
- have at least CEFR Level B2 English language proficiency, which is equal to an IELTS score of 5.5 in reading, writing, hearing, and speaking.
- If you are not a UK resident or have only been there for less than a year, you must have at least £1270 to cover your living expenses, plus £285 for a spouse who is dependant, £315 for your first child, and £200 for each additional kid.
Depending on the specifics of your situation, there may be a difference in the startup visa requirements you must meet.
How to apply
To find out, click here
2. Australia Business Innovation Visa
Foreign investors and business owners can establish, expand, and relocate their enterprises in Australia with the help of the Australia Business Innovation Visa. With this visa, the applicant is able to stay in the nation for four years and three months.
The candidate needs to be successful in business and have experience. Additionally, he needs to be nominated for the visa by an organization based in Australia.
Before applying, the company must have a turnover of at least AUD 3M in at least two of the four fiscal years.
In addition, he must have finances of at least AUD 200,000 raised by a third party and net assets of at least AUD 400,000.
How to apply
All details on how to submit your application will be included in the invitation. The applicant must also supply documentation regarding his identity, business, and assets. He must also supply the paperwork for any family members who are applying with him.
When the visa is approved, you will be informed.
“Each country has its different requirements and ease of doing business. Comparing visas and seeing what’s best for you is crucial”
3. Canada Startup visa
If you are a qualifying startup founder, you can apply for the Startup Visa Canada. It allows for permanent residency and is one of the most entrepreneur-friendly visa schemes. Additionally, you must receive assistance for your company from a designated organization (such as investors) in order to be eligible for this program. Alternatively, it is known as a letter of support.
- The applicant must show proof from Citizenship and Immigration Canada that they speak English, French, or both languages with enough proficiency to communicate.
- Five people can own a business. But at least ten percent of the voting shares must be owned by each of them. In other words, at least 50% of the voting shares in the company must be owned by the business owners.
- The applicant needs to demonstrate that he has enough money to support himself and his family in Canada. Keep in mind that you are not permitted to borrow any money.
- Your business must be innovative to be able to compete in the industry and also create jobs for Canadians.
- The candidate must have a minimum investment from an accredited venture fund of 200,000 CAD. Another option is $75,000 from a specific angel group. Additionally, you are exempted from the capital requirement if your company is listed under the incubator/accelerator program category.
How to apply
- Once you have satisfied the aforementioned prerequisites, you must obtain the application package, which includes a document checklist and an instruction manual. Filling out the form on your computer is simple.
- Additionally, make sure that you are filling out the form completely and accurately before printing it. Any incorrect information could lead to the application being denied.
- Put the printed application and all the supporting documentation listed in the checklist in a sealed envelope. Pay the application fee, which includes the right of permanent residence fee (RPRF), biometrics, and third-party payments. This price also covers the processing costs for you and any other applicants included in the application. Online payments are accepted.
- Get your picture and fingerprints taken no later than 30 days after filing the application. The application will be handled for additional validation.
The visa office will get in touch with you following approval and request your passport before issuing your permanent residence visa.
4. French Tech Visa / Tech Ticket
The French Tech Visa is a program that enables company founders, staff members, and investors to live and work in France for 4 years with the possibility of renewal. The holders of this visa may also grant it to members of their immediate family, including children who are dependents. Additionally, their spouses are granted permission to reside and work in France. No extra work authorization is required.
French Tech Ticket is for entrepreneurs who want to launch a company in Paris. For early-stage firms, this is more of an acceleration program lasting six months. This program offers the possibility to extend visas for an additional six months. Founders receive funding ranging from $12,500 to $25,000 each. Free office space is also offered upon successful visa ownership. Each year, 50 businesses are accepted into this cohort program to work with French incubators.
Requirements for founders
- A minimum of one French Tech Visa partner incubator or accelerator must choose the founder through a standard selection process.
- The minimum amount of capital required is €17,763.20, which is the annual minimum wage in France.
- An economic innovation startup should have a plan to grow in France.
- The Direccte, a public organization in France, must provide the founder’s permission.
Requirements for employees
- possess a graduate degree.
- to be employed by a business authorized to hire people using the French Tech Visa and have a work agreement that lasts at least three months
- be paid a minimum yearly gross income of €35,526.40.
For More info, Click here
How to apply
All applications must be filled out online.
5. Global Impact Visa (New Zealand)
This program is designed for business owners and financiers who wish to use startup enterprises to improve the world. Up to 400 people can get assistance from the initiative to incubate their business ideas over the course of three years as part of a fellowship program.
- To receive a Letter of Offer, your application must be accepted by the Edmund Hillary Fellowship.
- For the first year, you should have NZ$36,000 in personal capital to support yourself and your family.
For More info, Click here
Entrepreneur Residence Category (New Zealand)
Successful business owners who have established companies in New Zealand with export potential are eligible for this program. For this particular visa, there are two categories: one that lasts for two years and the other that lasts for six months based on the conditions below.
Requirements for the 2-year category
- You must successfully launch or buy a company in New Zealand.
- At least two years should have passed since your first day of employment.
- Your company has to have benefited New Zealand in some way.
Requirements for the 6-month category
- You must have made a minimum investment in the business of NZ $500,000.
- At least three new, full-time positions should have been established for citizens or residents of New Zealand.
There you have it. Other counties like the US, Spain, Ireland, Estonia, etc all have some type of visas for entrepreneurs.
If you need help relocating to a particular country using a startup visa, eMigr8 can help you. We specialize in tech-enabled visas for tech professionals and tech businesses. Indicate interest at www.bincom.net/emigr8