Endorsing bodies will assess the Start up visa applicant’s business plan against the following criteria:
- Innovation. Does the applicant have a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage? Is the business offering something more than just competing with similar local providers? Is there a need for the business in the UK market which is presently unfulfilled? Critically, is the applicant’s start up business idea bringing something new to the pre-existing UK or global business marketplace? A business idea which essentially revolves around marketing existing products or services to their home country is unlikely to gain endorsement.
- Viability. Is the applicant’s business plan realistic and achievable based on the applicant’s available resources? Does the applicant have, or is actively developing, the necessary skills, knowledge, experience and market awareness to successfully run the business? Has the applicant undertaken and provided evidence of market research? Does the applicant have realistic and sustainable product goals? Has the applicant considered the long-term plan for the business?
- Scalability. Is there evidence of structured planning and of potential for job creation and growth into national and international markets? Is the business likely to gain sufficient traction? Does the business demonstrate a potential for growth? Would this business successfully scale to be a part of the national market?
Applicants who can satisfy an endorsing body that their business proposal meets this requirements can be issued with an endorsement letter which will be the basis of their immigration application.