The UK has long been a desirable destination for many investors worldwide. With some of the world’s most outstanding universities and renowned and respected healthcare systems, the country provides a gateway for individuals and families to build a new life with endless opportunities.
UK business programs in the past have required a minimum investment amount alongside meeting very stringent ongoing business requirements. For example, the Entrepreneur visa required a GBP200,000 investment, and the Investor visa required a GBP1 million investment. These discontinued programs catered for high net worth and ultra-high-net-worth individuals.
The UK Business Residence Program provides a more straightforward and streamlined path to UK residence without the need to pay a specified investment sum. The program allows individuals and their families to live and work in the UK, with the opportunity to eventually achieve British citizenship.
Overview of the UK Business Residence Program
The UK business residency program requires you to set up a UK business and essentially “self-sponsor” yourself to work in your own company. You must ensure you have a UK resident director to fulfil the relevant compliance roles, as set out by the UK Government. You will also be required to fulfil all UK company procedures, such as registering with the HMRC (UK Tax authorities) and opening a UK bank account.
Once you have done this groundwork, you are eligible to apply for a sponsor licence for your organisation. You must ensure that your organisation’s key personnel meet the UK Government’s requirements. Once the UK Government has approved your business to sponsor overseas migrants, you can apply for a skilled worker visa.
There must be a genuine need for the business to hire you in the position stated. The position must also be an approved skilled occupation as set out by the UK Government, and you should be paid the minimum salary. The minimum salary is currently GBP26,200, rising to GBP38,600 in April 2024 (if the going rate for your occupation is higher, this will be the minimum amount you will be required to be paid). You will also need to satisfy English language and maintenance requirements.
Benefits of the UK Business Residence Program
Affordability: This program provides one of the most cost-effective paths to UK residency.
Family inclusion: The visa extends to your immediate family members, including your spouse, unmarried children under 18 years of age, and dependent parents of either yourself or your spouse.
Fast processing times: The process takes a maximum of three months.
Access to the UK’s NHS Healthcare system: You will have access to one of the best healthcare systems in the world.
Access to UK schooling: Your children will have the opportunity to study at UK schools.
British citizenship: One year after receiving your Indefinite Leave to Remain, you and your dependents will be eligible for British citizenship.
UK Business Residence Program expenses (in GBP)
Step 1 -Business Set up:
Onshore Director Fees, including Authorizing Officer and Level 1 User fees: 20,000 for the first year and 15,000 per annum for the next four years.
Company formation and relevant licenses: between 3,000 to 5,000
Step 2 – Sponsor License:
Application fee: 536*
Fast Track Fee: 500
*Fee for a small organisation with 50 or less employees
Step 3 – Skilled Worker:
Immigration skills charge: 1,820
Certificate of Sponsorship fee: 239
Application fee: 1,500 per person (for a five-year visa)
Immigration Health Surcharge (IHS) fee: 1,035 per annum per person
Fast track service: 500
Required documents for the Business Residence Program
Sponsor License
Details of key personnel and organisation
Company documentation to confirm that the organisation is operational.
Tax documentation to show that the company is registered with the relevant tax authorities.
Business bank account statement
Business plan
Skilled Worker
Valid passports for all family members
Police Clearance Certificates
TB Certificates, if applicable
Marriage certificate, if applicable
Birth certificate, if applicable
Certificate of Sponsorship (CoS) to confirm your job and salary.
English language qualification
Bank account statements to confirm sufficient maintenance.
It is crucial that every step of the application is processed correctly. The UK Government conduct stringent checks to ensure all immigration rules are adhered to. The UK Immigration lawyers at Knightsbridge Group are highly experienced and will assist you with every step of the application process.
How Knightsbridge can help
At Knightsbridge Group, we specialise in navigating the intricacies of visa application procedures and have the capability to manage the entire process on your behalf.
Our team of seasoned professionals is dedicated to creating tailored solutions that align with your individual needs. With extensive experience in immigration services, particularly in securing residency and citizenship through strategic investments, we are the ideal partner to guide you on the journey to UK residency and citizenship.
