Sohrab Vazir
Consultant | Founder | Global Citizen | Writer
Tag Archives: Immigration
How to Move to the UAE as an Entrepreneur: A Step-by-Step Guide
Why start a business in the UAE? Starting a business in the UAE as an entrepreneur is an exciting opportunity, offering access to a thriving business environment, world-class infrastructure, and strategic location. This guide will walk you through everything you need to know about relocating to the UAE and starting your entrepreneurial journey. The UAE is one of the top destinations for entrepreneurs to start a business due to: Step 1: Determine the Right Visa Type For entrepreneurs, the most popular visa options are: 1. UAE Golden Visa for Entrepreneurs: The Golden Visa offers a 5-year residency for entrepreneurs who meet specific criteria, such as: Advantages: Learn more: UAE Government Golden Visa Information 2. Investor Visa: For those who invest in a UAE business, this visa allows a 3-year stay and can be renewed. Requirements: Step 2: Choose the Right Business Structure The UAE offers different types of business setups: Popular Free Zones for Entrepreneurs: Visit the official DMCC website for more information: DMCC Free Zone Step 3: Register Your Business To officially start your business, follow these steps: You can use services like the Dubai Department of Economic Development (DED) portal for licensing. More info at: DED Business Licensing Step 4: Open a Corporate Bank Account Having a UAE-based corporate bank account is crucial for your business operations. Requirements may vary by bank, but typically you need: Top Banks for Entrepreneurs: Step 5: Find a Suitable Place to Live and Work The UAE offers plenty of options for accommodation and office space. Consider the following: Tip: Use websites like Bayut or Property Finder to explore housing options. Step 6: Understand the Legal and Regulatory Requirements Ensure compliance with UAE laws: Step 7: Network and Connect with the Business Community Networking is vital for business success in the UAE. Join events, seminars, and organizations such as: Frequently Asked Questions Q: How much does it cost to start a business in the UAE? Q: Can I sponsor my family with an entrepreneur visa? Final Thoughts Starting a business in the UAE as an entrepreneur can be a game-changer for your business. With the right visa, business setup, and understanding of the local market, you can tap into a thriving ecosystem and enjoy long-term success. Start your journey today and take advantage of the UAE’s vibrant entrepreneurial landscape! For more information, consult the UAE Government’s Official Portal and always seek professional guidance when needed. By following these steps, you can smoothly transition into the UAE as an entrepreneur and leverage the country’s favourable business environment for your success! Explore my services to start a business in the UAE. I help foreign entrepreneurs with their business relocation, building on my own experience. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Ireland’s Startup Visa Program (STEP): A Comprehensive Guide
The Startup Entrepreneur Programme (STEP) in Ireland is a dynamic initiative aimed at attracting foreign entrepreneurs to launch innovative businesses within the country. Launched in 2012, this program is part of Ireland’s broader strategy to become a global hub for startups and innovation. Ireland offers several benefits to entrepreneurs, including access to the European Union (EU) market, a highly skilled workforce, and a favourable corporate tax environment. Here’s an in-depth look at the STEP, including its advantages and drawbacks. What is the Startup Entrepreneur Programme (STEP)? STEP allows non-EEA (European Economic Area) nationals to establish a high-potential startup in Ireland with the aim of promoting job creation, innovation, and investment in the country. Successful applicants are granted a residency visa, which permits them to live and work in Ireland. Key Eligibility Criteria: Pros of the Ireland STEP: 1. Access to the EU Market One of the biggest advantages of establishing a business in Ireland is access to the broader European Union market, which consists of over 400 million consumers. This opens up significant opportunities for startups to scale and expand into Europe easily. 2. Low Corporate Tax Rate Ireland boasts a 12.5% corporate tax rate, one of the lowest in Europe, which is a strong incentive for startups looking to minimize their tax burden. Additionally, Ireland offers several tax reliefs for research and development, providing further benefits for innovative businesses. 3. Favorable Business Environment Ireland has a well-established startup ecosystem supported by organizations like Enterprise Ireland and IDA Ireland, which offer mentorship, funding, and networking opportunities to entrepreneurs. These organizations are instrumental in helping startups navigate the Irish business landscape and achieve growth. 4. High-Quality Talent Pool Ireland has a highly educated workforce, particularly in technology and life sciences. Its universities produce a steady stream of skilled graduates, and the country is home to many global tech giants like Google, Facebook, and Microsoft, fostering a collaborative business environment for startups. 5. Fast-Track Residency STEP offers entrepreneurs and their families the opportunity to live in Ireland with a Stamp 4 Visa, which provides long-term residency. After living in Ireland for five years, applicants can apply for citizenship. Cons of the Ireland STEP: 1. Financial Barrier The €50,000 minimum investment requirement, although lower than many other countries, can still be a significant hurdle for some early-stage entrepreneurs, especially those from countries with lower access to capital or foreign exchange restrictions. 2. Sector Limitation The requirement for a high-potential startup that is scalable and innovative restricts the types of businesses that can qualify. Traditional businesses or those in non-tech sectors may find it difficult to meet the program’s strict criteria, limiting participation to more niche sectors. 3. Competition for Funding While there is strong support from Enterprise Ireland, competition for state-backed funding and grants can be fierce. Entrepreneurs need to have a well-thought-out business plan and demonstrate clear potential for growth to secure financial backing. 4. Strict Evaluation Process STEP’s application process involves rigorous vetting by the Evaluation Committee to ensure that applicants meet all the requirements. This can be time-consuming, and the outcome is not guaranteed, even for qualified candidates. Conclusion: Ireland’s Startup Entrepreneur Programme offers a fantastic opportunity for foreign entrepreneurs to establish a business in a thriving European economy with access to a talented workforce and favorable tax conditions. While the program has some limitations, particularly in terms of the investment requirement and sector eligibility, the benefits of building a business in Ireland make it an attractive option for those in innovative and scalable industries. With access to the EU market, strong governmental support, and a low corporate tax rate, Ireland continues to position itself as a startup-friendly destination, particularly for businesses with high growth potential. However, entrepreneurs should carefully consider the financial and strategic commitments involved before applying for the visa. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Innovator Founder Visa Changing?
Many wonder whether the current Innovator Founder Visa policy will change under the new Labour government in the UK. This is a question that only time will answer. However, I will outline some areas where change ought to be made. These proposed changes will ensure that the Innovator Founder Visa policy is robust and creates an attractive entrepreneurial ecosystem for international entrepreneurs. None of the content in this article, website, or my services constitute immigration advice or services. This content is presented as general information and on the basis of personal opinion. For immigration assistance, please refer to a regulated solicitor or immigration advisor. Before I highlight the potential areas of change to the Innovator Founder Visa regime, let me briefly describe this visa. I previously wrote an article and made a video on the flaws of the Innovator Founder visa policy, which you can read here. What is the Innovator Founder Visa? The Innovator Founder Visa is an immigration pathway designed for international entrepreneurs who may wish to set up an innovative business in the UK. Please refer to the UK Government website for full information about this visa. How should the Innovator Founder Visa policy change? There are several areas in which the Innovator Founder policy ought to change. An overview of the changes that I deem to be beneficial are: Let’s look at each one in more detail: Innovation One of the common issues I have observed since the launch of this visa is the innovation requirement and its interpretation. The “issue” with this requirement is that no specific factor determines innovation. For instance, patentability / Intellectual Property (IP), and no trade marks do not fall under this category. However, the problem with setting this as an absolute requirement is that many businesses, despite being innovative, cannot obtain patents. Thus, this would exclude a considerable number of founders and their businesses. Although this is a common problem, there is no clear fix either. Currently, determining innovation is subjective and up to each Endorsing Body to determine. Visa Fees This is sadly a problem that many founders are unhappy about. There are several costs associated with this visa, which are: With the first cost, the Endorsing Bodies have to charge applicants as this fee enables them to sustain their operations. However, the visa processing fee, payable to the UK government can be lowered. This is especially true when looking at other countries such as the Netherlands, where a similar visa costs around €380, in contrast to £1,191 for this visa. However, it is important to state that the Dutch self-employment visa only lasts for one year and has to be renewed. Nevertheless, given the lower number of applicants for the Innovator Founder Visa, in contrast to other visa routes such as the Skilled Worker pathway, it is sensible to consider lowering this fee. The Endorsing Bodies Firstly, allow me to clarify that this is not to criticise the current Endorsing Bodies. However, I believe that a higher number of Endorsing Bodies means more options for founders and additional sector-specific expertise. However, a potential issue that may arise from increasing the number of Endorsing Bodies is a potential conflict of interest between them. But looking at other countries such as Canada, we notice that applicants have more choices when it comes to third-party approval. With Canada in particular, founders have the option to either raise investment from VCs, or angel investors or enrol in incubation programs (but they do come with a cost). These are some of the areas in which the Innovator Founder visa policy may be reviewed and potentially changed. I have made a video on this topic as well, which you can view below: If you require business assistance as an international founder, have a look at my services designed for founders wishing to set up a business in the UK here. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Why every international entrepreneur should work with a business consultant?
You are an international entrepreneur and want to start a business abroad. You may dread the various legal, commercial and perhaps cultural challenges ahead of you. Obtaining a visa, albeit a significant milestone, is only your first hurdle. I know how this situation feels as I have been in your shoes. I became an international entrepreneur in the UK following the competition of my master’s degree at Newcastle University. At the time, I identified a gap in the student housing market, which resulted in conceptualising and founding my former venture, StudyFlats. Within 4 years, I grew StudyFlats to 30+ UK cities, a team of four and we almost closed our first funding round until the lovely events of 2020 squashed the entire company (yes, painful). Nevertheless, I still obtained my Settlement/Indefinite Leave to Remain in the UK, also known as permanent residency. Throughout this entire time, I was fortunate to have friends and a powerful network to help me overcome some of the challenges facing every international entrepreneur. This was especially the case as I started StudyFlats with less than £500 and proofread students’ assignments in the first year to support myself and my business. However, not every international entrepreneur may have the network that I had. Moreover, I still had to make a lot of mistakes and go through extreme financial and mental pressure to grow my business. Yet, I could not identify a business consultant who specialised in working with overseas entrepreneurs (and decided to be the first one myself by the end of 2022). Let me tell you a little truth: as an international entrepreneur, you are at a disadvantage. You are taking risks and are also investing your key resources, time and money. If it fails, you are the only one losing. Risk is a core part of entrepreneurship, regardless of what type of entrepreneur you are. However, the risk is even greater when you are an entrepreneur and also have to comply with immigration rules and milestones. And this is one of the reasons why every international entrepreneur should work with a business consultant. Working with a consultant such as myself will help you in the following ways: Minimising risk My first advice to any entrepreneur is to have a thorough understanding of the market in which they seek to operate. This requires: Many international entrepreneurs lack one or both of the above, and it often results in disaster. The right business consultant will help you minimise risk as they possess both of the above factors. Cultural gap In life, and especially in business, everything boils down to relationships. You may neglect this factor. However, if you fail to communicate with your stakeholders the right way, you are destined to fail. The way business is conducted differs in each country. You may be a skilled entrepreneur, yet lack the cultural grasp of doing business in a country other than yours. Business consultants who work with international entrepreneurs (at least the right ones) will comprehend the importance of this point. Additionally, they will be able to help you successfully navigate the cultural landscape. Commercial expertise Entrepreneurship is a game of unlimited challenges. You fix one aspect, and the other crumbles. This is a brutal reality that you must accept. Additionally, various considerations must be taken into account. Let’s look at a few: By working with a business consultant, you will delegate some of these to them. This is not only sensible from a business perspective, but also essential for you to be able to overcome the personal and professional challenges that you will have to face. These are some of the reasons why every international entrepreneur should work with a business consultant. If you are an international entrepreneur and want to work with a consultant, get in touch with me today. I am the UK’s first and #1 independent business consultant who has been through the immigration journey himself. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Why immigrant entrepreneurs are important to the UK
As a former international founder in the UK, I have written several articles about immigrant entrepreneurs. In this one, I will look at their importance from a UK perspective. The UK’s political and economic landscape has rapidly shifted in the last decade. Moreover, preserving its benefits for international entrepreneurs is vital to the UK’s future success. Immigrants are much more likely to become entrepreneurs. This is a hypothesis that I examined in several other articles on my blog, most notably: In the context of the UK, the key points covered in my previous research may be applicable. However, identifying the importance of immigrant entrepreneurs to the UK benefits from highlighting the key factors signifying this importance. These are namely: Global challenges We live through a historical period in which the problems facing humanity are, by their nature, global. Examples include international terrorism, climate change and so on. As we are on the topic of climate change, allow me to introduce you to the concept of “climate refugees” For many, the issue of migration and displacement is automatically contextualised as a political one. However, this is an incomplete perspective and ignores the increasing roles of other issues such as climate change. According to a report published by the International Organization for Migration (IOM), there will be an estimated 25 million to 1 billion displaced people, solely due to climate change, by 2050. Additionally, UNESCO has predicted that displacement will be a primary cause of displacement within the following decades. << Read full report>> By 2050, there will be between 25 million to 1 billion displaced people due to climate conditions. The International Organization for Migration (IOM) Innovations & new solutions Global challenges require global solutions. Restrictive measures, enacted through policy and other means, pose the risk of harming global innovation. Immigrants, nomads and displaced people are problem-solvers by nature. Their realities are formed by unique events and challenges. The latter are beyond what is interpreted as “ordinary” for most people in the “developed” world. For instance, let us look at an article by Stanford Graduate School of Business. The article examines 880,000 patent registrations between 1990 & 2016. The research found that patents by immigrants outmeasured the native groups both statistically and in terms of quality. Despite comprising only 16% of inventors, immigrants were responsible for 23% of patents issued. This study may be contextually and geographically limited to a specific area/nation. However, it supports the broader argument that innovation and creativity are skills that are highly evident among migrants and displaced people. The succeeding point about immigrant entrepreneurs in the UK will support this hypothesis. Immigrant entrepreneurs behind the UK’s top companies Similar to the US, immigrant entrepreneurs in the UK proportionally outsize the local population. In a research/study conducted by The Entrepreneurs Network (TEN), it was observed that foreign-born founders or co-founders accounted for 39% of the top 100 fastest-growing enterprises in the UK. The UK’s global position The UK’s global standing as an entrepreneurial ecosystem and a business-friendly nation is closely tied to immigrant entrepreneurs. This connection remains significant in the long term. Therefore, the formation and structure of the UK’s visa policy hold critical importance. Immigrants, nomads and displaced people show high tendencies towards entrepreneurship. This is inherently valuable and must be utilised for the betterment of the world. However, the current global visa regime has a long road to adapt to the premise of immigrant entrepreneurship. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies. References
Don’t make this mistake with Business and Startup Visas
Business and startup visas and international entrepreneurs are what and who I deal with on a daily basis. As someone who has embarked on the path of business visas as a foreign entrepreneur, I have learned a few lessons. Disclaimer: none of the content in this article, or website, constitute immigration advice in any shape or form. For professional immigration advice, please refer to a regulated immigration advisor or solicitor. If you are an international entrepreneur considering applying for a business or startup visa, there are quite a few things to consider. This may be one of the biggest challenges with foreign entrepreneurs. Starting a business is always hard work; add it to navigating immigration rules and you are bound to get things wrong. As such, in this article, I seek to prevent foreign entrepreneurs from making ONE fatal mistake, and that is underestimating the requirements of business and startup visas. Business & Startup visas may come with ongoing requirements Remember that under many visa paths such as the UK’s Innovator Founder Visa, there are ongoing milestones that founders must meet. In other words, getting a business or startup visa is just the beginning. Where do founders get it wrong? With the above in mind, founders usually underestimate startup and business visa requirements by either: These two mistakes can end up costing you money, time, energy and your health. It is vital that founders who consider startup and business visas are aware of this reality. Startup and business visas are not the means to obtain long-term residency/citizenship. It may be in certain countries, but it certainly is not the case with the UK’s Innovator Founder Visa. Remember to assess everything from a “business” perspective, rather than a “residency/immigration” one. What if residency is your goal? Entrepreneurship is not everyone’s forté, and I am not judging you for that. Perhaps you do wish to invest in commercial projects whilst obtaining an additional residency or citizenship. In these cases, it is better to consider residency or citizenship by investment programs offered by several countries across the world. Do not pursue a business or startup visa if your main priority is residency. Running a business has many uncertainties, and it should always be done for the purpose of generating profit unless we are speaking of non-profits. Any other goal is foundationally wrong for doing so. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.
What moving abroad alone as a 17-year-old immigrant taught me
I will always consider myself an “immigrant”, partly because I refuse any negative connotation in relation to this term; I was born and raised in Iran. At the age of 17, I packed my entire life and got on a plane to the UK in pursuit of further education, all alone. Well, every story starts somewhere, and my immigration story began shortly after I finished High School in Iran. Initially, I moved to Manchester on a student visa to attend college/pre-university preparation. My educational journey came to an end when I was 22 and obtained my master’s degree in law from Newcastle University. Shortly after, I developed a business idea based on my experience with renting accommodation as an international student, which later became StudyFlats. This idea was supported by Newcastle University and got me a 1-year visa as a graduate international entrepreneur. Subsequently, I obtained a three-year visa (which led to my settlement after it ended). During this period, I scaled StudyFlats to over 30 UK cities, hired a team of four and managed a global client base across property sites around the UK. Going through the business immigration journey was one of the most difficult journeys that I could embark on. It profoundly changed my worldview, self-perspective and professional skill set. There are some big lessons that I learnt along the way. My hope is for these to resonate with others experiencing the same hardships or learning curve, and to raise awareness of the immigration narrative from an entrepreneurial and personal perspective. You are at a disadvantage, in many things… Yes, this is a fact, nor is this some “woke/snowflake” rant. Racism, discrimination and prejudice exist in the UK. They can be witnessed within many fabrics of the society, such as: -Housing -Employment -Healthcare -Media Of course, each person’s experience is unique. One individual may only encounter discrimination and racism in one area but not necessarily in another. The argument is that discrimination exists and it can become a professional and personal barrier. Personally, I may have been lucky or privileged to not experience many of these. However, the journey of being an immigrant certainly taught me about what discrimination looks like. You think more about the world One side effect of a multinational and global personal perspective is that it forces you to think more. You compare different nations and question how and why they come to differ. This will lead to even more questions. How did they come to differ? What differentiates the two societies and the way they are administered? These are examples of questions that you may have, and it’s a good thing. These questions, and comparative outlook, will contribute to your growth and level of knowledge. The question of “identity” This is perhaps one of the most challenging aspects of being an immigrant, or you could also say a “global citizen”. Once you spend long enough in another country/ your new “home”, you will undergo a series of changes. After a while, it just seems like you don’t fully belong anywhere. Your identity is now a reflection of different, and sometimes contrasting, viewpoints. Whilst inconvenient, such experiences will either make or break you. These are some of the things that I learnt as an immigrant who moved to the UK alone at the age of 17…Now I help other aspiring global citizens start their businesses abroad. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
The general costs of running a limited company in the UK
If you want to start a business in the UK, one of the most common ways is through incorporating a limited company. There are various business structures in the UK that one may start a business through. The most common ways are: It is ultimately up to you to decide which structure fits you best. Each has its own tax implications and regulatory requirements. However, assuming that you wish to start a limited company in the UK, below are some of the costs that you will incur. Accounting Limited companies require the director(s) to submit annual accounts. Preparing and filing a limited company’s accounts, in most cases, will require an accountant’s assistance. The costs of an accountant can vary based on: Generally, you can expect to pay your accountant anywhere between ÂŁ500-ÂŁ2000 per year. These are broad estimates, and you may even have to pay more in certain circumstances. Registered address UK limited companies require a registered address. If you have an office, then that address will suffice. However, if you do not have an office, there are two options: Confirmation statement Limited companies are required to file a Confirmation Statement every year, which costs ÂŁ13. On many occasions, this fee will be covered by your accountant as part of their services. Company incorporation Depending on how you incorporate your company, there is an incorporation fee. The cost can range from ÂŁ10 to ÂŁ40. Corporation tax This will depend on whether your UK limited company makes a profit. Currently, the UK’s corporation tax rate is per below: 19% : for limited companies with profits between 0-ÂŁ50,000 25%: for limited companies with profits above ÂŁ250,000 For full information, please refer to the UK Government’s website. These are some of the general costs of running a UK limited company. If you are planning to start a business in the UK and need help, get in touch with me to start your journey today. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats which I scaled to over 30 UK cities. I currently help other entrepreneurs and businesses of all size across several domains. For my credentials, please see here.
What you should NOT do when writing an Innovator Founder visa business plan
None of the content in this article, website, or my services constitute immigration advice or services. This content is presented as general information and on the basis of personal opinion. For immigration assistance, please refer to a regulated solicitor or immigration advisor. Writing an Innovator Founder visa business plan can be challenging. That’s one of the reasons why many international founders opt to work with me on their Innovator Founder visa business plan. If you plan to apply for the Innovator Founder visa, you must prepare a business plan. I have previously written an article about how to create an Innovator Founder visa business plan. In this article, I want to share some tips on writing an Innovator Founder visa business plan. Specifically, I will be highlighting things that you should NOT do when you are planning your venture. Remember: the perfect business plan does not boil down to being well-written or well-designed (although these are also essential). Writing the ideal Innovator Founder visa business plan requires a well-thought, viable and clear business proposition. These tips will help you in formulating both your business plan, as well as some of the fundamental aspects of your business planning. Overpromise This is one of the biggest mistakes made by founders. Sadly, international entrepreneurs are not exempt either. And it’s easy to understand why: you want to present the “ideal” image for your concept, whether it’s to the Innovator Founder Endorsing Bodies, the Home Office or even investors. However, this is a dangerous mistake, especially if you are held accountable for making progress against your initial Innovator Founder visa business plan. Underestimate your competition & market dynamics In line with the last point, some founders also underestimate their market and competition. This may be done either intentionally, to present an inaccurate/idealistic image of the market, or unintentionally as a result of personal neglect. Overestimate your offer This is an advice that you may not get from many consultants. Remember: simplicity is key. Keep everything as simple and straightforward as possible. Don’t write pages and pages about why your product is ideal and what it does. Instead, dedicate your content to presenting evidence of your venture and the market’s viability. Neglect the financials Cash flow and financial management are integral to every business. You must plan for and state all instances of incoming and outgoing cash flow. Have a plan B for every scenario and determine the financial implications of all scenarios. Need help with writing your Innovator Founder visa business plan? Read about my full services here to find out more. About | My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats. I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme. Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (replaced by the Innovator Founder Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses.
Is the “innovation” requirement of the Innovator Founder visa flawed? | Policy Analysis
This article solely represents a case of personal evaluation and opinion. It shall by no means constitute immigration and/or professional advice. Policymakers are particularly invited to engage with this content and communicate their views accordingly. The innovation factor is a core and integral element of the Innovator Founder visa policy. However, is this requirement flawed? In this article, I will highlight the potential drawbacks and flaws of the innovation requirement. Unlike the former UK business visa schemes such as the Tier 1 Entrepreneur scheme, the Innovator Founder visa policy has emphasised innovation as a key element. On the surface, this may appear to be an appropriate shift in the interest of attracting high-quality businesses and entrepreneurs to the UK. However, a closer examination reveals certain flaws. What is the innovation requirement under the Innovator Founder visa? Per the Innovator Founder visa policy, innovation is a key benchmark for applicant assessment and determining their suitability. Each applicant’s business (idea) must satisfy the following three criteria: The wording of the Home Office defines innovation as the following: “The applicant must have a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage” This wording is referencing the Home Office’s policy guidance for its staff, dated 7th December 2023. Innovation: a sound requirement in theory Now, it is important to note that the innovation requirement is not theoretically incorrect or inappropriate. It is my view that any nation should be able to determine its rules for immigration pathways. Furthermore, the innovation requirement ensures the quality of applicants and their ventures under the Innovator Founder visa. Therefore, I believe that the requirement in itself may be valuable in principle. However, similar to many other policies, there is a distinction between “theoretically valuable” and “practical”. Innovation: problem in practice? Now that we have established that the innovation factor is logical on a theoretical basis, let’s look at it in practice. The innovation’s foundation is, theoretically, based on the following: Interpretation of innovation The first issue with the innovation requirement is the Home Office’s wording in its definition of it. By the usage of “new” or “existing” (with emphasis on “or”), it is feasible to argue that innovation can apply to businesses that target an existing market, hence the emphasis on the creation of competitive advantage. However, this raises a further issue. What is interpreted as “competitive advantage” in the case of an “existing” market? The issue with this policy is a generalistic use of the term “competitive advantage” without outlining what it entails in detail. And the world of entrepreneurship is full of important details. Ultimately, we notice that this is interpreted by each endorsing body through its assessment protocols. For instance, I have come to notice that one of these endorsing bodies referred to intellectual property (IP) protection as a determining factor (names not disclosed for anonymity) However, again, this means that there is a lack of consensus, thorough definition and clear measurement metrics as to how “competitive advantage” over an “existing” market vs. a “new market” is defined. The importance of policy wording You may assume that I am reading too far into these terms. However, any legitimate policymaker must understand the considerable implications of how policies are worded. In the case of the Innovator Founder visa, we are talking about 1000s of applicants. I am not a policymaker nor a legal professional, despite holding a master’s degree in international law. In case you are interested, you may see my resume for more information. However, allow me to tell you this based on my law postgraduate thesis that the wording of international legislation such as the United Nations Security Council, and specifically Article 51 of the UN Charter, governs how international warfares are determined as legal or in violation of international law. The mere usage of the conjunction of “or” in this article has been crucial in the assessment of several international and domestic conflicts. Thus, with the above as an example, a sound policy evaluation must outline the potential practical flaws of policies, as is the aim of this article. The first issue is the Home Office’s lack of clarity in its definition of innovation, especially concerning new versus existing markets which are inherently different from each other. Many ideas face current market players The nature of business in our modern world reflects growing technological advancements. The Internet alone, and the online nature of commerce, have radically shifted the nature of enterprise solutions. With the aforementioned, there is the consequence of increased competition in virtually any field. The latter alone also reflects the lesser barriers to entry to the market, for instance, due to the Internet. This is also reflected in the case of businesses that apply for the Innovator Founder visa. It is a reality that most ideas will have to fall under the “existing market” definition. Innovation = IP? The preceding points raise the question of whether intellectual property protection is the ultimate defining factor. And as a business professional, I am bound to agree that this would be the most reasonable view. At least that is my interpretation of it. Additionally, an Innovator Founder visa endorsing body has made particular reference to intellectual property protection. Therefore, we may reasonably assume the priority importance of this factor. This again, reflects the lack of any clarity from the Home Office on interpreting competitive advantage. Nevertheless, we will adopt the view that IP protection would be a key factor in assessing innovation. And by IP protection, we are mainly referring to patents, as many can simply file for a trade mark. However, patents can take years to be granted, especially if there is a dispute. In this case, we are assuming that the applicant does have sufficient personal network and resources to embark on such a life. By this, we can see that such immigration restrictions deter and discourage high-net-worth individuals who are facing major challenges with their ventures. They would certainly not want to…