Self-Sponsorship Route for Graduates
Graduate visa holder in the UK who have completed their education are generally at a crossroad and potentially considering various options to achieve their objectives in life. If you are in this situation this might be a good read for you.
You may be interested in working for a company for the 2-year period of your visa however you are also probably wondering what you can do after the end of your visa. Where you have found the right career path and a suitable employer, you have the option to switch to a skilled worker visa.
There are however a vast number of graduates who wish to work for themselves and are exploring the options to setup and run their own business.
If you think running your own business is the right path for you then you might be interested in exploring the self-sponsorship route. Self-sponsorship is an innovative way, which can offer several benefits to those looking to stay in the UK for a long-term. In this blog, we'll highlight some of the key advantages of self-sponsorship and why it might be the right choice for you.
Self-Sponsorship overview
This route in simple terms is about setting up a business and getting a sponsor licence for it. Once your company has a licence to sponsor it can sponsor any individual including yourself as a skilled worker to work in the company. This results in you being able to extend or switch you visa to a skilled worker which leads to settlement in the UK after 5 years. In the meanwhile, you have control over the sponsorship as the company in itself is yours.
Increased flexibility
One of the biggest advantages of self-sponsorship is that it gives you greater flexibility over your career and professional life in the UK. You are in control of the duration and terms of your employment unlike when you work for another organisation. This allows you to start your own business, work for yourself and build up your company. This gives you the freedom to pursue your own ideas and ambitions, without having to be restricted by the terms of a traditional employment contract.
Pathway to settlement
The self-sponsorship route can also provide a pathway to settlement in the UK. You may be eligible to apply for indefinite leave to remain (ILR) after five years of successfully working for your own business. ILR allows you to live and work in the UK without anytime restrictions and gives you access to a range of benefits and opportunities. If you have been on an ILR for 12 months you may then choose to apply for British nationality. Whilst these are the options ahead, you control your destiny and it's entirely up to you about how you may wish to proceed.
Improved earning potential
By taking the self-sponsorship route, you have the potential to increase your earning power. Running your own business or being a self-employed professional can often lead to higher earnings, compared to working for someone else. Additionally, if your business is successful, you may be able to grow it and increase your income over time. You can also as a licence holder, sponsor other talented individuals to work for your company as you deem fit.
Opportunities for personal and professional growth
Starting your own business or investing in a new venture can be a challenging but rewarding experience. It provides opportunities for personal and professional growth, as you develop new skills, build networks, and create something meaningful. The self-sponsorship route can also give you the chance to make a real impact in the UK and contribute to its economy.
Access to funding and support
The UK government offers a range of funding and support schemes for start-ups and businesses and this assistance can be tapped into. As a business, you maybe eligible for these initiatives, giving you access to the resources you need to succeed.
Limitations
Whilst all the benefits of the self-sponsorship route sound attractive, it's also important for you to consider at the outset if this is the right and viable option for you. If you don't intend to run your own business then this may not be for you. Running a business is also not a simple task. You would be required to adhere will all the responsibilities that would be placed on your business being a sponsor and it's important to understand them in order to adhere with them.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.