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on April 3, 2023
An enterprising fintech start-up founder with a minority shareholding approached Cranbrook Legal for help with obtaining a sponsor licence before commencing operations. The company aimed to disrupt the UK’s financial sector by leveraging its technology.
Our team advised the client on how we could project-manage the whole process encompassing the company registration, the sponsor licence application, and the process of getting approved for a Skilled Worker visa. The client explained that he was unaware of the self-sponsorship programme and had not come across this previously.
We advised our client that the self-sponsorship programme had been developed by Cranbrook Legal. However, the visa that he would be applying for would be a Skilled Worker visa.
Our team advised that under the Skilled Worker visa, there were no limits to how many shares an individual could hold in the company he was being sponsored by, so he could therefore hold up to 100% of the shares in the business.
Furthermore, under the Skilled Worker visa, an applicant who is employed as a director does not need to be paid a minimum salary of £159,000 and therefore, a more reasonable salary could be paid.
The client was satisfied with our advice, and we began the process of registering his company and ensuring all legal provisions regarding company registration were complied with. This included registering with HM Revenue and Customs (HMRC) and obtaining employers’ liability Insurance. We were also able to refer him to a local bank that could assist with opening a business bank account within a few weeks. Furthermore, we helped the client with the business plan, which was essential for the sponsor licence application, as it demonstrated the feasibility of the business.
Following a review of the company’s documents, we assisted the UK director for the business with the application for a sponsor licence. We prepared the online application form and legal representations explaining why the company should be approved for a sponsor licence.
We advised the UK director on how the application should be submitted, as well as the Home Office’s decision timelines.
Although the company’s UK director opted against applying for the Home Office’s priority service, it ultimately only took five weeks for a decision to be made on the sponsor licence application.
As we were in constant communication with our client, we were able to liaise with him regarding the Skilled Worker visa application and the Certificate of Sponsorship (CoS). This allowed us to move quickly so that when the decision was received on the sponsor licence application, we were able to apply for the CoS and the Skilled Worker visa within a week.
Following our client’s biometric appointment, a decision was received on his Skilled Worker visa application after a short period of 10 days.
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