There are many dangerous misconceptions about Start-Up Visa!
Recently in Vietnam, entrepreneurs have focused on seeking advice on setting up businesses under the Start-Up Visa program. This is an innovation program for entrepreneurs, but there are no specific guidelines from the government on how to establish a business. Therefore, each individual and each place understands and implements it in their own way.
Many people also think that having a Letter of Support (LOS) is enough to be assured of the outcome. The idea is that businesses can obtain PR (permanent residency visa) for their projects. However, this is a misconception, as the agencies issuing LOS (Lands of Residence) are not responsible and do not provide support to businesses. They lack the resources to assist you. Many applications have been rejected after obtaining LOS, often because businesses have failed to convince immigration officials.
There are many reasons for this situation, therefore, those applying for a Start-Up visa must use every means to convince immigration officials. One of the important criteria for persuasion is demonstrating the feasibility of the project. Besides that, a very important thing that many people fail to do is develop a physical product for the project before submitting it, not just a paper product. The physical product will have many levels, and the minimum level is MVP.
Although MVPs are not mandated by the Start-Up Visa regulations, they are crucial for demonstrating project viability. KeyApply sets a service quality standard requiring all projects to have at least one MVP.
A Visa Start-Up project without an MVP, only a proposal, will be less competitive compared to projects with an MVP. An MVP helps minimize application risk and increase the client's chances of success. Therefore, all projects designed by KeyApply include a viable MVP product.
If you'd like to learn more about the importance of MVP, as well as other key points to consider to minimize profile risk, schedule an appointment with KeyApply today.