I'm curious about the statement you made that the UK uni's won't let you work on a startup during your course of study. I plan to apply for the PhD (as an American in the UK) in personal informatics. I have been very upfront when speaking to advisors in the uni's that it directly relates to my company and no one has mentioned that I can't work on my business and PhD. Anyway - to answer your question: have you looked…
If you come here on the Tier 4 student visa (as what most people do), you'd face the following restriction: A student from outside of the EEA must not: • engage in business; or • engage in self-employment; or • provide services as a professional sportsperson or entertainer; or • pursue a career by filling a permanent full-time vacancy. You can see that from page 71 here: http://www.ukba.homeoffice.gov.uk/sitecontent/…
I talked with two guys from Germany and Australia, and both said incorporating in their respective countries was difficult. I'd research either Chile or Israel and see what their policies are.
For the entrepreneur visa, it looks like you must have 200,000 pounds in the bank, so for me that definitely takes the option off the table: http://www.visabureau.com/uk/entrepreneur-visa.aspx Feel free to let me know if you find other ways to do a startup in the UK or Europe. Good luck!