score:3
They have also wrote there is not rights for appeal or administrative reviews.
This is not a problem. They write this paragraph in all refusal notices where the application is for a term of 6 months or less. It is 'boilerplate'. So the paths of appeal or administrative review are not options for you. Even if an appeal were allowed, it costs GBP 140 to reach the hearing stage; this compares unfavourably to the cost of a fresh application, which is GBP 83.
I'm not sure what to do now, I would need to apply again and pay visa fee again?
Following a refusal of an application where the term is 6 months or less, everything starts at square 1. It means you will have to complete the form again, collect and submit your evidence again, do your biometrics again, and pay the fee(s) again.
Also, since the ECO was citing from Appendix V, it means your application was not considered as a business visit, but rather as a standard visitor. You should adapt your application strategy accordingly.
History tells us that it is unwise to submit a fresh application without a detailed analysis of the refusal because it contains the 'legal' text. That's why people asked to see it in the comments above. You provided only a partial text (which is boilerplate and tells us nothing), and hence the best answer for the part of your question "I'm not sure what to do now..." is to fix the deficiencies and make a fresh application, consulting a legal professional if necessary.
Upvote:1
Regardless of whether you can appeal or not, the simplest thing is to reapply now. You have 'only' lost the fees of your original applicationΒ and a little time, whereas any administrative review or appeal would take longer. Have your CEO write you a new letter, and reapply. Having said this, there may be another deficiency in your application which Visas & Immigration haven't noticed, but could refuse you for in the new application. If you need the visa urgently and cannot go through another round of reapplication then you might want to contact an experienced UK based immigration solicitor to make the application for you.