Innovator Visa
Unlock your potential as an experienced businessperson from a non-EEA country with the UK Innovator Visa. This pathway enables you to establish a business in the United Kingdom, provided you present an innovative, viable, and scalable business idea endorsed by a Home Office approved endorsing body.
Embrace the opportunity to shape the UK business landscape and drive growth with your unique venture – the Innovator Visa is your key to a thriving entrepreneurial future in the United Kingdom.
This visa category can lead to settlement in either 3 or 5 years subject to meeting certain requirements.
Eligibility Requirements:
Applicants must be at least 18 years old.
Meet an English language test B2 CEFR.
Have funds [£945 for main applicant and £630 for each dependent ] held for a consecutive period of at least 90 days before the application.
Applicant has at least £50,000 in investment funds if they want to set up a new business.
Application process:
The processing will depend on whether an applicant is applying for Innovator Visa with a new business idea which requires a minimum investment of £50,000 into the proposed business.
The application process can be divided in the following 3 main steps:
Preparation of a business idea and plan which must be innovative, viable and scalable.
Approval of proposal business idea and plan from Home Office endorsing body [ETA 4-8 weeks].
Applying for applicant’s [and any dependents ] Entry Clearance Application [ETA 2-4 weeks].
Business plan requirements for Innovator Visa:
Applicant’s business idea and plan must meet the following criteria:
It must be a genuine, original business plan that meets a new or existing market need and/or creates a competitive advantage [Innovation]
The applicant must have the skills, knowledge, and experience and market awareness to run the new business [Viability]
The applicant must be able to show evidence of scalability of the business with the potential for job creation and growth into national and international markets [Scalability]
Home Office assessment of Innovator Visa/Entry Clearance applications:
Once an applicant has secured an endorsement letter and met the general criteria for the Innovator Visa, they need to ensure that their entry clearance application addresses the additional Home Office criteria which might involve satisfying the Home Office that the applicant genuinely intends to undertake and are capable of undertaking the proposed business plan. To that end, the Home Office might consider applicant’s previous work and education.
Length of an innovator visa and extension applications:
First visa duration is for a period of 3x years.
A further extension of 3x years can be granted.
There is no limit on the number of times an application can be made to extend an Innovator visa.
Settlement in the UK after 3x years:
An Innovator Visa holder can apply for settlement or Indefinite Leave to Remain after three years of continuous UK residence, provided at least two of the following conditions are met:
The business has created at least 10 full time jobs for the resident workers.
The number of business customers has at least doubled in the three years of the visa and is higher than the mean number of customers for other UK businesses offering comparable main products or services.
At least £50,000 has been invested and spent in the business.
The business has created the equivalent of at least 5 full time jobs for resident workers paying at least £25,000 a year.The business has engaged in significant research and development activity and has applied for intellectual property protection in the UK.
The business has generated gross revenue of at least £1 million.
Settlement in the UK after 5x years:
An innovator visa holder can qualify to apply for settlement after completion of 5 continuous years under this visa category.
Innovator visa restrictions:
Under an Innovator visa, you cannot:
Do any work outside the business, for example, take on employed work.
Work as a doctor or dentist in training.
Work as a professional sportsperson.
Access public funds.
Please click the link below to access our Innovator Visa Guide providing further information and addressing your general queries in a comprehensive but concise manner.
Get in touch with us now on 01206 489 077 or make an enquiry online to get expert help.
