The innovator visa category in the UK is for those individuals who are experienced business persons seeking to establish a business in the UK. To qualify for this visa, you will need to have at least £50,000 in your business. However, certain exceptions can be ruled out. Furthermore, you will also need to have an innovative, viable, and scalable business idea that is approved by an endorsement body.
Particularly, these visas are valid for 3 years and can lead directly to indefinite leave to remain in the UK by the end of this tenure. Also, this visa allows you to bring your partners or children under the age of 18 to the country.
Who Is Suitable for an Innovator Visa?
This visa category is suitable for those experienced business persons who wish to set up their new business in the UK given their idea is innovative and unique.
Applicants can either work on their own as a sole founder or together as a part of an entrepreneurial team. The business idea may extend to any sector provided it is scalable.
Conversely, if you are looking to join an already established business, a Skilled Worker visa will be appropriate for you. Secondly, if you wish to invest in an already trading business, you may have to opt for a Tier 1 investor visa.
Requirements for an Innovator Visa
To qualify for an innovator visa, you will need to satisfy UK Visa and Immigration requirements which are,
- You should be at least 18 years old
- You should have at least £50,000 with you to invest in your UK business or have already invested £50,000 in your UK business
- If you are applying to set up a new business venture and have been endorsed by an approved UK endorsing body that has evaluated your business idea for 3 parameters and is satisfied with your working in the country on developing your venture
- If you are applying to continue the same business venture as in your initial application and have been endorsed by an approved UK endorsing body that is satisfied with your business plan, you are registered with Companies House as a Director or Member of your business, your business is active, trading and appears sustainable for at least the following 12 months, you have had an active key role in the day-to-day management and development of the business and you will spend your entire working time in the UK on developing your business ventures
- Your endorsement letter was issued not more than 3 months before the date of your innovator visa application
- You genuinely wish to undertake and are capable of undertaking any work or business activity in the UK as stated in your application
- You are competent in the English language to at least CEFR Level B2 (equivalent to IELTS 5.5 in reading, writing, listening, and speaking);
- If you are outside the UK or have been in the UK for less than 12 months then you have at least £1270 to support yourself, plus £285 for a dependent partner, £315 for a first child, and £200 for each additional child.
Now, these requirements might vary depending on individual circumstances. For more information visit here.
Investment Funds Requirement for an Innovator Visa
As mentioned before, you will need to have at least £50,000 with you to invest in your UK business or have already invested the same amount in your UK business.
Here, the terms ‘viable’ and ‘scalable’ define that you may need to have more than £50,000 to invest because some endorsing bodies require an additional level of funding as a condition for endorsement.
Switching into the Innovator Visa Category
Innovator application visas can be made from outside the UK. Also, you can switch from the innovator visa category from within the UK, given you do not have or we’re last granted permission as a visitor, short-term student, parent of a child student or domestic worker, and so forth.
Innovator Visa Application Fee
The current Home Office application fee for an Innovator visa is £1,021 if applying from outside the UK and £1,277 if applying to switch into the category from within the UK.
Furthermore, the visa will be valid for 3 years. However, you can extend the visa for 3 years at a time provided that you are being re-endorsed each time.
For more information visit here.
Innovator Visa Conditions of Stay
As an Innovator visa holder, you will need to abide by various conditions of stay.
You can develop other businesses as well as your main business idea. However, you will not be permitted to take any employment other than working for the business or businesses that you have established. Any arrangement which amounts to disguised employment with another employer would breach the conditions of your stay.
Innovator Visa Checkpoints
You will also need to stay in contact with your endorsing body with checkpoints at 6, 12, and 24 months after your application is successful.
You will need to satisfy your endorsing body that you are going to continue work on your business venture in the UK. Furthermore, you will have to demonstrate reasonable progress about either your original or new business idea, provided it is innovative, viable, and scalable.
We hope this will help you. Stay tuned with us for more insightful updates, or schedule a call today for personalised assistance.