Developed countries welcome innovative mindsets and new ideators. Leading the same norm, the UK has introduced a new visa type: The innovator Visa. This visa type is for entrepreneurs who want to start a new business in the UK. In most cases, you should have access to at least £50,000 to invest in your industry. It will help if you have an innovative, viable, and scalable business idea approved by an approval authority.
UK Innovator Visa Requirements
Requirements for qualifying for an innovator visa are below,
- The candidate’s age must be 18 years or older.
- You must have at least £50,000 to invest in your business, or you have already invested it in your business in the UK (unless you move from the Graduate Entrepreneur or Start-up category level 1 to start the same trading business.
- You have been approved by a UK-approved body that rated your business idea positively for innovation, feasibility, and scalability. You are confident that you will spend all of your working time in the UK growing your business.
- Your Letter of Support was issued no more than 3 months prior to your Innovator visa application date.
- You sincerely intend to do, and are able to do, any work or business in the UK specified in your application.
- You are fluent in the English language 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, you will have at least £1,270 to take care of yourself, plus £285 for a dependent partner, £315 for the first child, and £200 for the additional child each.
- To innovate, you have an authentic and original business plan that meets new or existing market needs and creates a competitive advantage.
- For viability, you have the skills, knowledge, experience, and market intelligence needed to run the business successfully.
- For scalability, your business plan shows evidence of structured planning and potential for job creation and growth in domestic and international markets.
Visa Application Fees
The current Home Office application fee for an Innovator visa is £1,036 if you are applying from outside the UK and £1,292 if you are using it for an upgrade from the UK.
Visa Validity period
The initial validity period for the Innovator visa is three years. It is possible that you can extend an Innovator visa for periods of 3 years each, provided it is re-signed each time. There is no time limit for the Innovator category. You can apply as an innovator for an indefinite period (establishment) after spending three years in the Innovator visa category.
Application process for UK Innovator Visa
Visa application preparation and submission service for innovators are divided into eight different steps:
To receive a free initial assessment of your eligibility for Visa Innovator, complete the Innovator Visa Application Form. A lawyer will assess your answers. They will goal respond to you within 24 hours.
All approval authorities require applicants to verify that they are eligible for an Innovator visa as an individual before being contacted for approval. When Phase 1 is successfully completed, they will have an initial consultation meeting where they will verify that you can meet the general immigration rules eligibility requirements for an Innovator visa.
All support agencies require applicants to demonstrate an innovative, viable and scalable business idea. They have an initial consultation in which they listen to your concept and advise you on whether or not to submit it to an approval authority. This step can be performed simultaneously with step 1.
After successfully completing Step 1 and Step 2, they will officially send you and your business plan to up to 3 headquarters-approved support organizations. As a trusted host, Richmond Chambers can provide direct contact with investment panel members and ensure transparent and timely decision-making.
The supporting organization has an initial meeting in which you can present your concept and business plan. Suppose the support organization deems it appropriate to proceed with the proposal. In that case, they will spend time with you reviewing your model, cash flow, and any other requirements they deem necessary to ensure that your concept has been the best chance of being supported and fully understood.
The support agency needs to know everything about you and the source of your money. This process will typically take place simultaneously with step 4.
After completing Steps 4 and 5 and obtaining approval, they will prepare your Innovator Visa application and submit it. Immigration rules contain strict requirements regarding proof that must be provided in support of an Innovator visa application. They ensure that your Innovator visa application is submitted professionally, technically correct, and approved the first time.
Once the Home Office has approved your Innovator Visa application, you can enter the UK to deploy your investment funds and develop your business idea. They will continue to support it until the ILR is reached after three years. Through their trusted partners can also provide comprehensive wealth management, tax management, and education advice to UK schools and universities should these services be required.
For more detail, you may visit their official website. The link for the website is below:
UK Innovative Visa leading to permanent residency