Welcome to the Topic “Are You Eligible for an Innovator Visa to the UK?”
Are you one of those individuals who have always desired to reside in the UK? Enjoying London regardless of the weather, sipping tea at five o’clock, or making new friends in the city’s renowned pubs? If so, we have great news for you: if you have an innovative business idea, you may begin your new life in the United Kingdom with the innovator visa.
This post will discuss the eligibility requirements and application process for a UK Innovator Visa.
What Is UK Innovator Visa?
The Innovator visa is for seasoned entrepreneurs who wish to establish a new business in the United Kingdom. If you wish to launch and manage an innovative business in the United Kingdom, it must be distinct from the competition.
An innovator visa allows a person with a novel business idea to implement it and establish a business in the United Kingdom. The business concept must be novel, innovative, financially viable, and scalable to qualify for the visa. In most cases, the company applying for an innovator visa will not exist; if it does, it should not have begun trading.
Who Is It Intended For?
This type of visa is best suited for individuals with business experience because, unlike the Start-up visa, the application for an innovator visa is subject to a few conditions that will be discussed later in the article. One such condition is that the applicant must have sufficient funds to support themselves during their stay in the United Kingdom without relying on public assistance.
Eligibility Requirements for an Innovator Visa
To be eligible for an innovator visa, you must meet the following requirements.
- The minimum age is eighteen years old.
- You should not be from the European Economic Area (EEA) or Switzerland.
- Additionally, you must have at least £50,000 available to invest in the business or already invested £50,000. This condition is waived if you switch from Tier 1 Graduate Entrepreneur visa or Start-up visa category to the innovator category to pursue the same business venture or if you have filed for an extension in the innovator category for the same business venture. However, you must provide evidence of substantial business plan advancement.
- If it is a new business venture, a Home Office-verified endorsement body must evaluate and approve your business idea based on innovation, viability, and scalability.
- Your letter of support was issued up to three months before your visa application.
- You intend to conduct business in the United Kingdom and are capable of doing so, as stated in your application.
- You have a minimum score of CEFR Level B2 and possess the fundamental English language skills required (equivalent to IELTS 5.5 in reading, writing, listening, and speaking).
- If you reside outside the United Kingdom, you must have sufficient funds to support yourself for the duration of your visa, which is £1270 for yourself, £285 for a dependent partner, £315 for the first child, and £200 for each additional child.
Applying To Continue the Same Business
If you are applying to continue the same business venture as your initial application, you must:
- Be endorsed by a UK-approved endorsing organization.
- You have made measurable progress in your business endeavor.
- You are registered as a director or member of your business with Companies House.
- Your company is actively trading and appears viable for the next twelve months.
- You play a crucial role in the daily operations of the business.
- You will spend your entire working day in the United Kingdom developing your business.
- What are the criteria for obtaining an innovator visa?
- Before submitting your application for an innovator visa, you must satisfy several prerequisites.
To apply for an innovator visa, you must submit a business proposal detailing the business concept behind the venture you intend to launch in the United Kingdom. Your business proposal must contain the following components for the endorsing body to approve it.
Your business idea must be innovative and fill a market void in the United Kingdom. You need to demonstrate how your business will assist individuals in meeting old and new market demands and how it will benefit the UK economy.
You would be required to provide evidence of your qualifications for the proposed business venture. This requires you to provide evidence of your abilities, knowledge, and market savvy.
As a candidate, you would be required to provide evidence of your business’s capacity for job creation and expansion.
Before submitting an application, you must have access to a minimum of £50,000 that they could invest in the business venture, or the case of an existing business; they must have already invested this amount. In addition, you would be required to provide evidence that you have sufficient funds to live in the United Kingdom. To accomplish this, you must maintain £945 in your small business bank account for 90 days in a row.
English Language Capability
Similar to other visa applications, applicants for an innovator visa must demonstrate English proficiency. As an applicant, you must meet the Common European Framework of Reference for Languages’ B2 English proficiency requirement (CEFR).
In the event of an application for the continuation of an existing business project, concrete evidence must be provided for the claimed achievement of a particular milestone or accomplishment. The organization must be registered with Companies House, and you must be listed as either a director or a member. You must produce financial reports proving the activity of your business, indicating a revenue sufficient for the business to survive for another 12 months. In addition, you must describe your role in the company and how your presence is required to facilitate daily operations.
To obtain endorsement for your business idea, you must contact one of the endorsing bodies approved by the home office. If you are still determining who to contact, you can find a list of all authorized endorsing bodies and their contact information here.
Developing a business concept is the first and arguably most important step in obtaining an innovator visa.
After obtaining a visa, you must maintain contact with your endorsing body at intervals known as checkpoints. Typically, these checkpoints occur at 6, 12, and 24 months following the approval of your application. This is done by the endorsing organization to ensure that you have complied with all visa requirements and are continuing to operate your business. To ensure the scalability, viability, and originality of your idea, you would also need to demonstrate progress at these checkpoints. If you are unable to produce the desired results, your visa may be revoked.
Immigration Health Assessment
Immigration and visa applicants must pay the Immigration Health Surcharge. This fee is charged in addition to all other applicable fees and will increase the cost of your visa. It will add an average of £624 per person per year to the total cost of the visa.
Applicants who submit their visa applications online are required to pay the health surcharge during the application process. You must complete the payment and return within 30 minutes to continue the immigration application procedure.
The innovator visa has provided brilliant minds with an incredible opportunity to participate in something better. Despite the fact that it can become a little complicated at times, the benefits it offers more than make up for the trouble involved. However, if you want support with the development and review of your business plan, at Business Plan Writer UK, we have competent accountants and consultants in order to enhance your possibilities.
Our team of professionals has a combined 100+ years of expertise in business planning. As a leading UK business plan writing service, we know what it takes to write winning plans. We strive to develop a business plan that correctly explains your ideas to stakeholders and investors and motivates them to take action.
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