The Innovator visa is designed for experienced business individuals who want to start a new venture in the UK. If you wish to create and maintain an innovative business in the UK, it must be distinct from the competition.
You May Apply for An Innovator Visa If You Meet the Following Requirements:
- Your company or business idea has been endorsed by an approved body, also known as an endorsing body.
- You meet all the other eligibility requirements.
Requirements Criteria:
Business Criteria:
When applying for an Innovator Visa, you should first have your company or business idea evaluated by an endorsing body.
You must demonstrate that your business concept fulfills the following criteria:
- It’s new – you won’t be able to apply if you plan to join an existing firm.
- It’s distinctive – you must have an original business concept unlike any other on the market, with room for growth.
Financial Criteria:
When starting a new business and applying for an innovator visa, you must demonstrate that you have at least £50,000 to invest.
Keep in mind that you will be required to prove the source of your funds.
You don’t need any investment capital if your company is already established and approved for a previous visa or if you’ve changed your business and agreed with your endorsing body.
It’s important to note that your investment funds cannot be declared supporting funds.
Language Criteria:
You must demonstrate your English proficiency when applying for the UK Innovator Visa. You must be able to read, speak, write, and understand English at a level B2 on the Common European Framework of Reference for Languages.
If you have previously demonstrated your English proficiency on a successful visa application, you may not need to take the exam again.
UK Innovator Visa: How To Apply:
1. Evaluate Your Eligibility:
Check to see if you meet the eligibility requirements before contacting any endorsing body. This stage is critical, and we recommend you consult with professionals before proceeding.
2. Create a Business Plan:
As previously stated, your business plan must be innovative and one-of-a-kind. Again, consulting with professional advisors is essential because they can advise you on whether your plan is appropriate or needs to be improved.
3. Contact an Endorsing Organization:
If you and your business plan meet the requirements, you should contact an endorsing body. You can present your business plan at your initial meeting with the endorsing body. Also, remember that you’ll need to show the source of your funds.
4. Receive Your Endorsement Letter:
If the endorsing body is pleased with your business proposal, it will be approved. You can proceed to the next step once your endorsement has been obtained.
5. Visa Application:
You’ll need to submit your documents and prove your identity at this point. The method for verifying your identity varies depending on your passport type.
What are the Benefits of the UK Innovator Visa
Benefits of the UK Innovator Visa:
- If you are granted an Innovator visa, you will be able to:
- Establish a business or several businesses.
- Work for your company as a director or a self-employed business partnership member.
- Bring your children or partner to the UK if they qualify.
- Travel outside the UK and return
- After three years in the country, you can apply for “indefinite leave to remain.”
Limitations:
- You are not permitted to do the following with a UK Innovator Visa:
- Do anything other than your business.
- Work as a professional athlete.
- Obtain public funds or a state pension.
Frequently Asked Question on the UK Innovator Visa:
- How long is the validity of an Innovator Visa?
Your first innovator visa will be valid for three years. You can later request an extension if your business proposal is still valid and has been re-endorsed.
- What is an approved endorsing organization?
An endorsing body is a government-approved organization accredited to endorse a business plan. An endorsing body should evaluate your company to see if it is innovative and viable. You should also be able to demonstrate that you intend to spend your entire working time in the country developing your business.
- Can an innovator visa grant me indefinite leave to remain in the UK?
You certainly can. Innovator visas can result in indefinite leave to remain in the United Kingdom.
- Is a language exam required to obtain an innovator visa in the UK?
Yes, innovator visa applicants must demonstrate their English proficiency if they can demonstrate their English language proficiency by taking a test or showing their previous education.
- What financial requirements must innovator visa applicants meet?
When applying for an innovator visa, you must demonstrate that you possess at least £50,000 to invest. You must also have £1,270 in your bank account for at least 28 days before submitting your application.
- What are the eligibility requirements for an innovative visa?
For your business proposal to be endorsed, a recognized endorsing body must be satisfied that your company idea meets all the following requirements:
Uniqueness: You have a genuine, exclusive company strategy that addresses new or existing market demands and provides a competitive advantage.
Viability: You have the necessary abilities, experience, expertise, and market awareness to manage the business successfully.
Scalability: Your business strategy demonstrates well-organized planning and the potential for job creation and expansion into national and international markets.
Takeaway:
The United Kingdom is a country with a high standard of living, an appealing lifestyle, and numerous business opportunities. It’s also a popular destination for entrepreneurs and digital nomads looking to expand into national and international markets.
With the help of the Innovator visa, you can unleash your potential in a new market while reaping various advantages.
Have any questions regarding the topic What are the Benefits of the UK Innovator Visa? Feel free to comment below.
Also Read: How a Long-Term Plan Can Bring Your Business to Success