One can apply for an Innovator visa if:
- he/she want to set up and run an innovative business in the UK – it must be something that’s different from anything else on the market
- that business or business idea has been endorsed by an approved body, also known as an endorsing body
- he/she meet the other eligibility requirements
One must be able to show that your business idea is:
- new – one cannot join a business that is already trading
- innovative – one must have an original business idea which is different from anything else on the market
- viable, with potential for growth
Knowledge of English
One must be able to speak, read, write and understand English. They’ll usually need to prove their knowledge of English when they apply.
HOW LONG YOU CAN STAY?
One can stay for 3 years if he/she either:
- come to the UK on an Innovator visa, and
- switch to this visa from another visa while in the UK.
WHAT IF, IF YOU WANT TO STAY LONGER IN THE UK?
One can apply to extend their stay for another 3 years when their visa is due to expire. There’s no limit on the number of times one can extend.
He/she may be able to apply for settlement once they’ve been in the UK for 3 years.
HOW TO APPLY?
One must apply online.
How one can apply depends on whether they’re:
- Outside the UK and are coming to the UK
One must apply online for an Innovator visa.
When he/she apply, they need to provide an ‘endorsement letter’ to show that an endorsing body has assessed their business or business idea.
One also need to provide:
- a valid passport or other document that shows their identity and nationality
- bank statements showing they’ve had at least £1,270 in savings in their bank account for 28 consecutive days before they apply
- proof that they meet the English language requirement
- evidence of their investment funds (if you’re setting up a new business)
- their tuberculosis test results if they’re from a country where they have to take the test
- Inside the UK and extending your current visa
One can usually apply to extend an Innovator visa if both of the following apply:
- he/she meet the eligibility requirements,
- they’re still running a business in the UK or want to set up a new one.
One must have £50,000 in investment funds if they want to set up a new business.
But they do not need funds if either:
- the business is already established and has been endorsed for an earlier visa
- they’ve changed their business and already agreed it with their endorsing body
- they need to have their business or business idea assessed by an endorsing body when they extend their visa.
- Inside the UK and switching from a different visa
One might be able to apply to change (‘switch’) to an Innovator visa if they’re already in the UK on a different type of visa.
Before they apply, they need to have their business or business idea assessed by an endorsing body. They will provide them with an endorsement letter if their business is eligible.
One must also:
- meet the English language requirement
- be at least 18 years old
- be able to prove that you have enough personal savings to support yourself while you’re in the UK
If you want to set up a new business
One must have at least £50,000 in investment funds to apply for an Innovator visa if they want to set up a new business.
They’ll need to prove where they got their funding from.
One does not need any investment funds if either:
- their business is already established and has been endorsed for an earlier visa
- they’ve changed their business and already agreed it with the endorsing body
Who cannot apply to switch to this visa
One cannot switch to this visa if they have one of the following:
- a visit visa,
- a short-term student visa,
- a Parent of a Child Student visa,
- a seasonal worker visa,
- a domestic worker in a private household visa,
- immigration bail, and
- permission to stay outside the immigration rules, for example on compassionate grounds.
One need to have had at least £1,270 in their bank account for 28 consecutive days before they either:
- apply for an Innovator visa,
- apply to extend their Innovator visa or switch to an Innovator visa if they’ve been in the UK for less than a year
One cannot use either of the following to support their selves:
- money from their investment funds
- money earned while working in the UK illegally
Sharing investment funds
One can form a team with other Innovator applicants, but one cannot share the same investment funds.
Their team must have £50,000 for each Innovator applicant. For example, if you have 2 Innovator applicants, your team must have £100,000 to invest.
HOW LONG IT TAKES?
Once they’ve applied online, proved their identity and provided their documents, they’ll usually get a decision on their visa within:
- 3 weeks, if they’re outside the UK
- 8 weeks, if they’re inside the UK
How much one pay for a Start-up visa depends on their situation and where one can apply from.
|Who you’re applying for
|Apply (outside the UK)
|Switch (in the UK)
|Your partner and children
|£1,036 each person
|£1,292 each person
WHAT YOU CAN AND CANNOT DO
With an Innovator visa one can:
- set up a business or several businesses
- work for their business – this includes being employed as a director, or self-employed as a member of a business partnership
- bring their partner and children with them as their ‘dependents’, if they’re eligible
- travel abroad and return to the UK
- apply to settle permanently in the UK (also known as ‘indefinite leave to remain’) if they’ve lived in the UK for 3 years and meet the other eligibility requirements
- do any work outside their business, for example work where they’re employed by another business
- work as a professional sportsperson, for example a sports coach
- apply for most benefits (public funds), or the State Pension
BUSINESS PLAN FOR UK INNOVATOR VISA
One of the first requirements for the application of your innovator visa is to write a business plan address to the Home Office. The business plan should reflect strategies that are going to make the business successful and hence benefiting the economy of the UK. Thus, the business plan should be written in details. As per the Home Office, the acceptance or rejection of your Visa entirely depends upon the kind of business plan you write. 1/3rd of all the Visas get rejected by the authorities due to poorly constructed business plans.
WHAT NEEDS TO BE INCLUDED IN THE INNOVATOR VISA (TIER 1) BUSINESS PLAN?
Details regarding every area of your business should be present in your business plan. That includes:
- Executive summary
- Business overview
- Physical setup and operational plan of the business
- Market Analysis
- The details of the services and products you would be selling
- Sales and Marketing plan outline
- Competitor Analysis
- Role of all the key players involved in the business and their information
- Financial projections and plans
We, at Infocrest, will help you in planning your business to get a innovator visa in the UK.