The start-up and innovator visa categories are similar in nature in that they have the same core eligibility requirements. The biggest differences between them are probably the investment requirement under the innovator visa category, the grants of leave and the conditions of stay.
Eligibility requirements
Both the start-up and innovator visa require a business idea to be endorsed by a Home Office approved endorsement body. For an idea to be approved and for an application under the two categories to be successful, the applicant(s) must be able to show that they were key founders of a business idea which is:
- New : the business must be new. A business that is already trading cannot be joined.
- Innovative: the idea must be original and different from anything else on the market.
- Viable: the idea must have realistic potential for growth.
Investment requirement
Unlike the start-up visa category, the innovator visa category requires the applicant seeking to enter the UK to show access to funds of at least £50,000 which would be invested into the new business. Where a team is applying, £50,000 per each innovator applicant is required.
An applicant applying for permission to stay does not need to show access to £50,000 where the business has already been established and endorsed for an earlier visa or where the business has changed with the agreement of the endorsement body.
There is no investment requirement for the start-up visa. Although the endorsement body will want to know how the applicant proses to fund the estimated start-up costs.
Grant of leave
The maximum an individual can stay in the UK under the start-up visa category is two years. This category does not in itself lead to settlement and any leave granted under this category cannot be extended. Switching to an innovator visa may be possible.
A successful innovator applicant will be granted initial leave of 3 years after which he may be eligible to apply for settlement in the UK or further leave for a period of 3 years. There is no limit on the number of times an innovator applicant can apply to extend his leave.
Conditions of stay
A successful start-up applicant can:
- Bring his partner and children to the UK, if they are eligible;
- Work in another job as well as working for the start-up business;
- Travel abroad and return to the UK.
A successful start-up applicant cannot:
- Apply for most public funds or State Pension;
- Work as a professional sportsperson ;
- Settle in the UK on this visa.
A successful innovator applicant can:
- Bring his partner and children to the UK, if they are eligible;
- Set up a business or several businesses;
- Work for his own business;
- Travel abroad and return to the UK;
- Apply to settle permanently in the UK if eligible after 3 years;
- Extend the visa.
A successful start-up applicant cannot:
- Do any work outside the applicant’s own business;
- Apply for most public funds or State Pension;
- Work as a professional sportsperson.
Disclaimer:
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Connaught Law and authors accept no responsibility for loss that may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Connaught Law. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Connaught Law.
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