Requirements for an innovator visa
The innovator visa category is for experienced entrepreneurs seeking to set up or run a business in the UK. Unlike the start-up visa, it requires the applicant to have access to £50000 to invest in the business.
Innovator Visa application
First introduced in April 2019, it replaced the Tier 1 Entrepreneur visa. This route is specifically designed for experienced businesspeople trying to establish a business in the UK.
To qualify, applicants need to have access to the minimum investment amount (£50000) and the business proposal must be approved by an endorsing body.
It is granted for 3 years and can be extended. At the end of the period, the applicant can apply for indefinite leave to remain in the UK.
Who is suitable for the innovator visa category?
This visa is for experienced entrepreneurs who wish to set up an innovative, viable, and scalable business in the UK. The applicant is still eligible if he has set up a business in the past.
Innovators can work as part of the entrepreneurial team or as sole founders to develop the business venture.
Eligibility Criteria for Innovator Visa
Any businessman wishing to start a business in the UK under an innovator visa has to satisfy the following requirements:
- The entrepreneur must be 18 years old or over
- They have at least £50,000 in their bank account for 90 consecutive days to invest in the UK or have already invested the same amount in the business venture whilst on start up visa.
- Any approved UK endorsing body has assessed the business proposal for innovation, scalability, and viability and is satisfied that you will dedicate your entire working time to developing the business
- The applicant is outside of EEA and Switzerland
- An endorsement letter was issued within three months of the date of innovator visa application
- The applicant must meet the English language requirement of at least CEFR Level B2 (equivalent to IELTS 5.5)
- Applicants must have £1270 in their bank accounts for 28 consecutive days before applying for an innovator visa or extension. This amount must be in addition to the investment funds.
Investment Funds Requirements
The applicant needs a minimum of £50,000 to invest in the business. This funding can be provided by the applicant himself or the endorsing body. Some endorsing bodies may require the applicant to have additional levels of funding as well.
Endorsement Criteria for UK innovator visa
A Home Office approved endorsing body will ensure that the business proposal meets the following criteria:
- Innovation – The applicant must credibly demonstrate that they have a genuine and original business plan in line with the current marketing needs.
- Viability – The aspiring applicant has the right skills, experience, and market awareness to make the business successful.
- Scalability – The business plan shows the potential for job creation and the venture will be beneficial for the British economy and workforce.
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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