You can switch a start-up visa into innovator visa from inside the UK after making significant progress on your business. To be able to switch you you need to satisfy the requirements and meet the criteria of an innovator visa.
What is the Innovator Visa category?
The innovator visa category is for more experienced business people seeking to establish a business in the UK relying on investment funds of £50,000. Applicants will have an innovative, viable and scalable business idea which is supported by an endorsing body. With some exceptions, applicants will have funding of £50,000 to invest in their business.
It is important that before you apply for switching into Innovator visa, you have applied for and obtained the endorsement letter from the relevant endorsement body.
If your application for switching into innovator is successful, you will be granted leave to remain for a period of 3 years. Upon completion of 3 years of residence in the UK as an innovator, you become eligible to apply for ILR. If you do not meet the eligibility criteria for ILR, you can apply for an extension/renewal of your innovator visa.
Who can switch into Innovator Visa from Inside The UK?
You can switch to an Innovator visa from inside the UK if you have permission to stay in the UK under any one of the following visa categories:
- Start-up Migrant
- Tier 1 (Graduate Entrepreneur) Migrant
- Tier 1 (Entrepreneur) Migrant
- Tier 2 Migrant
- a visitor who has been undertaking permitted activities as a prospective entrepreneur, as set out in Appendix V to the Immigration Rules
What are the eligibility requirements for switching into Innovator Visa?
The requirements to be satisfied for an application for switching into an innovator visa from inside the UK include the following:
General Requirements:
- The applicant must be at least 18 years old;
- The applicant must be lawfully in the UK and must be eligible to switch into the Innovator visa from inside the UK
- The applicant must genuinely intend to undertake, and be capable of undertaking, any work or business activity in the UK stated in their application;
- The applicant must not intend to work in the UK in breach of their conditions;
- Any money which the applicant claims to be available must be genuinely available as described, and the applicant must intend to use it for the purposes described in the application;
- The applicant must provide an endorsement letter, issued by the endorsing body;
- The applicant must have funds for investment which should not less than £50,000 to be invested in the UK business.
New business: Innovator Leave to remain requirements
An applicant endorsed for a new business may apply for leave to remain as an innovator migrant. An applicant is considered to be endorsed for a new business when either:
- the applicant is making an initial application for the Innovator route and they have not been previously endorsed in the Tier 1 (Graduate Entrepreneur) or Start up visa routes for the same business;
- the applicant is making an extension application where the business now being pursued is different from the one which they were endorsed for in their last grant of leave.
£50,000 investment funds
Applicants applying for an Innovator visa with a new business endorsement will need to demonstrate that they have either invested or have available at least £50,000 to invest in their new business.
The table below sets out how an applicant can demonstrate that they meet the funding requirements:
| Source Of Funds | Evidence Required |
| Endorsing body or other source where the endorsing body has verified the funds are available | Endorsement letter confirms available or prior investment of £50,000 |
| A UK organisation employing at least 10 people | All of the following:
A letter which contains a signed declaration confirming:
|
| An overseas organisation, a UK organisation which employs less than 10 people or an individual third party | All of the following:
1) A signed declaration which contains:
2) A letter from a legal representative (who is registered to practice legally in the country where the third party or the money is), confirming that the declaration and signature in the signed declaration is genuine. 3) A bank letter, confirming that the funds are held in a regulated financial institution(s). The letter must be dated no earlier than 1 month before the date of application. If the institution is outside the UK, the letter must also confirm that the funds are transferrable to the UK. |
| Funds held by applicant | Either
Bank statements, showing the funds are held in the UK in an institution regulated by the Financial Conduct Authority. The statements must cover a consecutive 3 months, ending no earlier than 1 month before the date of application. Or A bank letter, confirming that the funds are held in a regulated financial institution(s). The letter must be dated no earlier than 1 month before the date of application. If the institution is outside the UK, the letter must also confirm that the funds are transferrable to the UK. If these documents do not show that the applicant has held the funds for at least 3 months, the applicant must also provide all the evidence from the source of the funds as set out for an overseas organisation or a UK organisation which employs less than 10 people. |
| Funds already invested in business | Either of the following documents which must show the amount that has been invested:
Business accounts, showing the name of the accountant and the date they were produced. Or Business bank statements. |
Where evidence shows that funds are available to the applicant’s business rather than to the applicant themselves or that funds have already been invested in the business the applicant must provide a company’s house document showing their connection to the business. This document is not needed if the endorsement letter confirms the applicant’s connection to the business.
Money available for Investment must be disposable In the UK
If the money is not held in the UK, all of the funds needed for the investment must be freely transferable to the UK and able to be converted to pounds sterling. Money held in an overseas account but in a financial institution regulated by the Financial Conduct Authority (FCA) will satisfy this requirement.
Money held overseas in an institution not regulated by the FCA must be transferrable to the UK. The applicant must provide evidence to confirm this, such as a document from the financial institution. Banks are not, however, required to guarantee that this money will be transferred.
English Language Requirement
The applicant must have a B2 level of English language ability, as defined in the Council of Europe’s common European framework (CEFR) for language and learning.
Maintenance Funds
- The applicant must have kept start-up visa maintenance funds at the required level;
- If the main applicant and their partner or children are applying at the same time, there must be enough maintenance funds in total, as required for all the applications, otherwise, all the applications will be refused;
- The funds must have been held in the account for a consecutive 90 days;
ending no earlier than 31 days before the date of application; - The applicant does not need to provide evidence of maintenance funds if the letter from his/her endorsing body confirms that the applicant has been awarded funding of at least £945 which must be in addition to the £50,000 investment funds required for innovator visa category.
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 which 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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