UK Innovator Visa
Experienced business persons looking to start a new business in the UK can apply for the Innovator visa. Mostly, the individual needs to have access to at least a £50,000 investment for their business.
With that, they’ll also require an innovative, feasible and sustainable business idea, approved by an endorsing body.
This visa is valid for 3 years and can directly lead directly to unlimited permission to stay in the UK when this period ends.
Applicants can bring their partner and any children under the age of 18 to the UK.
Requirements & Criteria
To get endorsement for a business idea, the endorsement body should be content with the business’ feasibility and sustainability. The incumbent applying for the innovator visa will have to satisfy the endorsement body that most of his time will be dedicated to growing business in the UK.
SWITCHING TO INNOVATOR VISA CATEGORY
The Innovator visa application can be filed from both in and out the UK, given that individuals inside do not have, or were not last given, agreement as a Visitor, Short-term Student, Parent of a Child Student, Seasonal Worker, Domestic Worker in a Private Household or outside the Immigration Rules.
APPLYING FOR AN INNOVATOR VISA AS PART OF A TEAM
One can be a team’s member for a business but in that case, each individual needs an endorsement as well as individual funds of £50,000.
INNOVATOR VISA APPLICATION FEE
- 3 years
- Can apply for Indefinite Leave to Remain
CONDITIONS TO STAY:
- Come up with more businesses as well.
- Not allowed to work anywhere else other than their venture.
- Any disguised employment will break the regulations of living.
INDEFINITE LEAVE TO REMAIN AS AN INNOVATOR
To meet the requirements for indefinite leave to stay as an Innovator:
- Endorsement by an official UK endorsement organisation body being satisfied that the business has made substantial accomplishments as compared to the last assessment,
- Registration with Companies House as a Director or Member of own business,
- The venture is active, dealing and has sustainability for a minimum time of a year,
- One has had an active working role in managing and growing the business and spends their whole operational time in the country on growing the business;
You satisfy at least two of the following:
- £50,000 investment
- Creation of 5 employments that have an average salary of at least £25,000 every 12 months;
- Creation of at least 10 employments with no average salary;
- Customers have gotten double in 3 years and are higher at the moment as compared to other similar businesses;
- Issuance of application for protection of intellectual property in the UK;
- Securing annual gross revenue of at least £1 million in the previous year;
- Generation of annual gross revenue of £500,000 in the previous year, with at least £100,000 from exporting overseas;
- One has been for not more than 180 days outside the UK in any rolling 12 month period during the 3 years preceding to the date of application