The UK Innovator Visa is a business visa that permits persons to relocate to the United Kingdom to start a new company. Individuals seeking the Innovator Visa must have a unique business concept as well as a well-thought-out business plan that has been approved by an authorised endorsement body. Once the initial application is approved, this will allow you to stay in the UK for three years and on further application, a two years leave will be granted which may lead to indefinite leave to remain.
The Innovator Visas concept is fairly new, and our Innovator Team has been dealing with business visas when Tier 1 Entrepreneur visa was replaced by the Innovator Visa. Therefore, we have developed a great rapport with the UKVI as well as the Endorsement Bodies, that we can secure a place for our client for accelerator programme quickly to obtain the endorsement for their business plan.
Contact Lexmark Legal Innovator Team to discuss your Innovator Visa application.
IS AN INNOVATOR VISA DIFFERENT FROM IT PREDECESSOR, TIER 1 ENTREPRENEUR VISA?
Tier 1 Entrepreneur visa was replaced by the Innovator Visa route in April 2019. In Innovator Visa it is mandatory to have the business plan endorsed by the endorsing body.
Currently, there are 60 endorsement bodies. Each organisation specialise in a different sector of business. Our lawyers can assist you from the inside knowledge as to which endorsement body is well suited and is currently offering the services.
Three phases comprise the application procedure for a Tier 1 Innovator Visa. These include the following:
- You must demonstrate that you have the required investment capital to qualify for the Innovator Visa. Individuals establishing a new firm in the UK must have a minimum investment amount of £50,000.
- These include the following: Applicants must demonstrate that they have at least £1,270 in their bank account for 28 consecutive days prior to submitting their visa application.
- Your company must be endorsed by a UK-registered endorsing body. To get this endorsement, you must offer a well-thought-out and financially feasible company strategy.
Contact our Innovator Visa team to discuss the business plan suitable for your business, we will ensure that your business plan is ready within two months time and your application is submitted as soon as the business plan is endorsed.
WHAT ARE THE SPECIFICATIONS FOR THE NEW UNITED KINGDOM INNOVATOR VISA?
When deciding whether to accept your Innovator Visa application, the Home Office and supporting organisations will examine three critical elements. Individuals must be able to demonstrate that their company complies with these requirements in order for their visa to be issued.
- Innovation – Endorsing organisations determine if a business’s goods, marketing, or branding exhibit innovation. Business plans should demonstrate that they are offering something novel to the UK market, whether it is a novel, an imaginative product or a previously unavailable service.
- Scalability – this concept is accessed by the Home Office by determining if the business is only a niche or it can be expandable i.e there is a need for the specific type of business in the market. For example, a butcher shop is a business that is not innovative per se and most likely not expandable if carried out in a conventional corner shop concept. However, if the same business is carried out with technology and innovation i.e adding the innovative system, branding, and perhaps the franchise concept then the same business can meet the criteria of scalability.
This is only one example, our Innovator Visa Team can provide you with information related to the concept of several other businesses, which the Home Office Consider Scalable and Viable.
- Viability – Your business plan must also demonstrate the viability of your company concept. This entails a thorough examination of the business’s capacity to offer the product or service in issue and its ability to sustain cash flow till profitability. It is very improbable that a company strategy without a clear path to profitability would be approved.
To discuss the strengths and weaknesses of your business plan, in light of the Home Office criteria, please contact our Innovator Visa Team.
HOW MUCH DOES THE VISA FOR INNOVATORS COST?
The current charge for a UK Innovator Visa is £1,021 for those applying from outside the UK, and £1,277 for those extending or transferring their visa from inside the UK. This grants you three years visa in the United Kingdom. Applicants must additionally pay extra costs for any dependents accompanying them to the UK, as well as the immigration healthcare surcharge, which entitles them to healthcare in the UK. Applicants from specified countries may be eligible for a £55 visa fee reduction.
- Austria, Belgium, Croatia, Republic of Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, North Macedonia, Norway, Poland, Portugal, Slovakia, Spain, Sweden, or Turkey.
INNOVATOR VISA ENDORSEMENT
The applicants are required to get an endorsement from an endorsing body.
It is a daunting and time-consuming task to prepare the business plan and then get it endorsed. Which typically consume time and energy, and demotivates the individuals due to the cumbersome process.
Our Innovator Team can make things happen!
You can discuss your business idea with our team, and our team will find a suitable endorsing body and will put you through the accelerator programme to get the endorsement after taking the corrective measures to the business plan. This process will allow you to overcome most of the obstacles and save an enormous amount of time. We will ensure before applying that a 100% positive outcome is achievable.
Our team can guide you throughout the process and understands the needs, elements, and structure of the successful business plans for this visa category.