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.
From Entrepreneur to Innovator
The Innovator Visas concept is fairly new, and our Innovator Team has been dealing with business visas when the 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, so that we can secure a place for our client for an 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?
The Innovator Visa route replaced the Tier 1 Entrepreneur visa 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 with the inside knowledge as to which endorsement body suits to your business 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.
- A UK-registered endorsing body must endorse your company. To get this endorsement, you must offer a well-thought-out and financially feasible company strategy.
Contact our Innovator Visa team to discuss your business plan. We’ll ensure it’s ready within two months for submission after endorsement.
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 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, by incorporating technology, innovation, branding, and potentially the franchise concept, the business can meet scalability criteria.
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.
Contact our Innovator Visa Team to discuss your business plan’s strengths and weaknesses based on Home Office criteria.
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 pay for dependents and the immigration healthcare surcharge, granting access 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
Applicants must obtain an endorsement from an endorsing body.
Preparing and endorsing the business plan is a daunting and time-consuming task.. Which typically consumes time and energy and demotivates the individuals due to the cumbersome process.
Our Innovator Team can make things happen!
Discuss your business idea with our team, find suitable endorsement, and join our accelerator program for endorsement after corrective measures.. 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.