UK Innovator Visa
Experienced businesspersons wanting to establish a new venture in the UK can apply for 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 that has an approval from an endorsement body. This visa is effective for three years and can straight up get a direct unlimited permission to stay in the UK when this period ends. Applicants can bring their partner and any children less than eighteen years of age to the UK.
Requirements:
To meet the requirements for an Innovator visa one will have to prove that they:
- Are a minimum of Eighteen years of age;
- Have at least £50,000 investment
- Have an endorsement by an official endorsement body
- Have an endorsement letter that was given to them at least 3 months prior to their application;
- Plan to commence, and can undertake, any activity or business work in the UK that is specified in their application;
- Are proficient in English language to at least CEFR Level B2 (equal to IELTS 5.5 in reading, writing, listening and speaking);
- Possess £1270 to sustain themself, and £285 for a dependent partner, £315 for a first child and £200 for each additional child.
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.
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.
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.
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Outside the UK: £1,036
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Inside the UK: £1,292
- 3 years
- Extendable
- Can apply for Indefinite Leave to Remain
- 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.
One will have to remain in communication with the endorsement organisation and checking after 6, 12 and 24 months of success of the application.
The endorsement organisation will have to become content with the individual continually working on the approved business and making progress as well. The endorsement may be withdrawn if conditions are not met at later stages.
To meet the requirements for indefinite leave to stay as an Innovator:
- Endorsement by an official UK endorsementorganisation 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