If you want to start your own business in the United Kingdom but struggle to find the right way to begin your adventure, you’re in the right place. In this guide, we will explain everything about the Innovator Visa, who qualifies, and how to apply for a seamless journey
What is the UK Innovator Visa
This visa is for experienced individuals seeking to start a business in the UK. You need £50,000 to invest and your business plan must be approved before you can be qualified and is valid for three years, and can be renewed again for three years or you can qualify for settled status.
Eligibility
To get the Innovator Visa, you need to meet these:
Nationality and Age:
You must come from outside the European Economic Area (EEA) and Switzerland.
You have to be at least 18 years old.
Financial Criteria:
You need at least £50,000 to invest if you’re starting a new business in the UK.
Endorsement:
An authorized endorsing body must approve your business idea, and this approval has to stay valid while the Home Office looks at your application.
English Language:
You have to meet the English language standard unless you’re exempt, like if you’re from certain English-speaking countries or have the right qualifications.
Personal Finances:
You have to meet some personal financial conditions.
Multiple people can apply together, but each person has to prove they can invest £50,000.
Comparing Innovator Visa and Start-Up Visa
These visas are both for entrepreneurs, but they have some differences:
Start-Up Visa:
You don’t need money to invest.
Must not have had a business in the UK before.
You can stay in the UK for two years.
Your family can come with you.
You can work outside of your business.
You can’t extend the visa.
Innovator Visa:
You need at least £50,000 to invest.
Have had a business in the UK before.
You can stay in the UK for three years.
Your family can come with you.
You can’t work outside of your business.
You can extend the visa.
Innovator Visa requirement
To get your visa approved, your business proposal must meet these criteria:
Your business plan needs to show real and unique ideas that meet market needs and help the UK economy and workers.
You have to prove you have the skills, knowledge, and understanding of the market to make your business successful.
Show that your business has the potential to create jobs and grow.
Innovator Visa Endorsing Bodies
To get this visa, you need an endorsement from an approved organization. They’ll check if your business plan meets the requirements. The endorsing body should have a good history of helping UK entrepreneurs.
Financial Requirement
Besides the investment money, you need to have at least £945 in your bank account for 90 days before applying for the Innovator Visa. Money earned from illegal jobs in the UK can’t be used to meet this requirement.
English Language Requirement
To get the Innovator Visa, most applicants need to show they can speak English at the B2 level according to the Common European Framework of Reference for Languages (CEFR). But some people from certain English-speaking countries don’t need to prove this. Those countries include Antigua and Barbuda, Australia, the Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Jamaica, New Zealand, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Trinidad and Tobago, and the USA.
Switching to the Innovator Visa
If you’re already in the UK with a different visa, you can switch to the Innovator Visa. You’ll need an endorsement from an approved body, just like a regular Innovator Visa application. You can switch from various existing visas like the Start-up visa, Tier 1 Graduate Entrepreneur Visa, Tier 1 Entrepreneur Visa, Skilled Worker Visa, and some Visitor Visas.
Bringing Family Members
With the Innovator Visa, certain family members can come with you to the UK as dependents. This includes your partner, kids under 18, and those over 18 if they’re already in the UK as dependents. You’ll need £630 in savings for each dependent, on top of the £945 you need to support yourself.
Documents Needed for Innovator Visa Application
When applying, you will need these documents:
Your current passport or other valid travel ID.
Evidence showing you meet the B2 English language requirement if needed.
Statements from your bank prove you had at least £945 for 90 days before applying.
Documents showing you have the money to invest.
Tuberculosis Test Results if you need them.
Translations by a certified translator if your documents aren’t in English or Welsh.
Make sure your application has all the right documents to avoid being rejected by the Home Office.
Applying for the UK Innovator Visa
Here’s how to apply for your visa:
Gather Documents and Get Endorsement:
Collect all needed documents and get an endorsement from an approved body.
You can apply up to three months before your planned UK trip.
Processing Times and Biometrics:
Processing times vary based on location.
Expect a decision within three weeks if applying from outside the UK, and up to eight weeks if applying within.
You’ll need to give biometric information like fingerprints and a photo.
Application Costs:
Costs depend on where you are and your situation.
Standard Application:
For standard applications and extensions or switches, fees are different for you and your family.
You: £1,036
Partner/Children: £1,036 each
Extend or Switch:
You: £1,292
Partner/Children: £1,292 each
Duration of Stay:
If approved, you can stay for three years.
To extend, meet requirements, and stay active in your business.
If your business was endorsed before, you don’t need another £50,000 investment to renew.
The UK Innovator Visa offers a great chance for ambitious entrepreneurs to start and expand their businesses in the UK. By meeting the criteria, getting an endorsement, and following the process carefully, you can start a successful business journey in a lively business setting. For more details and personalized help with your application, talk to immigration experts. With the Innovator Visa, you can pursue your entrepreneurial dreams and make a difference in the UK’s business scene. Start your journey today and aim for a bright future in one of the top business spots worldwide.