What is an Innovator visa and how is it different from Startup visa?
Unlike the Start-up visa, the Innovator visa category is intended for more experienced business-people who have funds to invest in their business . This new visa scheme has been introduced as a replacement for Tier 1 Entrepreneur visa which has lead to a long tail of low quality projects which contribute little or nothing to the wider UK economy.
Will the Innovator visa applicants need to have initial funding and endorsement?
In addition to an endorsement from an authorised body, applicants will need £50,000 to invest in their business from any legitimate source.
The funding requirement has been reduced from £200,000 for most applicants in the now-closed Tier 1 (Entrepreneur) category.
Can the funding requirement be waived?
The funding requirement will be waived for those switching from the Start-up visa as long as they have made significant headway in achieving their business plan objectives.
Will the Innovator visa lead to permanent settlement in the UK?
Yes. The Innovator visa holders will be able to apply for settlement in the UK.
What are the endorsement requirements for Innovator visa?
Appendix W of the Immigration rules outlines three main endorsement requirements as follows:
- Innovation: the applicant has a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage.
- Viability: the applicant has the necessary skills, knowledge, experience and market awareness to successfully run the business.
- Scalability: the applicant can demonstrate, by way of evidence, structured planning and business potential for job creation and growth into national and international markets.
Notice that the requirements differ from start-up visa requirements, even though the headings remain the same. Furthermore, the endorsing organisation must be “reasonably satisfied that the applicant will spend the majority of their working time in the UK on developing business ventures”.
Is there a deadline for Tier 1 Entrepreneur visa migrants to apply for extension and settlement?
Extension of leave to remain applications for Tier 1 (Entrepreneur) migrants will remain open until 5 April 2023, and settlement applications (indefinite leave to remain) until 5 April 2025.
How do I apply for the Innovator Visa?
Please book a telephone, online or office consultation by pressing the button below for legal advice on your eligibility and application process.
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