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February 11, 2021

Innovator Visa: Establishing a business in the UK

The Innovator Visa route was created for experienced non-EEA businesspersons seeking to invest at least £50,000 and establish a ground-breaking and innovative business in the UK.

The applicant will be required to show viable, innovative and scalable business idea (business plan) which will accompany an endorsing body.

 

The main requirements that must be outlined in Business Plan

Innovator visa business plan will need to set a specific business idea in the plan, your idea must meet the endorsement criteria stated below in details.

Scalable – Evidence of planning and job creation, growth into national and international markets.

Innovative – Genuine, original business plan that meets new or existing market needs and creates a competitive advantage of the business in the industry.

Viable – Business is realistic and achievable based on the applicant’s skills, knowledge, and industry experience.

The solid and strong business idea must be scaled to national and international markets and business must be innovative. Besides, the applicant must be relying on their Innovator visa business plan.

 

How to meet an Innovative Criteria

There is a requirement that the business idea will be genuinely new with a bright solution on the market. The applicant has gained a competitive advantage by making different products and the idea new and unprecedented-with reviewing gap in the market.

How to meet Viable Criteria

Applicant must show that their team can deliver the business idea and explain that the applicant’s team has the skills, experience, and market awareness to deliver the plan. Such as, professional, and academic background and experience; how the competition will be dealt with; when the business will start making a profit; what is detailed marketing & advertising plan.

How to meet Scalable Criteria

Innovator business plan must show evidence of detailed planning and the potential for job creation and growth into national and international markets. We advise to outlined information in the business plan, such as specific markets plan to expand into; how applicant plan to expand into larger markets; Information about how the applicant will fund their intended growth.

 

Main Requirements for an Innovator visa:

· Applicant is at least 18 years old

· Applicant’s endorsement letter was issued not more than 3 months before the date of their Innovator visa application

· Applicant is competent in the English language to at least CEFR Level B2, equivalent to IELTS 5.5 in reading, writing, listening, and speaking

· Applicant has at least £50,000 available to invest in their UK business or have already invested £50,000 in your UK business

· Applicant has been endorsed by an approved UK endorsing body that has assessed their business idea for innovation, viability, and scalability

· Applicant is capable of undertaking, any work or business activity in the UK stated in their application

· Applicant has at least£945 available to support themselves and £630 for each dependant without relying on public funds

 

Contact our Immigration Lawyers – Innovator Visa

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow. We are specialised in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration lawyers are regulated by OISC (Office of the Immigration Services Commissioner) and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com or call +44 207 993 63 46.