The Innovator Visa category is created for experienced entrepreneurs who would like to invest and establish a new business in the United Kingdom. The applicants are required to create a business plan, that will represent their business idea. The business plan should meet innovativeness, scalability, and viability criteria’s established by the Home Office.
All applicants applying for an Innovator visa will need to show that they have already invested or have at least £50,000 to invest in a business they want to establish. Multiple applicants can apply for endorsement and become co-directors of the company, however, each applicant must have £50,000 available to invest.
The initial visa is granted for a period of 3 years, however, applicants will be able to apply for ILR or extend their stay after 3 years, for a further 3 years if they meet all relevant criteria’s.
Entry clearance requirements
The applicant must be at least 18 years old, pass the English language ability test, at least at level B2, produce a criminal records certificate, and meet the health requirements for a successful entry clearance application.
In addition to the assessment by the endorsing body, the Home Office will make a credibility assessment of the innovator’s application.
The Home Office may request additional information from the applicant or the endorsing body and require the applicant to attend an interview.
Evidence of business criteria
Before applying for entry clearance, the business must be endorsed by a Home Office approved endorsement body. To be endorsed, applicants must present evidence that it is a new, innovative, viable, and scalable business that they want to set up in the UK.
The business may be in any sector, as long as it is innovative, viable, and scalable.
The applicant must have evidence showing that at least £50,000 is available to invest in the business. The £50,000 can be from the applicant, the endorsing body, or any other source. If the money is not already in the UK, evidence must be provided that the money is freely transferable to the UK.
In addition to the £50,000, applicants must produce bank statements showing that they have had at least £945 for 90 consecutive days in the bank account as maintenance funds.
Innovator visas are granted for 3 years, after which it may be extended for a further 3 years, or the innovator can apply to settle in the UK permanently.
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 email@example.com or call +44 207 993 63 46.
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