UK Innovator Visa Explained

The Innovator visa is for experienced businesspersons seeking to establish a business in the UK. In most cases, the applicant will need to have access to at least £50,000 to invest in their business. Mann’s Solutions team prepared answers to the most common questions regarding the Innovator Visa.

1. Should I apply for the Innovator or Start-up category?

Our immigration advisers will help you with the right decision, as the right category will depend on your current circumstances and long-term goals in the UK. To make things clear, the Innovator route has a quicker route to settlement, however will require initial funding of at least £50,000. On the other hand, the Start-up route has a lower threshold for entry but allows more flexibility as individuals in this category are permitted to take other employment while their business gets up and running.

2. Is there an investment funds requirement?

The investor will need to have at least £50,000 available to invest in UK business and may rely on their own savings or funding provided by the endorsing body. However, the requirement to have a ‘viable’, ‘scalable’ business idea means that the investor may need to have more than £50,000 available for the investment. 

3. What do I need to know about Endorsing Bodies?

The Home Office has a list of endorsing bodies for Innovator visa applications that contains the names of all currently approved Innovator visa endorsing bodies, as well as links to their websites. To apply for a visa, the applicant will need to be endorsed by an approved UK endorsing body, Venture Capital Firms via submitting a business plan with the relevant idea, which is innovative, viable, and scalable.

Our immigration advisers can assist applicants to identify an appropriate endorsing body and then prepare a strong application for endorsement which demonstrates their business idea is innovative, viable, and scalable

4. Which endorsing body should I apply to?

The right endorsing body for your application will depend on your individual case and requirements. What needs to be considered is the field in which your business will operate, the timing of the application, location, and what support the business may require.

5. What documents have to accompany the endorsement letter?

For a new business endorsement, the endorsement letter must include the following documents:

– The endorsing body name

– Endorsement reference number

– Date of issue must be no earlier than the three months before the date of the application

– Applicant’s name, date of birth, nationality, and passport number

– Short description of the proposed business venture, products, and services it will provide

– Name and contact details of someone within the endorsing body who will certify the contents of the endorsement letter to the Home Office

– Proof the business is innovative, viable, and scalable as set out in the part W6 of Appendix W in the Rules

– Satisfy the endorsing body that the applicant will devote their entire working time to the UK developing business ventures

 6. Are there any restrictions regarding the business the investor can set up?

Your business idea may relate to any sector, provided the business idea is sufficiently innovative, viable, and scalable. Applicants can also develop other businesses as well as their main business idea.

7. How long will be valid Innovator visa once approved?

The initial Innovator visa will be granted for 3 years.

8. Will I be able to apply for ILR?

The investor will be able to extend an Innovator visa for periods of 3 years initially. There is no maximum time limit in the Innovator category. Moreover, visa holders will be able to apply for ILR (indefinite leave to remain) after spending 3 years in the Innovator visa category.

9. Are there any residency requirements for ILR application?

To qualify for indefinite leave to remain (ILR) the applicant has to spent not more than 180 days outside the UK in any rolling 12 month period, during the last 3 years prior to the application.

About Innovator Visa

UK Innovator Visa is a popular choice among our clients who want to start a business in the UK and settle within 3 years. The innovator visa category is designed for experienced businesspersons who have access to at least £50,000 to invest in their business, but certain exceptions apply. To start the company, applicants will need to have an innovative, viable, and scalable business idea that has to be approved and supported by an endorsing body.

What do you need to know?

Applicant’s partner and any children under the age of 18 may accompany or join them as dependents. Applicants can be the sole founder of their business and they can be a member of an innovator team. Each applicant must receive their own individual endorsement from an approved endorsing body, in order to satisfy the investment funds required for a new business endorsement, each applicant must have at least £50,000 investment funds each.

Contact our Immigration Lawyers – UK Business and Corporate Visas

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow. We are specialized 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.

Photo by Mike Stezycki on Unsplash

Obtain British Citizenship and Start Business in the UK with Investor Visa

Investor Visa is not only the fastest route to settlement in the UK but also opens many business opportunities for investors and their families. In recent years, Investor Visa became especially popular among our Honk Kong and Chinese clients despite the global pandemic.

Tier 1 Investor visa was initially designed for high-net-worth individuals who can invest from £2,000,000 in the UK and now, offers an opportunity to settle in the UK only after 2 years, with a £10 million investment. 

What are the application requirements for a Tier 1 Investor Visa?

· Must be 18 years old or over

· Have access to at least £2,000,000 in investment funds, which has been held for a consecutive 2-year period

· No English language requirements for initial application

· No individual maintenance requirement

· Applicant and any adult dependents will need to provide an overseas criminal record certificate for any country that they have lived in for at least 12 months in the last 10 years

· Can work and study

Settlement in the UK

In order to settle in the UK as a Tier 1 Investor after 5 years, the applicant will need to show that:

· They have invested not less than £2m of your capital in the UK by way of share capital or loan capital in active and trading UK registered companies

· They have maintained at least £2m of their funds, under their own control in the UK

· Apply to settle after 2 years if you invest £10,000,000

· Apply to settle after 3 years if you invest £5,000,000

· Apply to settle after 5 years if you invest £2,000,000

· Enter with their family or they can join the applicant at a later date during the term of their visa

The applicant will be required to demonstrate that they have sufficient knowledge of the English language and Life in the UK. Moreover, they can spend up to 6 months outside the UK each year and still qualify for ILR. For settlement applications made from 11 January 2018, the Home Office will consider absences from the UK on a rolling basis, rather than in separate consecutive 12-month periods.

Obtaining British Passport via Tier 1 Investor Visa

Indefinite leave to remain holders can apply for naturalisation one year after the grant of settlement (ILR) and become British Citizen.

The requirements for citizenship are as follows:

· The applicant must have passed English Language and Life in the UK test

· The applicant must be of good character and not have breached any immigration rules in the UK

· The applicant must have spent no more than 450 days outside the UK in the 5 years before the application

· The applicant must have not spent more than 90 days outside the UK in the 12 months before the application for Naturalisation

Different requirements apply to Tier 1 Investors who applied to enter the category under the Immigration Rules in force before 6 November 2014 and 29 March 2019.

Investment Funds

· Holding amount of funds at least £2m belonging to applicant, family member, or the two of them jointly

· The money is held in a regulated financial institution – FCA license required

· UK Investment account is opened with the UK regulated bank to invest the funds in the UK

· If Applicant has not held the funds for 2 years consecutively before the date of the application, the applicant must also provide evidence of the source of the funds

· The Applicant can rely on money that is owned either jointly with, or solely by, your husband, wife, civil partner, unmarried or same-sex partner

Initial Application

Requirements:

· £2m under applicant’s control in the UK – Applicant will be required to prove that they invested the funds within 3 months of their ‘investor visa start date

· Applicant has maintained at least £2 million of their funds, under their control, in a permitted investment in the UK

· Standard processing times for processing time is currently approximately 8 weeks, priority Service may be available for a visa extension which should allow for a decision to be made within 10 working days.

Settlement – ILR

Contact our Immigration Lawyers – UK Business and Corporate Visas

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow. We are specialized 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).

Photo by Charles Postiaux on Unsplash

Apply for UK Innovator Visa and Obtain ILR in 3 years

UK Innovator Visa is a popular choice among our clients who want to start a business in the UK and settle within 3 years. The innovator visa category is designed for experienced businesspersons who have access to at least £50,000 to invest in their business, but certain exceptions apply. To start the company, applicants will need to have an innovative, viable, and scalable business idea that has to be approved and supported by an endorsing body.

To learn more about the UK Innovator Visa 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. 

What are the main requirements?

· 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

What do you need to know?

Applicant’s partner and any children under the age of 18 may accompany or join them as dependents. Applicant can be the sole founder of their business and they can be a member of an innovator team. Each applicant must receive their own individual endorsement from an approved endorsing body, in order to satisfy the investment funds required for a new business endorsement, each applicant must have at least £50,000 investment funds each.

Obtain Endorsement Letter 

In order to apply for a Start-up visa, applicant will need to be endorsed by an approved UK endorsing body, Venture Capital Firms via submitting business plan with relevant idea, which are innovative, viable and scalable

Our immigration advisers can assist applicants to identify an appropriate endorsing body and then prepare a strong application for endorsement which demonstrates their business idea is innovative, viable and scalable

ILR and Settlement

Initial Innovator visa will be granted for 3 years, it will be possible to extend an Innovator visa for periods of 3 years at a time. The applicant will be able to apply for indefinite leave to remain after spending 3 years in the Innovator visa category

The applicant will need to stay in contact with your endorsing body with checkpoints at 6, 12, and 24 months after their application is successful. The endorsing body will need to be satisfied that the applicant is continuing to work on your business venture and has demonstrated reasonable progress about either their original or a new business idea that is innovative, scalable, and viable.

Contact our Immigration Lawyers – UK Business and Corporate Visas

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow. We are specialized 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.

Photo by Benjamin Davies on Unsplash

How our Innovator Visa Clients successfully obtain Endorsement Letters? 

Innovator Visa Route is a popular choice among Mann’s Solutions clients who choose to move to the UK by opening a business. For our clients, we have built a reliable compliance system that helps our clients successfully obtain Endorsement Letters.

In most cases, to be eligible for the visa, the applicant will need to have access to at least £50,000 to invest in their innovative business idea. The business idea, on the other hand, must be innovative, viable, and scalable to get approved and supported by an endorsing body. An endorsement Letter is essential for the Innovator Visa application; therefore, the business plan creation and approval are the first stage. Our trusted immigration advisers can assist applicants to identify an appropriate endorsing body and then prepare a strong application for the endorsement.  

Mann’s Solutions is operating with few endorsement bodies and assists clients with successful case preparation and business plan drafting. From our experience, it is clear that a successful business plan should include the following points:

– The Company Overview

– Market Overview and Trends

– Competition Analysis

– Unique Selling Point (USP)

– Sales & Marketing Strategy

– The Growth Strategy

– The Intellectual Property Information

– Management Team Information

– Financial Projections

– The Employment Plan

– Regulation & Licensing

– Balance Sheet and P&L

– Financial Performance

– Valuation & Exit Strategy

Additionally, for a new business endorsement, the endorsement letter must include the following documents: 

The name of endorsing body name, Endorsement reference number, Date of issue (which must be no earlier than the three months before the date of the application), Applicant’s name, date of birth, nationality and passport number, Short description of the proposed business venture, Name and contact details of someone within the endorsing body who will certify the contents of the endorsement letter to the Home Office and the proof that the business is innovative, viable, and scalable as set out in the part W6 of Appendix W in the Rules.  

Read about one of our successful UK Innovator Visa Case Studies with Co-Founder of Fintech Start-Up here – (https://old.manns-solutions.com/uk-innovator-visa-case-study-longevity-card/)

LONDON IMMIGRATION ADVISERS – Innovator Visa

Mann’s Solutions is international immigration law firm with offices in London, Hong Kong and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers regulated by OISC.

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

UK Innovator Visa Case Study: Co-Founder of Fintech Start-Up Longevity Card Shares his Experience

We are delighted to continue our UK immigration Series of Successful Cases with our clients. Recently, we interviewed one of our Innovator Visa clients, Mr. Sergey Balasanyan, co-founder and CEO of Fintech Longevity Card (https://www.longevity.cards/), who was successfully approved for the Entry Clearance application.  

Where are you from and what is your occupation? Tell us please a little bit about yourself.

I was born in Nagorno-Karabakh but grew up in Moscow where eventually finished State Management University. I started my career in 2012 in banking, where I worked for more than 5 years including investment banking and private banking. In 2017 I started learning more about technologies and later moved to London where I founded Longevity Card, my current business. 

Tell us about the size of your business and the number of employees?

As we just started, at the moment we have up to 50 employees, however, we have an expansion plan and are looking forward to growing our team.

Why did you decide to relocate and establish a business in the UK?

I decided to relocate to the UK as I was offered the position of partner in a FinTech company in London. The position required a move to the UK. Even though I had never been to London before and knew nothing about the city I felt like this is the right place to be and the city is full of opportunities.

How did you settle in the UK?

I didn’t have any problems with adaptation. I grew up in a big city, and all big cities live by the same rules, the same “stone jungle” philosophy. I had already spent several years in Vienna, considered by many to be the best place in the world to live, and I found the Austrian capital to be burdensome to me, with its quiet and slow life. London, on the other hand, had a drive I hadn’t felt anywhere else. Finding my place here was quite easy, when you are surrounded by over 200 different nationalities, it is difficult to feel like an outsider.

How did you contact Mann’s Solutions team and how they handled and supported your case?

I contacted Mann’s Solutions through their website and approached one of the client relationship consultants. After a short talk, I understood that I’m dealing with the right and very experienced company within the business and immigration sector. They successfully allocated the right endorsement body, endorsed my business idea, and prepared all necessary legal documents and investment papers quickly and in the right way. In the end, I was granted the Innovator visa just within 28 days. I enjoyed working with Mann’s Solutions team a lot.

The article was approved by the client to be published.

LONDON IMMIGRATION ADVISERS – Innovator Visa

Mann’s Solutions is international immigration law firm with offices in London, Hong Kong and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers regulated by OISC.

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

UK Innovator Visa: Quality preparation to pitch the business idea to endorsement body

To obtain UK Innovator Visa, an applicant needs to present an innovative business idea that plays an important role in visa application process. To get endorsed by the government approved endorsing bodies, the idea must meet all of the following criteria’s:

• Innovation

• Viability

• Scalability

What should be included in a good business idea presentation?

• Description of the business concept

• The problems that will be solved by the business

• The Revenue Model

• Market Analysis

• The Growth Strategy

• Why the idea is innovative?

• USP

• Competitor analysis

• Organizational structure

• The applicant background that shows that the person is well experiences and capable of setting up and managing the company

What should be included in a good business plan?

• Executive Summary

• Detailed description of a business idea

• The description of product or service

• Full market analysis, including market trends, customer needs and growth projections

• Detailed competitor analysis and USP

• Marketing Plan and Strategy

• The Organizational Structure: Management, Operations and Activities

• Financial planning and budget

• Risk management and financial risks

UK Innovator visa

What are the evaluation criteria’s?

Innovation

To validate the feasibility of the idea and innovativeness of the idea, the innovative business plan should show how the idea will be developed and exploited. Also, the plan should highlight the capability and experience of the team, how the costs will be financed and how the investors will be able to realize their profits.

Viability

To show the Viability of the idea, the business plan should contain the information about who will buy the products and why, information about the costs, detailed competition analysis and differentiation on the market, as well as information abut when will the business start to receive income and when will it break even.

Scalability

To be scalable, the business idea should allow the company to expand the business without spending a lot of additional money. For example, franchising a business is a scalable business idea, as when you sell a franchise, the company does not have to pay all additional costs of the new business.

Contact our Immigration Lawyers – UK 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.