Looking to innovate a new business in the UK and have the right idea and intent then the best bet is to apply for a UK Innovator visa since it allows you to implement your business ideas. This business idea should be endorsed by an approved body for instance.
The meaning of Innovation is such a business idea should differ in terms of uniqueness from the other which is why it is so imperative to research and know in detail about what business innovation you want to step in with this visa. The success rate of this visa is 85 percent with lesser rate of approval. Also, you are eligible to apply for the ILR also known as Indefinite Leave to remain if you hold the UK innovator visa.
The holders of UK innovation visa can work as sole founders or form an entrepreneurial team. Applicants may also create their joint venture arrangements.
The business idea can be related to any sector as long as it is unique, viable, and competent. You must invest in a new business idea, which means you cannot join or invest in an already established business.
Once your business idea is approved and you get the endorsement, you can start your company, develop your business idea in the UK and reach other markets. You can expand the business within and outside the UK, generate revenue, and provide employment opportunities.
To qualify for the Investor visa UK, you will need to fulfill the following requirements:
The start-up visa is also another type of visa for entrepreneurs. The visa is for the less experienced entrepreneurs, classified as high-potentials.
|Applicants do not need funds to invest.
Must not have set up a business previously.
Applicants can stay in the UK for two years
Can include family members in the application
Can take on work outside of their business to support themselves
You cannot extend the visa
|Applicants need a minimum of £50,000 to invest in their business.
Must have the experience of running a business.
Applicants can stay in the UK for three years
Can include family members in the application
Cannot undertake any work outside of business ventures
You can extend the visa
Firstly you shall need to apply online, have proven your identity and have submitted all of your documents you shall receive a decision within 3 weeks of time. The processing time shall extend if you are applying for a relative who needs an appointment but you do not. Also, if your supporting documents need to be verified, for which you shall be contacted.
They can even connect with you in case you need to attend an interview or due to any personal issues like having a previous criminal record. If you have submitted your application for UK Innovator visa to a visa application center you can ask them if payment of extra amount can help in getting a quicker decision. Application for partner and dependents should be different.
How much you pay for the UK business visa depends on your case and the country where you apply from.
For every candidate who is an innovator the fees that needs to be applied is total to £50,000. Which means if there are two applicants for the UK innovator visa you shall need to submit a total amount of £100,000 for investment. For biometric info and photograph there is no additional cost.
A team can be constituted with other candidates of the UK Innovator visa but the same investment funds cannot be shared. If you are applying from outside the UK for yourself the fees for the application is £1,036 and for your partner as well as children it is £1,036 each individual.
You must pay the visa fee for each person that applies with you for the UK innovator visa.
To know more about the Business Visa UK, you can write us on [email protected] and our expert team of experts will get in touch with you to resolve your queries. You can even give us a ring on (+91) 859 533 8595 or directly interact with our expert Visa Consultants through our Live Chat window.
Q1. Which endorsing body should I apply to?
The right endorsing body depends on your requirements, business sector, and the timing of your application that will form a base for your application.
Q2. Do I need to apply for a Start-up visa before applying for an Innovator visa?
If you have the right business experience with at least £50,000 available to invest in your UK business, then you can directly apply for the visa without needing to apply for the start-up visa first.
Q3. Where can I learn about endorsing bodies?
The Home Office UK has published a list of endorsing bodies for the Innovator visa category. This list also contains the names of all currently approved Innovator visa endorsing bodies, along with their links and other details relevant to your application. It also guides you regarding the application process and the endorsement criteria. Our team of immigration experts will help you find the most suitable endorsement body for your application.
Q4. How long is an Innovator visa valid for?
Your initial Innovator visa will be valid for three years.