UK Innovator Visa
The UK Innovator Visa allows experienced entrepreneurs and investors to set up their businesses in the United Kingdom. The holders of a UK Innovator visa can stay in the UK with their family members for up to four years. They can also apply for permanent residence after five years in the UK. Innovator visa applicants can bring their partner and children under 18 to the UK.
UK Innovator Visa Benefits
- The visa is approved for 3 years as well as can be extended for another duration of 3 years
- After 5 years of living in The UK, a Tier 1 visa UK visa holder can even apply for an ILR – Indefinite Leave to Remain.
- The members of the family of the primary applicant can join them as well as work in the UK without any restrictions.
- The holder of this visa will be allowed to establish business or businesses, be employed for their business as a member of a business partnership, self-employed or director.
- UK prides itself on having the 6th largest national economy by nominal gross domestic product.
- Much of the economy in UK similar to India is covered by the service industry, thereby contributing 80% of the GDP.
- For an ideal innovative business idea, UK is a fertile ground as it supports entrepreneurs and businessmen who are looking forward to start a new business or expand an existing one.
- A diverse economic base makes UK an ideal nation to operate in various sectors, thus generating employment and development of the nation.
- London in UK is regarded as the world leader in business as well as finance.
- UK has even topped the charts in terms of ‘Best Countries for Business 2018’ list.
- Unemployment rate has sunken down to 42 year low dipping to 4.3%
- UK is an amazing place, if you are looking forward to start your business in the financial sector.
- This is due to the low start-up costs that influence the markets of UK.
- Not only this, the government of UK provides offer advice, grants, and tax benefits for new start-ups.
Who can apply
- The Innovator visa category is ideal for experienced entrepreneurs who can establish an innovative, viable, and scalable business in the UK. To apply, you must:
- Show that you want to set up and run an innovative business in the UK. Your business idea must be unique and different from anything else on the market.
- A designated body in the UK must endorse your business idea.
- You must meet the English language requirements
- Prove that you have enough personal savings to manage your expenses in the UK.
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.
How will I benefit
- The UK innovator visa gives you access to the booming UK market.
- Britain gives you a perfect platform to expand your business, enhance your customer base, generate profit and contribute to the country’s economy by creating jobs.
- Initially, the visa is issued for three years, and you can extend it multiple times.
- The family members of the primary applicant can join the entrepreneurs and work in the UK with no restrictions.
- After five years of living in the UK, the applicant may apply for an Indefinite Leave to Remain.
What requirements do I need to meet to apply for the Innovator visa?
To qualify for the Investor visa UK, you will need to fulfill the following requirements:
- You must be at least 18 years old;
- You must have a minimum of £50,000 available as funds to invest in the business.
- A designated body in the UK must be willing to endorse your business idea. The body must have positively assessed your business idea for innovation, viability, and scalability.
- Satisfy the authorities that you will spend most of your time in the UK developing your business.
- Your endorsement letter was issued not more than three months before the date of your Innovator visa application;
- You are competent in the English language to at least CEFR Level B2
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- If you are outside the UK or have been in the UK for less than 12 months, you must have at least £1270 to support yourself, plus £285 for a dependent partner, £315 for a first child, and £200 for each additional child.
What requirements do I need to meet to apply?
The start-up visa is also another type of visa for entrepreneurs. The visa is for the less experienced entrepreneurs, classified as high-potentials.
| Start-up visa | Innovator visa |
| 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 |
How long does it take to apply for an Innovator visa?
Once you’ve applied online, proved your identity, and provided your documents, you’ll usually get a decision on your visa within:
- Three weeks, if you’re outside the UK
- Eight weeks, if you’re inside the UK
How much do I need to pay?
How much you pay for the UK business visa depends on your case and the country where you apply from.
| Who you’re applying for | Apply (outside the UK) | Switch (in the UK) |
| Yourself | £363 | £493 |
| Your partner and children | £363 each person | £493 each person |
You must pay the visa fee for each person that applies with you for the UK innovator visa.
What are the documents required?
- You need to submit an endorsement letter to prove that a designated body is willing to endorse your business idea.
- A valid passport or another document that shows your identity and nationality.
- Copy of bank statements showing you’ve had at least £1,270 in savings in your bank account for 28 consecutive days before you apply.
- Proof that you meet the English language requirements
- Evidence of the investment funds.
- Copy of your tuberculosis test results
- Additional documents depending on your case.
Abhinav: India’s Most qualified Immigration Consultant for Entrepreneurs, Investors and HNI’s
- Only Immigration specialist having an expert team and experience in dealing with business and investor applications for almost 2 decades. This is highly demanding, high risk category of Immigration.
- Profile Assessment to identify the right country and program, viz. Residency by Investment or Citizenship by investment or Entrepreneur programs.
- Special advice for dependent/non-dependent children and parents.
- Special advice for clients having limitations of staying outside India for long.
- Documentation Guidance critical to acceptance including all important area of source and path of funds, business and personal net worth.
- Professional Business Plan Drafting.
- Market Research vis-à-vis Business for Sales listings and Start-up ideas.
- Online IELTS Coaching.
- Overseas Company Incorporation.
- Taxation planning and advice.
- Planning and coordinating Exploratory Visits with active assistance from Local associates.
- Start-up Guidance and coordination vis-à-vis Incubators, Angel Investors and Venture Capitalists.
- Application Process through licensed Immigration consultants/Attorneys.
- Turnkey services
- Concierge services for Premium clients
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.
FREQUENTLY ASKED QUESTIONS
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.
