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UK Innovator Visa for UK PR Visa
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UK Innovative Program
On 7th March, 2019 as per a statement made by the UK immigration rules, the Tier 1 Entrepreneur visa program got replaced Tier 1 Innovator visa. This category of UK business visa has been designed, especially for qualified and eligible business to set up an innovative type of business that relates to their area of expertise or interest.
To be able to apply for UK Innovator visa, your business idea must be endorsed by an approved body. To be able to apply for this visa, you will be required to possess the potential and desire to set up a business in UK. Majority of the applications for UK Innovator visa are specifically based Innovation, Viability and Scalability of the business idea of the prospective applicant.
- The visa is approved for 3 years as well as can be extended for an another duration of 3 years
- After 5 years of living in UK, a Tier 1 visa UK visa holder can even apply for an ILR – Indefinite Leave to Remain.
- The members of family of the primarily applicant can join them as well as the 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.
Eligibility Requirements for UK Innovator visa
- This category of UK Business Visa is for experienced businessmen who are seeking to set up or run a business in the UK. For doing this, as a businessman you will be required to convince the endorsing body about Innovation, Viability and Scalability of your business plan. If your business idea or plan is viable in UK, you will be granted an endorsement letter.
- If you want to apply under this category of UK Visa you must be from outside European Economic Area (EEA) and Switzerland.
- Your business idea should be innovative and pioneering enough to meet the new or existing market needs, which in turn creates a competitive advantage.
- For you to establish the scalability of the business plan or idea, you will be required to support it with structured planning and ability for job creation and growth in both national and international markets.
- To apply under this category of UK Visa you need an investment requirement lesser than £50,000, along with an endorsement from the endorsing body. If your business is already established or endorsed in a previous visa you will not be required to have any investment funds.
- You must showcase your proficiency in English language along with a minimum of CEFR level B2 in the categories of reading, writing, speaking and listening.
- As a prospective applicant you must be a minimum of 18 years of age
- You must have sufficient funds and documents to support them, in order to support yourself during the tenure of your stay in UK.
Step-by-step process for UK Innovator visa
- You must apply via online for Tier 1 UK Innovator Visa.
- You will be required to hold fingerprints and photograph, taken at the visa application center in order to get yourself a biometric residence permit as a part of your UK Visa application.
You will need to collect your biometric residence permit within 10 days of your arrival to the UK, even if you enter in to UK at a later date
Documents required for UK Innovator visa
- When you apply for UK Innovator visa you need to provide an ‘endorsement letter’ to display that an approved body has evaluated your business or business idea.
- Current passport or valid travel identification
- Bank statement showcasing that you hold a minimum amount of £945 in savings in your bank account for 90 consecutive days prior to applying for this UK visa application.
- Proof that you meet the English language competency requirement
- Evidence stating proof of your investment funds (in case you are setting up a new business)
- Tuberculosis test results if you belong to the country where you must take the test
- You require a blank page in your passport for your visa
Processing time and cost for UK Innovator visa
The earliest you can apply for the UK Innovator Visa is 3 months prior to the time you travel. For example, if you want to travel on 15th June, you must apply from 16th of March. You must get a decision on your visa within 3 weeks.
The cost of UK Innovator visa basically depends upon your situation and where are you applying from. If you are applying from outside UK, you are required to pay £1,021 and in case you want to switch or extend visa in UK you will be required to pay £1,277.
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- 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.
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To know more about the Business Visa UK, you can write us on web@businessimmigrationvisas.com 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.
