Innovator Visa
Straightforward Innovator Visa Processing
What is an Innovator visa?
An innovator visa is suitable for people who want to set up and run an innovative business in the UK – it must be something that’s different from anything else on the market.
An innovator visa is valid for 3 years, which can be extended for another 3 years if required.
An innovator visa can lead to settlement in the UK, you can apply for settlement in the UK after living in the UK under an Innovator visa for 3 years.
You can also bring dependents (spouse and children under 18) to the UK. You have to work for your own business, you cannot be employed by another company.
Innovator Visa
The Innovator Visa is suitable for individuals who wish to establish and operate an innovative business in the UK, something that is different from anything else in the market. The visa is valid for 3 years, with the possibility of a 3-year extension. Settlement in the UK can be applied for after living in the country for 3 years under an Innovator Visa, and dependents, including a spouse and children under 18, can also be brought to the UK. However, it is important to note that individuals must work for their own business and cannot be employed by another company.
Innovator Visa
Eligibility and Application
Eligibility for an Innovator Visa requires a business idea that is innovative, new, viable, and has the potential for growth. The individual must also have at least £50,000 for investment and a clear business plan. Additionally, the business or business idea must be endorsed by an approved body, also known as an endorsing body. English language proficiency at the CEFR B2 level and sufficient savings to support oneself in the UK are also required.
Application Process for an Innovator Visa
The application process for an Innovator Visa involves applying online, providing relevant documents and biometric information, and attending an appointment at a visa application centre. There is a fee for the application and healthcare surcharge, and if switching to this visa within the UK, an additional fee for biometric information.
Key Differences between Start-Up and Innovator Visas
The main difference between a Start-Up Visa and an Innovator Visa is that the Start-Up Visa is for individuals looking to establish a new business in the UK, while the Innovator Visa is intended for experienced business owners who want to bring their business idea to the UK. Innovator Visa applicants must have at least £50,000 available for investment funds. The Start-Up Visa is valid for 2 years and cannot be extended, nor does it lead to settlement in the UK, whereas the Innovator Visa is valid for 3 years, can be extended, and leads to settlement in the UK after 3 years.
Innovator Visa Requirements
To be eligible for an Innovator Visa, the individual must be at least 18 years old and have at least £50,000 in investment funds. The business idea must be endorsed by an approved endorsing body, be new and innovative, and viable with potential for growth. The individual must also meet the English language requirement of CEFR B2 level and have enough savings to support themselves in the UK.
Innovator Visa Costs
The cost of applying for an Innovator Visa includes an application fee and healthcare surcharge fee. If switching to this visa within the UK, an additional fee of £19.20 is required for biometric information. The fees for dependents are the same.
Who you’re applying for
Apply (outside the UK)
Extend or switch (in the UK)
Applicant
£1,036
£1,292
Applicant's partner and children
£1,036 each person
£1,292 each person
Healthcare surcharge: £624 per year
Processing time for Start-up Visa
Upon submission of your Start-up visa application, you can typically expect a decision within 3 weeks if you are outside the UK, and 8 weeks if you are inside the UK.
Endorsement for an Innovator visa
To qualify for an Innovator visa, your business idea must be endorsed by a UK endorsing body that has evaluated it based on its creativity, feasibility, and scalability. It is essential that you receive your endorsement letter no later than three months before your Start-up visa application is due. Moreover, any business activities that you list in your application must be something that you genuinely desire and are capable of doing. To gain endorsement, your business plan must satisfy the following criteria:
- • Innovation: Your business idea must address new or existing market demands and/or provide you with a competitive advantage.
• Viability: You should possess the ability, or be actively developing the skills, expertise, experience, and market awareness required to manage the business successfully.
• Scalability: Your business plan must have the potential to create employment opportunities and expand into new areas throughout the country.
How can Work Permit Hub assist with obtaining an endorsement for a Start-up visa?
Our team of Immigration Advisors can provide guidance on the most appropriate endorsing bodies for your application. Work Permit Hub is also a reputable introducer to several endorsing bodies.
If you have any inquiries regarding a Start-up Visa, please do not hesitate to contact us.
Contact us today for Innovator Visa
To submit a question or request, please fill out the form. We will respond as soon as possible.
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