UK Innovator Visa

UK Innovator Visa Key Highlights

Innovators visa has replaced Tier 1 Entrepreneur Visa
The minimum investment required is £50,000
The idea should be original and should have proof of it
The business idea needs to be approved by the regulatory body
The stay in the UK is permitted for three years
Submission of application is online.

On 7th March 2019, a major change was introduced in the immigration system of the United Kingdom with UK Home officials announcing the closure of the Tier 1 entrepreneur stream for migration and replacing it with the UK Innovators Visa.

What is the United Kingdom (UK) Innovator Visa?

This visa is for innovators. Those people who can provide a business idea and help the UK economy positively. With this Innovator Visa , the applicant is allowed to stay in the UK for three years after which the stay can be extended as well. This is different from the start-up visa as the UK innovators Visa is for the experienced businesses in the UK. The applicants will need a minimum investment of £50,000 to be eligible in the category. There are some other eligibility requirements of the stream which are as follows:

The Innovators’ Visa Eligibility requirements

▶ £50,000 investment necessary
▶ The proof of your idea being genuinely innovative and viable
▶ The applicant should not be a national of European Economic Area or Switzerland
▶ No other employment outside the business should be undertaken
▶ Innovators need to be endorsed by an approved body to get the visa
▶ The non-EEA business needs to be supported by a third party in The UK. There are some conditions for these bodies and they are –
▶ The organization should have a history of supporting UK entrepreneurs
▶ Endorsement needs support from the UK or deployed government
▶ The right to access the business venture

After the approval, the candidate can apply three months prior to travel date for the UK innovator.

What are the rights of candidate with the innovator visa?

If you have a liable innovative business plan, then you can avail the benefit of the innovator visa through the following ways –
▶ The candidate can set up their own business in the UK
▶ The candidate can act as a director, partner, or a self-employed member
▶ The candidate is allowed to bring their family members to the UK.

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FAQs

Q. How difficult is it to get the innovator visa?

A. If you have all the eligibility requirements which include unique business idea and minimum required funds, then it is not very difficult. Further, the processing of the application is online thus making it further easier for the applicants. However, it is always good to undertake the process in the guidance of a good immigration lawyer only.

Q. What preparations should I do to get the Innovator visa?

A. Apart from the fund\'s arrangement, the candidate can plan the process by undertaking business planning which will help him succeed in his business as a new entrant in the market and also prepare for business interviews as one can be asked tax advisory and management questions during the processing of the application.

Q. Is the knowledge of English language important for Innovator visa?

A. Yes! The knowledge of the English language is imperative, and the candidate should aim for a score of a minimum of 6 bands in all the categories before migration. The higher the candidate scores in the language the better are the chances of migration. Also, one cannot survive in the UK without the basic knowledge of the English language, and the government needs to know whether you will be able to run a successful enterprise or not with the help of your communication skills.

Q. Can I share the burden of my investment funds If I am planning to make use of the Innovators visa?

A. No! You can share the load of working by forming a team, but investment fund cannot be shared. In case you are more than one person willing to migrate through innovators visa on the same business idea then each innovator should invest £50,000. Thus, if there are two innovators for a business plan, then the total investment of the business will £1,00,000.

Q. How many funds should be available in Personal accounts when applying for the Innovators Visa?

A. Before immigration, the applicant needs to assure the UK government that he/she will be able to support himself financially after migration. Thus, for at least three months your bank account should have a minimum balance of £945 in your bank account. This money should not be a part of your investment fund or any money that is acquired from illegal means. Having this amount in your account for a considerable period of time will ascertain your financial stability in front of the UK government.

Q. What is the processing time of the Innovators Visa?

A. The processing time of the application will depend on a lot of factors like your credentials, or UK circumstances, etc. However, generally, a decision on your application will be taken in eight weeks. But in case of complex cases, it can also take longer than usual as all the supporting documents need to be verified and the applicant should be able to attend an interview and get a clean chit from the authorities.

Q. Can my family come with me if I am migrating on an Innovators’ visa?

A. Yes! You can take your family members with you if you are migrating through the innovator\'s visa. The applicant should note that the family members visa should not come from the European Economic Area(EEA). Rest, it will include your partner and your children who are under 18 years of age. Further, a saving of £630 is imperative in your account for each dependent in addition to the of £945.