The UK offers a new business visa route geared towards the innovators, which replaces the previous Tier 1 Entrepreneur visa. It provides an interesting opportunity to set up a business in the UK with little or no initial investment. The innovator or start-up visa consists of an application process, demanding not only legal knowledge but a combination of highly specialized technical expertise together with a creative world-smart approach. UK INNOVATOR VISA
WHAT IS UK INNOVATOR VISA?
A route for more experienced business people looking to establish a business in the UK. Applicants will have an innovative, viable, and scalable business idea supported by an endorsing body. With some exceptions, applicants will have funding to invest in their business. This category may lead to settlement in the UK.”
Apply for an innovator visa if:
- You want to set up or run a Business in the UK.
- An approved body has endorsed your Business or Business idea.
- You are from outside of the European Economic Area (EEA) & Switzerland.
- You meet all the requirements.
- You must have at least £50,000 in investment funds if you want to set up a new business. You do not need funds if your business is already established and has been endorsed for an earlier visa. UK INNOVATOR VISA
You need to have your business or business idea assessed by an approved body. They will provide you an approval letter of your business.
- Age must be 18+
- Passing an IELTS with at least CEFR level B2 in reading, writing, speaking, and listening. Having an academic qualification that was taught in English and is recognized by UK NRIC as being equivalent to a UK bachelor’s degree, master’s degree, or PhD
- Enough personal savings to support yourself
- At a minimum, have £945 in your bank account for 90 consecutive days before you apply. UK IN
It may take 6 to 8 weeks to develop the Business plan. May be 2 weeks or 2 Months for the endorsing body to issue an endorsement letter. It may take 2-4 weeks for application in the Embassy. This is an Active and trading Business. The business should be sustainable for 12 months based on assets, income, and planned expenses. Applicant business is registered with company house & Applicant is listed as director or member of the business.
Conditions to Extend your Visa
- Businesses must have employed 5 Full-time jobs, resident workers, with an average salary of 25,000 pounds a year.
- At minimum 10 full-time job resident worker with no average salary requirements
- You must have £50,000 in investment funds/ 3years
- No customers have at least doubled within 03 years.
- The business has generated a minimum revenue of 1 million pounds at least fully covered by accounts with a least 10,000 pounds from exporting overseas.
When you come to the UK on this visa, your family members (‘dependants’) can come with you.
A dependent’ is any of the following:
- your partner
- your child who under 18
- your child over 18 if they’re currently in the UK as a dependent.
You must have £630 for each dependent in addition to the £945 you need to support yourself. This is to show that your dependents can be supported while they’re in the UK. UK INNOVATOR VISA
Apply (outside the UK)
- If you apply, the fee is£1,021.
- If you’re applying from Turkey or Macedonia, the fee is £966.
- If all family members apply, the fee is £1,021 for each person.
Extend or switch (in the UK)
- If you apply, the fee is £1,277.
- If you’re applying from Turkey or Macedonia, the fee is £1,222.
- If all family members apply, the fee is £1,277 for each person.