Innovator Visa

To be eligible for an Innovator Visa, you must:

• Be at least 18 years old;
• Intend to set up or run a business in the UK;
• Have a business idea that has received an endorsement from an approved body;
• Have £50,000 of funds available to be invested in your business;
• Show that your money is genuinely available and you intend to use it for the purpose described in your forms;
• Demonstrate that you are capable of undertaking any business activity stated in your documents;
• Satisfy the English language requirements (at least level B2);
• Not be intending to work in the UK other than for the business you have established;
• Have at least £945 (additional to your investment funds required) available to support yourself.

Along with your application forms, you must provide an original copy of one of the following:

• Bank statements (dated not earlier than one calendar month before the date of your request) or a letter from your bank, confirming that the money is available (for funds held by the applicant);
• Business accounts showing the amount of money that has been invested and the name of the accountant (for funds already invested in another business);
• A signed declaration underlining the connection between the applicant and the company, if the source of your funds is a UK organisation.

If your documents are not in English or Welsh, you must also attach a full translation. A letter from a legal representative may be needed to confirm all third parties’ permissions to invest the funds in your own business venture or idea.

You must not forget to attach to your bundle of documents the letter from home office of your endorsement body confirming the availability of your funds.

To obtain your Innovator Visa, you must have at least a B2 level of written and spoken English language ability. You can satisfy this requirement either by:

• Being a national of a majority English speaking country;
• Passing an accredited English language test with at least CEFR level B2 in reading, writing, speaking and listening;
• Holding a degree which is deemed by the NARIC to meet the recognised standard of a degree awarded in the UK.

If you have been given prior permission to stay in the UK as a Innovator, Skilled Worker or Student Visa holder, you will not need to provide any evidence of your knowledge of English.

Eligible applicants must demonstrate they have at least £945 of available funds for personal sustainment, plus a further £630 for each dependant they wish to bring in the UK. Besides, your family must also provide evidence of adequate and sufficient funds.

The UKVI will verify if your savings have been available for a consecutive 90-day period in the form of cash funds held in your account. Other financial instruments, such as shares, bonds, credit card, and pension funds are not acceptable.

If your funds are held in a joint account, your name must be on the account along with one or more other individuals.

After 3 years of continuous residence as a foreign investor, you may be able to settle in the UK, provided that you meet at least two of the following conditions:

• You have invested and spent in your business at least £50,000;
• Your business has created at least ten full-time jobs for resident workers;
• Your business has generated gross revenue of at least £1 million;
• Your company has engaged in development activity and has applied for intellectual protection in the UK;
• The number of your customers has at least doubled in the 3 years before your settlement application;
• Your business has generated at least £500,000 in revenue, with at least £100,000 from exporting overseas.

Your eligibility will be also reviewed based on your continuous residence in the UK. This means that you must not have spent more than 180 days in any consecutive 12-month period abroad.

Once you obtain Indefinite Leave to Remain, you may be eligible to apply for British Citizenship.

Applicants who wish to set up or run a business in the UK can apply for an Innovator Visa. They must provide evidence of their own business proposal or idea, which must meet the following criteria:

• Innovation: your idea must be new, meaning that you cannot join or invest in a business that is already trading in the UK;
• Scalability: your business must demonstrate potential for growth;
• Viability: you must have the necessary skills and experience to run the business successfully;
• Commitment: you must spend your entire working time in the UK on developing your business, and you will not be allowed to work for any other company.

To get an endorsement from an approved body for setting your business, you must have at least £50,000 in investment funds. You do not need funds if your business is already existing and has been endorsed for the same business in an earlier application.

Your endorsing body will review your business with checkpoints at 6, 12 and 24 months after the date you started your business. If you fail to demonstrate reasonable progress, your endorsement letter may be withdrawn, and your leave curtailed.

It costs £1,036 to apply for an Innovator Visa from outside the UK.

Besides, you will be charged an extra £19.20 for having your biometrics collected, which are used to issue your Biometric Residence Permit (BRP). You will also be required to pay the healthcare surcharge.

If you are applying with your dependants, you must pay an additional £1,036 for each family member that you wish to bring in the UK with you.

Applicants are able to switch to the innovator visa or apply for an innovator visa extension application. You can submit your application from within the UK as long as you remain within immigration rules.

You cannot switch to this visa if you have one of the following:

• a visit visa
• a short-term student visa
• a Parent of a Child Student visa
• a seasonal worker visa
• a domestic worker in a private household visa
• immigration bail
• permission to stay outside the immigration rules, for example on compassionate grounds

Additionally, if you plan to switch to this visa from a Student visa, one of the following must apply to you:

• You’ve completed the course you were sponsored to study on your Student visa
• The start date of your job is after the completion date of your course
• You’ve been studying for a PhD for at least 24 months

In order to remain on the Innovator visa, there are several criteria that you must follow. Each candidate must stay in line with the rules outlined on the official government website. Candidates on the innovator visa can develop other business ventures in addition to your main business, but being employed elsewhere for another company is strictly against the rules.

The Innovator visa is valid for a period of 3 years, after such period you will be eligible to apply for ILR. To achieve Indefinite Leave to Remain on the Innovator visa route, you will need to fulfil the following:

• To be endorsed by a UK approved body
• Your business has fulfilled a specific financial quota
• To have not spent more than 180 days outside of the United Kingdom in a 12 month period during the 3 years prior to the date of your ILR application
• To have a varied and well-rounded knowledge of the English language and Life in the UK

For further details on what these points entail, get in contact with one of our team who will guide you through the innovator visa requirements.

Innovator visa holders looking to come to the UK must have an existing market awareness, and a business idea that meets the existing market, as well as an innovator viable and scalable business idea. There must be proof of organised planning, the potential for job creation, and expansion into domestic and foreign markets. As a candidate, you must be able to prove that you have sufficient business skills, mindset and capability of the market awareness that has the potential to reach national and international markets. A number of government-approved endorsing organisations will evaluate these factors before issuing letters of support to qualified applicants. Caseworkers from the Home Office may contact applicants for an interview if they have any concerns about their veracity.

Need help with your UK innovator visa application? Our team of professional lawyers can guide you through the process and help you to submit a strong application. We have already helped innovator visa applicants achieve their desired goals.

Our team of lawyers have helped clients achieve successful innovator visa applications, and employ thoughtfulness, understanding and expert advice to all our clients.

To start your journey with London Immigration Lawyers, call us today on 020 4502 8582  or fill out the contact form on our website.