The United Kingdom has always been a hub for entrepreneurs and innovators from around the world. Recognizing the need to attract and retain such talent, the UK government has introduced a new visa category known as the Innovator Visa. This visa is designed to provide a pathway for entrepreneurs to establish a business in the UK. This guide will provide an in-depth look at the Innovator Visa, its requirements, benefits, and the process of application.
Understanding the Innovator Visa
The Innovator Visa is a new category introduced by the UK government to replace the Tier 1 Entrepreneur Visa. It is designed for experienced business people seeking to establish a business in the UK. The main aim of this visa is to attract innovative, scalable and viable business ideas to the UK.
Eligibility Criteria
To be eligible for the Innovator Visa, applicants must meet certain criteria. These include:
- Being at least 18 years old
- Having at least £50,000 in investment funds if setting up a new business
- Having a business or business idea that is endorsed by an approved body
- Meeting the English language requirement
- Being able to prove that you have enough personal savings to support yourself while in the UK
Endorsement Criteria
One of the key requirements for the Innovator Visa is obtaining an endorsement. The endorsing body will assess the business idea based on three criteria:
- Innovation: The applicant has a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage.
- Viability: The applicant has, or is actively developing, the necessary skills, knowledge, experience and market awareness to successfully run the business.
- Scalability: There is evidence of structured planning and potential for job creation and growth into national and international markets.
Application Process
The application process for the Innovator Visa involves several steps:
- Endorsement: The first step is to get your business or business idea endorsed. You can apply for an endorsement to an approved body, which will assess your business idea based on the criteria of innovation, viability, and scalability.
- Application: Once you have received your endorsement, you can apply for the Innovator Visa online. You will need to provide your endorsement letter, proof of investment funds, proof of English language skills, and proof of maintenance funds.
- Biometric Information: After submitting your application, you will need to provide your biometric information (fingerprints and a photo) at a visa application centre.
- Decision: You will usually get a decision on your visa within 3 weeks.
Benefits of the Innovator Visa
The Innovator Visa offers several benefits to entrepreneurs:
- It allows you to set up or run a business in the UK.
- It is valid for 3 years and can be extended for another 3 years with no maximum limit on extensions.
- You can bring family members (spouse/partner and children under 18) with you.
- You can apply to settle permanently in the UK (also known as ‘indefinite leave to remain’) after 3 years.
Conclusion
The Innovator Visa is a significant step by the UK government to attract global entrepreneurial talent. It offers a clear and structured pathway for entrepreneurs to establish and grow their businesses in the UK. With its focus on innovation, viability, and scalability, it ensures that only high-potential businesses make their way to the UK, contributing to the country’s economic growth and global competitiveness.
