Innovator Visa and Start-up: A Complete Guide

The UK established flagship programmes for foreign entrepreneurs called Innovator Visa and Start-up in recognition of migrants as one of the most effective ways to promote innovation and entrepreneurship, enhance economic growth, and create a more innovative and efficient economy. The initiative seeks to promote the development and investment in scalable, innovative, and viable businesses in the UK in order to promote economic growth.

In March 2019, the Start-up and Innovator visa pathways for international entrepreneurs intending to visit the UK were introduced. The Innovator Visa category focuses on more seasoned businesspeople, whilst the Start-Up Visa encourages people without prior business experience to launch a company in the UK. These categories are aimed at two different types of entrepreneurs. Keeping in mind the eligibility and implementation requirements, anyone wishing to launch a business in the UK may select one of these options.

UK Innovator Visa

The Innovator visa is for seasoned entrepreneurs looking to launch a new company in the UK. Most of the time, in order to invest in your business, you will need to have access to at least £50,000. You must also have a business plan that has been endorsed by an endorsing body that is innovative, viable, and scalable. At the end of their three-year validity, innovator visas can immediately grant holders Indefinite Leave to Remain in the UK. Applicants for innovator visas are permitted to travel to the UK with their partners and minor children.

UK Innovator Visa requirements

You must demonstrate the following to UK Visas and Immigration that you qualify for an innovator visa:

• You have attained the age of 18.
• You are either willing to invest or have previously invested at least £50,000 in your UK firm (unless switching from the Tier 1 Graduate Entrepreneur or Start-up category to pursue the same business venture).
• You have received the endorsement of an authorised UK endorsing organisation that has given your business idea a favourable evaluation for innovation, viability, and scalability and is satisfied that you will devote all of your working time to growing your venture in the UK.
• A maximum of three months had passed since you applied for your innovator visa before receiving your endorsement letter.
• You truly intend to engage in any employment or commercial activity in the UK that you describe in your application, and you are qualified to do so.
• You have at least CEFR Level B2 English language proficiency (equivalent to IELTS 5.5 in reading, writing, listening and speaking).
• You have at least £1270 to support yourself if you are not a UK resident or have just been there for less than a year, plus £285 for a dependent partner, £315 for a first child, and £200 for each additional kid.

Investment funds

Typically, you must have at least £50,000 available for investment or have already made £50,000 in your UK business. Either your own funds or cash from your endorsing body may be used. In order to qualify, you must have a "viable" and "scalable" business plan, which means that you may need to have more than £50,000 ready for investment. As a condition of endorsement, some endorsing organisations demand additional funds. Innovator visa applicants who switch from the Start-up category to pursue the same business venture are exempted from the requirement for investment money. Applications must show evidence of substantial accomplishments that can be compared to the applicants' business plans.

UK Start-Up Visa

The Start-up visa category is appropriate for high-potential, early-stage entrepreneurs who want to launch their first company in the UK. You don't have to be a graduate or have any initial investment in place. However, you must have an innovative, viable, and scalable business idea that an endorsing body has approved.

The Start Up Visa presents a fantastic chance for businesspeople to launch their careers by pursuing a venture in the UK that will broadly help the UK economy. The visa is only valid for a maximum of two years, after which the holder will either need to apply to change to a different category of visa, such as the Innovator visa, where they can continue to grow their firm.

Start-Up Visa application process

There are two stages to the application procedure. Prior to applying, candidates must obtain approval from a university or recognised corporate sponsor. A business plan that outlines your business idea, tactics, and projections must be created for this procedure. After being accepted, you can submit a visa application to the Home Office.

Endorsement criteria

An authorised endorsing body must be convinced that your business proposal satisfies all of the requirements listed below for it to be approved:

• Innovation:

  You have a sincere, unique company concept that satisfies both present and future market demands and/or generates a competitive edge;

• Viability:

  You already possess or are actively working to acquire, the information, abilities, experience, and market awareness required to operate the firm successfully;

• Scalability:

  Your business concept has the potential to expand into national markets and create jobs.

The endorsing body will also need proof that you'll devote most of your working hours to creating new business initiatives in the UK.

UK Start-Up Visa requirements

You must demonstrate to UK Visas and Immigration that you meet the requirements for a Start-up visa. They are:

• You are over the age of 18.
• Unless you previously had leave as a Tier 1 Graduate Entrepreneur, you have never before founded a firm in the UK.
• You have received the support of a recognised UK endorsing organisation, which has evaluated your business idea for innovation, viability, and scalability and is confident that you will operate mostly in the UK to establish your business endeavour.
• Your endorsement letter was given out no more than three months prior to when you applied for your Start-up visa.
• You genuinely intend to engage in any employment or commercial activity in the UK described in your application, and you are qualified to do so.
• You have at least CEFR Level B2 English language proficiency, which is equal to an IELTS score of 5.5 in reading, writing, hearing, and speaking.
• If you are not a UK resident or have only been there for less than a year, you must have at least £1270 to cover your living expenses, plus £285 for a spouse who is dependent, £315 for your first child, and £200 for each additional child.

Investment funds

Startup visa applicants don't need to invest any capital in their organisation. But because you must have a "viable" and "scalable" business idea, you might actually need to have money on hand to invest. Some endorsing organisations demand a particular amount of funding as a prerequisite for endorsement.

Difference between Start-Up Visa and Innovator Visa

It is important to note right away that neither visa is limited to IT technology, contrary to what is frequently believed. Rather, both visas are acceptable for pretty much any type of business.

Themis Technologies is the UK's top Start-Up Visa and Innovator Visa Endorsement Specialists, assisting individuals in achieving the highest levels of success. We are largely recognised for our custom business plan drafting, which is employed by industry experts and tech leaders from established multinational corporations to cutting-edge start-ups, as well as globally wealthy people. To secure your desired Innovator Visa endorsement or Start-Up endorsement, our professionals are adequately skilled to design commercially feasible UK Visa accepted applications and inventive highly scalable business plans. To learn more about our Start-Up Visa Endorsement and Innovator Visa Endorsement services and to realise your business aspirations in the UK, get in touch with us.