The UK has developed the INNOVATOR VISA as a flagship programme for foreign entrepreneurs, recognising immigration as one of the most effective strategies to stimulate innovation and entrepreneurship, maximise economic development, and build a more innovative and productive economy. The initiative encourages the development and investment in viable, innovative, and scalable businesses in the United Kingdom to support economic growth.
An Innovator Visa allows an experienced entrepreneur to start a business in the UK with no prior business experience. Additionally, it will enable professional business people who have owned and operated a business outside of the United Kingdom for many years to expand their business in the country.
In the application process, applicants should note that they can only establish new businesses or join businesses they have recently established rather than join existing businesses they have not participated in before.
The Innovator Visa is an excellent opportunity for business owners to extend their global customer base and generate revenue while giving the community additional opportunities to work and thrive. This route will allow professionals to acquire a British passport and British citizenship. The United Kingdom quickly becomes the preferred destination for foreign enterprises, with a favourable tax structure, a stable and democratic political system, a respected and robust legal system, and a booming British Pound - "haven" currency. Entrepreneurs have unique access to the strong UK economy, rising UK tech industry, and international platform through the Innovator visa. Now is the moment to expand your business, increase your consumer base worldwide, generate revenue, and gain international recognition.
Top Advantages of the UK Innovator Visa
- Fastest Processing Time in comparison to any other category of Visa
- Get Indefinite Leave to Remain (ILR)/Permanent Settlement within 3 years and apply for British Passport under Innovator route after one year
- Extend your Visa an unlimited number of times
- Bring your family with you and empower them to work or establish their businesses in the UK
- You can set up a business or several businesses in the UK
- Travel the world without any restriction of re-entry to the UK
Eligibility Criteria & Essential Requirements
There is no exception to the rule that any business can be done, but innovation, feasibility, and scalability are the only factors that matter.
Important Requirements Include:
- An innovative business plan with support from the endorsing body
- Business investment of at least £50,000 and proof of funding source
- Adequate knowledge of English (Level B2)
- Sufficient funds to maintain yourself and dependants
- No criminal history
The Innovator Visa application includes a two-stage application process.
- Endorsement Application (Endorsing Bodies)
- Visa Application (Home Office)
Stage 1: Endorsement Application (ENDORSING BODIES):
The UK government has nominated many organisations as endorsing bodies. After examining applicants' business ventures, these endorsing bodies will provide endorsements, remain in touch with them to follow their progress, and issue more endorsements as needed.
You submit an endorsement application to one of the endorsing organisations at this point, similar to a small visa application. The application will include your passport, a detailed business plan, evidence of funding, and proof of English proficiency. The Endorsing Body will process the application in 3-5 business days, after which you will be invited to a virtual interview. Interviews take 45-60 minutes on average and are conducted digitally. Your company concept and readiness to begin a business in the UK will also be evaluated during the interview.
If you are qualified for the endorsement, the endorsing body will give you a formal offer letter to confirm what was discussed during the interview. A typical offer will contain a business support package or venture builder, which will be paid to the Endorsing Body once a month for the duration of the Visa. In addition, to confirm acceptance of the offer, a deposit must be paid to the endorsing organisation.
The endorsing body will provide a copy of the Endorsement Letter as soon as the offer is accepted to validate that the information provided is correct. The finished document is then linked to the UK Home Office's system. Applicants have three months to submit their Visa Application after receiving the Official Endorsement Letter.
Stage 2: Submitting Your Innovator Visa Application (HOME OFFICE):
Your Innovator Visa application will be sent to the Home Office after you have received an endorsement. At each point, our staff will help you. You must now submit your documentation in support of your Innovator Visa application, including your passport, fund maintenance, English language proof, investment fund evidence, and so forth. You will generally receive a decision on your Visa within 3 weeks if you are outside the UK (or) 8 weeks inside the UK, once you have applied online, verified your identity, and submitted your papers.
Applicants must contact the endorsing bodies every 6 months if their application is approved. This follow-up shows the endorsing body that you're serious about continuing your business venture and making decent progress on your innovative, scalable, and viable business idea. If you fail to do so, your endorsement may be withdrawn, curtailing your leave.
Innovator Visa Costs & Healthcare Charges
Depending on where you apply and your circumstances, the cost of a UK Innovator Visa varies. Individuals who apply from outside the UK or who want to stay in the UK for less than a year must pay £1021 (per person) for themselves, their partners, and their children. For the extension or switch within the UK, the applicant, their partner, and their children shall pay £1,277 per person.
Applicants and their families must additionally pay a healthcare premium as part of the application process. Currently, all applicants will be charged £624 each year for three years or the duration of leave granted, whichever comes first. Applicants are normally eligible for ILR (free UK health care) after three years, which means no more IHS/NHS/Healthcare fees. On the other hand, your dependents will have to pay an additional two years of health care (for a total of five years) since they will be eligible for the ILR after five years (principal applicant after 3 years). If the healthcare premium is paid for a period longer than the allowed leave, a partial refund is issued automatically.
With its many benefits, the UK Innovator visa is one of the most exciting immigration options that will eventually acquire a British passport and British citizenship. There is no better place for entrepreneurs and innovators with something unique and distinctive to offer the UK market. Therefore, if you plan to start a business in the United Kingdom with a great idea, now is a great time to apply. Contact us for more information on the UK's Innovator Visa services and open a gateway to permanently settling in the UK.
