Innovator Visa 

The Innovator visa has replaced Tier 1 Entrepreneur visa. Tier 1 Entrepreneur visa has closed for initial application since 29th March 2019, unless the applicant is on Graduate entrepreneur or start up visa. 

Innovator visa is for an experienced business person who has an innovative, viable and scalable business idea, wish to establish a business in the UK, but their business idea has to be approved an approved endorsing body by Home Office, applicants  must have minimum of £50,000 funding to invest in their business.

Innovator visa is initially granted for 3 years and can be extended or directly apply for indefinite leave to remain in the UK before the visa expiry date.

The requirements to apply for Innovator visa

• be at least 18 years old
• endorsed by an approved endorsing body
• have not less than £50,000 available to invest into the UK or already invested not less than £50,000 in the business if you switch from startup or Tier 1 Graduate entrepreneur. 
• meet the English language requirement least CEFR Level B2 (equivalent to IELTS 5.5 in reading, writing, listening and speaking) or have a degree taught in English confirmed by ECCTIS  if it is not obtained from the UK,
• be able to prove that you have enough personal savings to support yourself while you’re in the UK. it means that you have £1270 in your bank for consecutive 28 days for you and 285 for your partner, £315 for one child, £200 for each additional child.
• your tuberculosis test results if you’re from a country where you have to take the test unless you are applying from the UK. 

The requirement to apply for Indefinite Leave to Remain via Innovator visa

The endorsement letter must confirm both of the following: 

1)

• The applicant has shown significant achievements, judged against the business plan             assessed in their previous endorsement.
• The applicant’s business is registered with Companies House and the applicant is listed as   a director or member of that business.
• The business is active and trading.
• The business appears to be sustainable for at least the following 12 months, based on its      assets and expected income, weighed against its current and planned expenses.
• The applicant has demonstrated an active key role in the day-to-day management and          development of the business.
  

2) The applicant’s business venture meets at least two of the following requirements:

• At least £50,000 has been invested into the business and actively spent furthering the             business plan assessed in the applicant’s previous endorsement.
• The number of the business’s customers has at least doubled within the most recent 3           years and is currently higher than the mean number of customers for other UK businesses     offering comparable main products or services.
• The business has engaged in significant research and development activity and has applied      for intellectual property protection in the UK.
• The business has generated a minimum annual gross revenue of £1 million in the last full        year covered by its accounts.
• The business is generating a minimum annual gross revenue of £500,000 in the last full year   covered by its accounts, with at least £100,000 from exporting overseas.
• The business has created the equivalent of at least 10 full-time jobs for resident workers.
• The business has created the equivalent of at least 5 full-time jobs for resident workers,         which have a mean salary of at least £25,000 a year (gross pay, excluding any expenses).   The jobs must have existed for at least 12 months and comply with all relevant UK legislation including (but not limited to) the National Minimum Wage Regulations in effect at the time      and the Working Time Regulations 1998. Each of the jobs must involve an average of at        least 30 hours of paid work per week. Two or more-part time jobs that add up to 30 hours per week may be combined to represent the equivalent of a single full time job, as long as each    of the jobs has existed for at least 12months. However, a single full- time  job of more than      30 hours of work per week does not count as more than one full- time job.
  

How can we help with your Innovator visa

Our immigration specialists have more than 10 years experience in dealing with all  type of visa application including Innovator visa, have helped hundreds of applicants successfully apply for their visa from initial consultation through documents review, submission of application till successful grant of the visa. We will represent you and ensure the smooth successful granting of your visa. 

Innovator visa application can be complicated depending on your personal circumstance, you may require professional advice to ensure the success of your application.

Book a consultation now at 0207 193 1996 or send us a free enquiry ! 

Q & A for Innovator visa

How can I apply for an Innovator visa?

You can apply if you want to set up and run an innovative business in the UK - it must be something that’s different from anything else on the market and your business or business idea has been endorsed by an approved body, also known as an endorsing body and you meet the other eligibility requirements.

What is required for my business?
Your business needs to be

• new - you cannot join a business that is already trading
• innovative - an original business idea which is different from anything else on the market
• viable, with potential for growth (scalable)

How long can I stay with Innovator visa?
You can stay for 3 years. If you want to stay longer you can apply to extend your stay for another 3 years when your visa is due to expire. No limit on the number of times you can extend.

How much I need to pay for the visa?
If you are applying outside the UK, the fee is £1021.

If you are extending or switch the visa in the UK, the fee is £1277. You may also need to pay £19.20 to have your biometric information (fingerprints and photo) taken.

Your application fee will be automatically reduced by £55 if you’re from one of the following countries: Austria, Belgium, Croatia, Republic of Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, North Macedonia, Norway, Poland, Portugal, Slovakia, Spain, Sweden or Turkey. This reduction only applies to your visa application. Your partner and children will still need to pay the full application fee.

You also need to pay the healthcare surcharge as part of your application.

Is there any financial requirement?

If you want to set up a new business, you need to have at least £50000 in investment funds.

If your business is already established and has been endorsed for an earlier visa or you’ve changed your business and already agreed it with your endorsing body.

You also need to have at least in £1270 in your bank account of 28 consecutive days. As you cannot use money from your investment funds to support yourself, they need to be kept separately. Therefore, you need to have £51270 in total. However, if you are applying from in the UK and has been in the UK for more than 12 months at the time of application you will automatically meet the financial requirement (sufficient funds to establish and maintain themselves in the UK). £285 is needed for your dependant partner, £315 for your first child and £200 for each subsequent child.

Can I share the investment funds with my team members?

If you have a team with other Innovator applicants, you cannot share the same investment funds. Each team member must have £50000 individually.

Is there any English language requirement?

You need to prove your knowledge of English when you apply. You must have at least B2 level of English language ability.

What documents do I need to apply?

• An endorsement letter to show that an endorsing body has assessed your business or business idea, dated no more than 3 months before the date of the application
• a valid passport or other document that shows your identity and nationality
• bank statements showing you’ve had at least £1,270 in savings in your bank account for 28 consecutive days before you apply
• proof that you meet the English language requirement
• evidence of your investment funds (if you’re setting up a new business)
• your tuberculosis test results if you’re from a country where you have to take the test

How can I demonstrate that I meet the funding requirements?

The following sources of funds are acceptable.

• Funds held by applicant
• Funds already invested in business

Does my money have to be held in the UK?

No. But if the money is not held in the UK, all of the funds need for the investment must be freely transferable to the UK and able to be converted to pounds sterling.

Money held in an overseas account but in a financial institution regulated by the Financial Conduct Authority (FCA) will satisfy this requirement.

Money held overseas in an institution must be transferrable to the UK. The applicant must provide evidence to confirm this, such as a document from the financial institution. Banks are not, however, required to guarantee that this money will be transferred.

Can I apply for settlement with Innovator Visa?
Yes you can if you have continually resided in the UK for at least 3 years immediately prior to application and meet the requirements.

I have a business previously assessed by an endorsing body. Can I apply for this visa?

Yes, you may qualify for the ‘same business’ requirements.

I am not the sole founder of my business. Can I apply?

Yes you can still apply. Applicants do not need to be the sole founders of their businesses. Whilst multiple innovators in the same company can receive endorsements, each applicant must have been endorsed in their own right. For new business applications each innovator applicant must also be able to demonstrate that they have their own £50,000 available to invest in the company.

Where there are co-directors in a company who are both applying for initial permission on the basis of endorsements issued in the innovator route you will need to be satisfied that they both have the required investment funds in their own right.

I am only an investor in the company running a new business. Can I apply?
No, your application will be refused if you are only investing in a company. You need to be responsible for the business plan and actively involved in implementing it.

What is required for my business to be ‘innovative, viable and scalable’?
Your proposed business needs to meet a market need or create a competitive advantage.

What can I do if my application is refused?

You can challenge the decision by requesting an administrative review within 28 days if you make the application outside of the UK or 14 days if you make an application in the UK receiving the refusal letter.