You can apply for an
Innovator visa 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.
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 and viable, with potential for growth (scalable). Your proposed business needs to meet a market need or create a competitive advantage.
You can stay with Innovator visa 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.
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.
There is a financial requirement for this visa. 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. If you have a team with other Innovator applicants, you cannot share the same investment funds. Each team member must have £50000 individually.
You need the following documents 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) and your tuberculosis test results if you’re from a country where you have to take the test.
To meet the funding requirements, the following sources are acceptable: endorsing body or other source where the endorsing body has verified the funds are available, a UK organisation employing at least 10 people, an overseas organisation, a UK organisation which employs less than 10 people or an individual third party, funds held by applicant or Funds already invested in business. Your money may not be held in the UK. 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.
You can apply for settlement with Innovator visa if you have continually resided in the UK for at least 3 years immediately prior to application. You also need to provide an endorsement letter. You need to achieve at least 2 of the following:
- at least £50,000 has been invested into the business and actively spent furthering the business plan
- 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 revenue of £1 million in the last full year covered by its accounts
- the business is generating a minimum annual 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 settled workers
- the business has created the equivalent of at least 5 full-time jobs for settled workers. Each job must have an average salary of at least £25,000 a year (gross pay, excluding any expenses)
Contact us for further information at 02071 193 1996!
