UK Innovator Visa

UK Innovator Visa – Velorum Management Consultancies

The Innovator visa is for experienced businesspersons seeking to establish a new business in the UK.

In most cases you will need to have access to at least £50,000 to invest in your business (or have already invested £50,000 in your business), but certain exceptions apply. You will also need to have an innovative, viable and scalable business idea which has been approved and is supported by an endorsing body. Applicants are expected to present a new business idea. Generally, the business will not already exist. However, where it does, the new business should not yet have fully started trading. Innovator visas are valid for 3 years and can lead directly to indefinite leave to remain in the UK at the end of this period. Innovator visa applicants can bring their partner and any children under the age of 18 to the UK.

REQUIREMENTS FOR AN INNOVATOR VISA

The endorsing body will also need to be satisfied that you will spend the majority of your working time in the UK on developing business ventures.

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You are at least 18 years old;
You have at least £50,000 available to invest in your UK business or have already invested £50,000 in your UK business (this requirement is waived if switching from the Tier 1 Graduate Entrepreneur or Start-up category to pursue the same business venture or extending as an existing Innovator to pursue the same business venture and, in both cases, you have shown significant achievements judged against your business plan);
If applying to set up a new business venture, you have been endorsed by an approved UK endorsing body that has positively assessed your business idea for innovation, viability and scalability and is satisfied that you will spend your entire working time in the UK on developing your business venture; If applying to continue the same business venture as in your initial application, you have been endorsed by an approved UK endorsing body that is satisfied that you have shown significant achievements judged against the business plan assessed in your previous endorsement, you are registered with Companies House as a Director or Member of your business, your business is active, trading and appears sustainable for at least the following 12 months, you have had an active key role in the day-to-day management and development of the business and you will spend your entire working time in the UK on developing your business ventures;
Your endorsement letter was issued not more than 3 months before the date of your Innovator visa application;
You genuinely intend to undertake, and are capable of undertaking, any work or business activity in the UK stated in your application;
You are competent in the English language to at least CEFR Level B2 (equivalent to IELTS 5.5 in reading, writing, listening and speaking);
You have at least £945 available to support yourself (and £630 for each dependent) without relying on public funds.

Endorsement criteria for an Innovator visa

In order for your business proposal to be endorsed, an approved endorsing body will need to be satisfied that your business idea meets all of the following criteria:

Innovation: You have a genuine, original business plan that meets new or existing market needs and/ or creates a competitive advantage;
Viability: You have the necessary skills, knowledge, experience and market awareness to successfully run the business;
Scalability: Your business plan shows evidence of structured planning and potential for job creation and growth into national and international markets. The endorsing body will also need to be satisfied that you will spend your entire working time in the UK on developing business ventures.

If you are applying to continue the same business venture as in your initial application, you will need to demonstrate significant achievements judged against the business plan assessed in your previous endorsement. You will need to demonstrate that you are registered with Companies House as a Director or Member of your business, your business is active, trading and appears sustainable for at least the following 12 months, you have had an active key role in the day-to-day management and development of the business and you will spend your entire working time in the UK on developing your business ventures.

Indefinite Leave to Remain as an Innovator

In order to qualify for indefinite leave to remain as an Innovator you will need to satisfy UK Visas & Immigration that:

You have been endorsed by an approved UK endorsing body that is satisfied that you have shown significant achievements judged against the business plan assessed in your previous endorsement, you are registered with Companies House as a Director or Member of your business, your business is active, trading and appears sustainable for at least the following 12 months, you have had an active key role in the day-to-day management and development of the business and you will spend your entire working time in the UK on developing your business ventures;

You satisfy at least two of the following:
At least £50,000 has been invested into the business and actively spent furthering your business plan;
The business has created the equivalent of at least 5 full-time jobs for resident workers, which have an average salary of at least £25,000 a year;
The number of 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 has generated 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.
You have spent not more than 180 days outside the UK in any rolling 12 month period during the 3 years prior to the date of application;
You have sufficient knowledge of the English language and Life in the UK.

REQUIREMENTS FOR A START-UP VISA

Do I need to apply for a Start-up visa before applying for an Innovator visa?

If you are an experienced businessperson with at least £50,000 available to invest in your UK business then you may qualify for an Innovator visa directly, without first needing to apply for a Start-up visa.

Should I apply in the Innovator or Start-up category?

The right category will depend on your current circumstances and long term goals in the UK. The Innovator route has a quicker route to settlement, but will require initial funding of at least £50,000. The Start-up route has a lower threshold for entry, but allows more flexibility as individuals in this category are permitted to take other employment while their business gets up and running.

Is there an investment funds requirement for an Innovator visa?

You will generally need to have at least £50,000 available to invest in your UK business or have already invested £50,000 in your UK business. You may rely on money of your own or funding provided by your endorsing the body. The requirement to have a ‘viable’ and ‘scalable’ business idea means that, in practice, you may need to have more than £50,000 available to invest. Some endorsing bodies require an additional level of funding as a condition of endorsement. This requirement is waived if switching from the Tier 1 Graduate Entrepreneur or Start-up category to pursue the same business venture or extending as an existing Innovator to pursue the same business venture and, in both cases, you have shown significant achievements judged against your business plan.

Where can I find out more about more Innovator visa endorsing bodies?

The Home Office has published a list of endorsing bodies for Innovator visa applications. This list of endorsing bodies contains the names of all currently approved Innovator visa endorsing bodies, as well as links to their websites and, where available, details of their application process and endorsement criteria. Our barristers can advise you on the most appropriate endorsing bodies for your application.

Which endorsing body should I apply to?

The right endorsing body for your application will depend on your individual requirements, such as the field in which your business will operate, the timing of your application, where you plan to base your business, and what support, if any, your business requires.

How can Richmond Chambers help with securing Innovator visa endorsement?

Our barristers can advise you on the most appropriate endorsing bodies for your application. Richmond Chambers is also a trusted introducer to several endorsing bodies, ensuring eligible clients direct contact with investment panel members as well as transparent and timely decision-making.

Can I switch into the Innovator visa category?

Applications for Innovator visas can be made from outside the UK, but it is also possible to switch into the Innovator visa category from within the UK if you were last granted leave to remain as a Start-up, Tier 1 Graduate Entrepreneur, Tier 1 Entrepreneur, Tier 2 General or Tier 2 ICT Skilled Worker or Visitor (if you came to the UK to get funding from any source and have a letter of support).

Can Innovator visa applicants join an existing business?

The Innovator visa category is suitable for experienced businesspersons who are looking to set up a new business in the UK which is innovative, viable and scalable. Applicants are expected to present a new business idea. Generally, the business that forms the basis of the new business idea will not already exist in the UK. However, where it does, the business should not yet have fully started trading.

Can I apply for an Innovator visa as part of a team?

Innovator visa applicants can work on their own as a sole founder, or together as part of an innovator team. However, each applicant must receive their own individual endorsement from an approved endorsing the body. Innovator team members that are required to satisfy the investment funds requirement for a new business endorsement also cannot share the same £50,000 but must instead have at least £50,000 investment funds each.

Are there any restrictions on the type of business I can set up?

Your business idea may relate to any sector, provided the business idea is sufficiently innovative, viable and scalable. Applicants can also develop other businesses as well as their main business idea.

What is the role of the endorsing body once I have my Innovator visa?

You will need to stay in contact with your endorsing body with checkpoints at 6, 12 and 24 months after your application is successful. The endorsing body will need to be satisfied that you are continuing to work on your business venture and have demonstrated reasonable progress in relation to either your original or a new business idea that is innovative, scalable and viable. Your endorsement may be withdrawn and your leave curtailed if this is not the case.

How long is an Innovator visa valid for?

Your initial Innovator visa will be valid for 3 years.

Will I be able to extend my Innovator visa and apply for ILR?

It is possible to extend an Innovator visa for periods of 3 years at a time, subject to being re-endorsed each time. There is no maximum time limit in the Innovator category. You will be able to apply for indefinite leave to remain (settlement) as an Innovator after spending 3 years in the Innovator visa category.

Does the Innovator visa have a residence requirement?

In order to qualify for indefinite leave to remain you will need to have spent not more than 180 days outside the UK in any rolling 12 month period during the 3 years prior to the date of application.

Will I be able to undertake other work?

As an Innovator you will be able to develop other businesses as well as your main business idea. However, you will not be permitted to take any employment other than working for the business or businesses that you have established. Any arrangement which amounts to disguised employment with another employer would breach the conditions of your stay.

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