Want to Apply UK Innovator Visa Dubai, UAE or from India?
There is good news for Entrepreneurs and Businesspersons seeking to establish a creative and viable business in the UK. The United Kingdom has opened its doors to ingenious and experienced foreign investors by offering a new UK innovator visa, which allows innovators to establish their businesses in the UK and settle in the UK. Entrepreneurs with a good business idea and capital must qualify for Innovator visas to start their companies. More details if you wish to apply UK Innovator Visa can be found here.
What is the UK Innovator Visa?
Innovator visas are aimed at experienced businesspeople, inviting them to establish a solid business in the UK.
Each applicant is expected to present a new business idea. In most cases, the business cannot already exist. However, even if the company already exists, it should not have commenced commercial operations. Innovator visas are valid for three years. And at the end of 3 years, they can be converted into indefinite leave to remain (equivalent to permanent residence) in the UK. An innovator visa applicant can bring their partner and any children under 18 to the UK.
The Endorsement Process of the UK Innovator Visa
As part of the endorsement process, applicants may be required to undergo a comprehensive interview and evaluation of all aspects of their business plan. Here at mygoldenpass.com, we assist our clients with completing their applications to ensure they feel confident. Our experience and UK partners provide you with the best service and make the application process easy.
- Stage 1 – Fill out the Innovator visa inquiry form
- Stage 2 – Assessment of eligibility
- Stage 4 – Introduction to Endorsing Bodies
- Stage 5 – Concept and Business Plan Approval
- Stage 6 – Due diligence
- Stage 7 – Visa Application
The Basic Qualifications You Need to Apply UK Innovator Visa
As a candidate for an Innovator visa, you must establish the following:
- You are 18+ years old;
- You have an original, sustainable and scalable business plan that addresses new or existing market needs and/or allows you to create your own niche or favorable competitive positioning
- Genuine intention and capability to work and conduct business in the UK, as stated in your application;
You will need to demonstrate that you have access to a minimum investible corpus of £50,000 (or have already invested £50,000 in your business). Important to note, that you only need to provide proof of funds and source of these funds in your application and they are not necessarily required to be invested before a successful visa application.
The business idea is expected to be innovative, sustainable and scalable and must be endorsed by an endorsing body. There are other requirements to be approved for the visa, like English language level and credibility assessment. It is beneficial to have a reliable consultation like mygoldenpass.com, which will ensure that you are always on the right track.
FAQs
What is the Difference Between an Innovator Visa and a Startup Visa?
Startup visas are intended for individuals without previous business experience who wish to establish and develop a new business in the UK. The Innovator visa is intended for more experienced business people. Entrepreneurs investing a minimum of £50,000 in the UK are eligible to apply.
Can I team up with other innovators?
You can certainly team up with other Innovator applicants, but you cannot share the same investment funds. For instance, if you have 2 Innovator applicants, your team must have £100,000 to invest. We can help you connect with other Innovator applicants. Click here to know more.
How Much is the Innovator Visa Application?
The Innovator visa is intended for more experienced business people who want to start businesses in the UK. Application fees for innovation visas are £1,021 for entry clearance and £1,277 for extensions. Book a consultation with us to understand the total costs over and above the Application fee to UK Visas and Immigration authority.
Can I Switch to the Innovator Visa UK from Another UK Visa?
You might be able to apply to switch to an Innovator visa if you’re already in the UK on a different type of visa. Your partner or children will need to apply separately to switch their visa.
If you want to switch from a startup visa, you would have to establish that you have made significant progress on your business.
In all cases, you must meet the conditions of an innovator visa in order to be granted one.
How Long Can I Stay in the UK Under an Innovator Visa?
Innovator visas are typically granted with a validity of three years. That means you can live in the UK for three years after getting an innovator visa. Upon expiration of the period, they can be converted into indefinite leave to remain in the UK provided certain milestones are met or alternatively you may require to apply for another Innovator visa, which could be to continue running the same business you setup earlier or start another business (in which case you need to demonstrate another £50,000 in investible funds).
How Long Does It Take to Process an Innovator Visa?
You’ll usually receive a decision on your visa within three weeks after applying. It takes eight weeks for those inside the UK to receive a decision.
Who is the Innovator visa suitable for?
There are few criteria you have to fulfil to obtain the UK innovator visa. The visa is available to experienced business leaders seeking to establish businesses in the UK. It is usually necessary to invest at least £50,000 in your industry. Other requirements include age restriction, language ability, credibility assessment, etc.
Final Words
A UK innovator visa is aimed at attracting visionary business titans to the UK. Foreign investors now have more significant opportunities if they are willing to start a business in the UK.
For the investor, an innovator visa can successfully culminate into British citizenship for self and family. Additionally, you will run a business that is incorporated in a strong jurisdiction such as the United Kingdom, giving you access to a truly global market.