The Government has provided skilled business people access to two new visa rules to set up businesses in the UK. The Innovator visa route will be for more experienced business people who have funds to invest in their business. This route, along with the Start Up visa, will see endorsing bodies and business experts, rather than the Home Office, assessing applicant’s business ideas. This will ensure that the business immigration route will focus on only the most innovative, viable, scalable businesses.
The new Innovator category and the closure of Tier 1 Entrepreneur came into force on 29th March 2019. Those applying under the innovator category will need to have access to investment funds of £50,000, unless an exception applies and be endorsed by an approved endorsing body.
What is an Innovator Visa in the UK?
An innovator visa is for those who want to set up and run a business in the UK. You must have at least £50,000 in investment funds, unless the business is already established. However, unlike previous visas you must show that the business idea that you have has been endorsed and there is a list of endorsing bodies that you should approach before you apply to the Home Office. In order to get endorsed, you have to demonstrate that your business idea is a new idea, viable with potential for growth. If your application is successful you will get a visa for three years and can apply to extend it for another three years. You can apply for settlement once you have been in the UK for 3 years.
What is the level of investment that needs to be made in order to be granted leave to remain in the UK?
You can no longer apply for a Tier 1 (entrepreneur) visa. If you wish to set up or run a business in the UK you should apply under the Innovator visa or a start-up visa. If you already have a Tier 1 (entrepreneur) visa you can apply to settle in the UK or extend your visa.
Danielle invites you to take a look at her blog, where you will see the diverse range of clients that she has helped.
If you have any questions about the process or would like to apply for an innovator visa please contact Danielle or call on 020 7267 4133. Danielle will only charge you for the first consultation if you decide to become her client and if she can assist you.