Innovator Visa - Things you need to know about Innovator Visa

What is an Innovator visa?

Innovator visa is suitable for people who 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.

An Innovator visa is valid for 3 years, you can extend your visa for another 3 years when your visa is due to expire. There’s no limit on the number of times you can extend.

An Innovator visa can lead to settlement in the UK, you can apply for settlement in the UK after living in the UK under an Innovator visa for 3 years.

You can also bring dependents (spouse and children under 18) to the UK. You must develop your business wholeheartedly and must not carry out other work outside of your business, for example, you cannot be employed by another company.

What is the main difference between a start-up visa and an innovator visa?

The start-up visa does not require previous business experience to develop a new business in the UK. However, the Innovator visa is suitable for more experienced businessmen who want to start a business in the UK, Innovator visa applicants must have at least £50,000 available for investment funds.

The Start-up Visa is valid for 2 years and cannot be extended, it does not lead to settlement in the UK. The Innovator Visa is valid for 3 years, it can be extended, and it leads to settlement in the UK after 3 years.

What are the requirements?

• - must 18 years old or above
• - must have at least £50,000 in investment funds
• - your business or business idea has been endorsed by an approved body, also known as an endorsing body
• - You must be able to show that your business idea is:
  • - new - you cannot join a business that is already trading
  • - innovative - you must have an original business idea which is different from anything else on the market
  • - viable, with potential for growth
• - meet the English language requirement CEFR B2 level
• - need to prove you have enough savings to support your living in the UK, how much depends on how long you have been living in the UK, more information can be found here

How much does it cost?

The fees include the Application Fee and Healthcare surcharge fee. If you’re switching to this visa within the UK, you also need to pay £19.20 to have your biometric information (fingerprints and a photo) taken. The fees for your dependants are usually the same amount as you.

Application Fee:

Who you’re applying for	Apply (outside the UK)	Extend or switch (in the UK)
You	£1,036	£1,292
Your partner and children	£1,036 each person	£1,292 each person

Healthcare surcharge: £624 per year

Processing time

After submitting your online application, normally you’ll get a decision within 3 weeks if you’re outside the UK, and 8 weeks if you’re inside the UK.

If you have more questions relating to Innovator Visa or want to discuss your specific situation with us, please contact us at: info@workpermitcloud.co.uk

Reference:

https://www.gov.uk/innovator-visa

https://www.gov.uk/government/publications/endorsing-bodies-innovator

https://www.gov.uk/innovator-visa/knowledge-of-english

https://www.gov.uk/healthcare-immigration-application/pay

https://www.gov.uk/guidance/immigration-rules/immigration-rules-appendix-start-up