Immigration updates: From 13 April 2023, the Innovator Visa is replaced by the new Innovator Founder Visa. The £50,000 investment found is removed and you're allowed to take on additional jobs. 

Innovator Visa

An 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, which can be extended for another 3 years if required.

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 have to work for your own business, you cannot be employed by another company.

How do I get an innovator visa for the UK?

To get a UK innovator visa, you must \have a business idea that is new or innovative and has the potential to succeed.

You will also need to have at least £50,000 to invest in your business and a clear business plan.
 

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

There are a few key differences between a UK startup visa and an innovator visa.

Primarily, a startup visa is for individuals who are looking to establish a new business in the UK, whereas an innovator visa is intended for experienced business owners who want to bring their business idea to 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 for an Innovator Visa?

1. must be 18 years old or above
2. must have at least £50,000 in investment funds
3. your business or business idea has been endorsed by an approved body, also known as an endorsing body
4. 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
5. meet the English language requirement CEFR B2 level
6. need to prove you have enough savings to support yourself in the UK

How much does it cost to apply for an Innovator Visa?

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 the same.

Application Fee:

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.

Endorsement for an Innovator visa

1. You must have your business idea supported by a UK endorsing body that has evaluated it for creativity, feasibility and scalability.
2. Your endorsement letter should be sent out no later than three months before your Innovator visa application is due.
3. Any business activities in the UK listed in your application must be something you truly want to do and are capable of doing.

An approved endorsing body must be satisfied that your business plan satisfies all of the following requirements in order for it to be endorsed:

1. Innovation: You have a real, unique company idea that addresses new or existing market demands and/or gives you a competitive edge.
2. Viability: Has the potential for growth
3. Scalability: Your business plan has the ability to create jobs and expand into new areas across the country.
4. The endorsing body will also want to know that you'll be spending most of your working time in the UK on your new company projects.

How can we help

At WorkPermitCloud, we have a dedicated team to assist with you in your sponsorship applications and visa applications. We also offer professional immigration advice regulated by Office of the Immigration Services Commissioner (OISC). Our Founder and Managing Director Md Lutfur Rahman (FCILEx) has more than 20 years of experience in sponsorship licence management and immigration services. 

Book our professional Immigration service at info@workpermitcloud.co.uk

We can help you:

1. Dedicated support from an immigration advisor
2. Accurately identify the type of visa application
3. Documentation support and necessary amendments
4. Completing visa application form(s)
5. Review your application bundle ready for submission to the Home Office
6. Submit your visa application to the Home Office
7. Act as your agent for all correspondence with the Home Office, up to and including receipt of the decision on your visa application
8. Provide professional advice throughout the process of preparing your visa application, by letter, email, telephone or in-person as required
9. Provide professional advice for the next steps once you have received a decision on your visa application
10. Home Office fees forecast