From March 2019, the UK has replaced Tier I Entrepreneur Visa with an Innovator visa and start-up visa. This was done based on the advice given by the Migration Advisory Authority (MAC). If you understand why Tier I visa was discontinued then the basics of the UK innovator visa will be very clear to you. You will understand the reasons behind formulating it.
Reasons why Government discontinued Tier I visa and opted for Innovator visa UK:
- The Prime Minister of the UK wanted fewer migrations to the UK.
- It was noticed that people moving to the UK on Tier I visas were either not doing innovative businesses or failed to carry on the business based on which they were granted Tier I visas.
- Immigration authorities had to judge the applications even though they might not possess the expertise to judge them.
For the above reasons Tier I visa was discontinued and replaced by Start up Visa and Innovator Visa. As an overseas consultancy in Vadodara, we often ask our applicants to opt for a UK innovator visa if they have genuine innovative business ideas and want to extend their visa further. Innovator Visa UK requires you to have £ 50,000 funds and a brilliant business idea. But if you don’t have funds then you can apply for a Start-up Visa.
We wish to discuss the requirements(in brief) for the UK Innovator Visa and the different types of businesses that you can think of if you wish to apply in this category.
Who can Apply for Innovator Visa UK?
If you wish to apply for a visa to the UK under this category then you need to have:
- Innovative business idea. The business should be innovative, viable, and scalable. (more ideas about it in things that follow. Stay with us)
- Your business idea should be approved by the endorsing body.
- Eligibility requirements must be fulfilled.
What are the Eligibility Requirements for Getting a UK Innovator Visa?
- The business plan must be endorsed by an approved body.
- The investor should have at least £50,000 as an investment to set up a new business in the UK.
- The investor needs to have £1,270 in his/her bank account for 28 consecutive days before applying for a UK Innovator visa.
- The investor must be above the age of 18 years.
- The investor has to comply with the English language requirements.
How to Apply to an Endorsing Authority to Get the Business Approved?
As an overseas consultancy in Vadodara, we can help you in applying to the endorsing authority. If the need arises we can also approach UKVI.
What are the Fees for Applying for a UK Innovator Visa?
The application fees differ based on the location from where you are applying and also whether it is a fresh innovator visa or you wish to extend/switch the old visa.
You need to add a healthcare surcharge to the above. Here’s a link to the calculator to give you a rough idea about the expense.
Do I need to adhere to my business which was approved by the endorsing authorities?
YES! At regular intervals, the endorsing authorities will check whether you are conducting the business for which you qualified for the UK Innovator visa.
In case they feel that you are not able to comply then they can cancel your Innovator visa UK. As an overseas consultant in Vadodara, we advise our applicants to stick to the business that they got endorsed.
Why do People prefer a UK Innovator Visa?
You might be thinking that a UK Innovator visa requires ample funds, and there are chances of a business idea getting rejected, why would someone even try for it?
It is simply because with an Innovator visa in the UK, you can stay in the UK for 3 years and after that, you can extend your visa multiple times.
And as icing on the cake, once you complete 5 years in the UK, you can apply for ‘Indefinite Leave to Remain’. In other words PR.
Well here are the documents that we need to process your visa.
What Documents are Needed to Process the UK Innovator Visa?
- A valid passport or another document to prove your identity and nationality.
- Bank statements show you’ve had at least £1,270 in savings in your bank account for 28 consecutive days before you apply.
- Proof of English language requirement.
- Proof of your investment funds.
- Tuberculosis test results (in selected countries).
Which Businesses are Endorsed by the ‘Endorsing Authorities’?
This is the most crucial part on which the acceptance or rejection of your visa depends. As an overseas visa consultant in Vadodara, we always ask our applicants to think from the view of the country that they wish to visit. In our case, it is the UK.
You should study the Wikipedia page for the Economy of the UK which can give you an idea about the economic sectors that are prospering or in demand.
After studying it deeply, you will realize which areas need development and possibly match your expertise with the demand.
For example areas like FinTech, EdTech, and MedTech have huge demand. There is a misconception that only a tech person can apply for a UK Innovator visa but it is not so.
What Conditions should your Business fulfill if you need to Get it Endorsed?
If your business is viable, innovative, and scalable then only it is endorsed by the authorities. For example consider online learning, Software as a service platform.
They add value, they can be carried on from any place (sales are not restricted to the UK alone) and it is viable in long run. The best examples for this are Udemy, Canva, SkillShare, etc.
Doesn’t matter if the business that you wish to do is already existing. The only fact is that it should have some uniqueness, capable of generating revenue for the UK and providing employment to people of the UK.
If you don’t have an idea then an advisory team can guide you in formulating an innovative idea. Just remember 3 golden words for the UK Innovator visa:
– The business should be viable.
– The business should be scalable
– The business should be innovative.
How much time does it take to Get a UK Innovator Visa?
The time taken depends on your location. If you are applying from the outside UK, it takes 3 weeks. If you are applying from the UK itself, it takes 8 weeks. As an overseas visa consultant in Vadodara, we can guide you to obtain the UK Innovator visa in the fastest way and guide you further to get PR to the United Kingdom.