The pandemic has hit businesses hard in the UK. However, one particularly good thing that 2020 lockdowns and restrictions have enabled, is creativity and innovation. Some of this has come about from a necessity to earn money due to job losses, or from the additional time offered from furlough. From innovative food concepts, fitness in your home apps to clever PPE inventions, this year has certainly seen creativity.
That entrepreneurial attitude has been happening all around the world and with the UK’s break from Europe, the UK is certainly keen to attract new and innovative businesses to its shores. The Innovator Visa could be the introduction to the business markets of the UK that you need to get established.
If your business is different to anything else on the market, the business or business idea has been endorsed by an approved body and you are over 18 and meet the English language requirement then you have already achieved a lot of the requirements to apply for this visa.
What are the requirements
Setting up your business in the UK will require a minimum of £50,000, and you will need to be able to prove where the investment has come from. Having a key role in the day-to-day management and development of the business will also be a requirement, but the good news is that your dependent partner and children can also apply via this route and it’s a route to settlement.
You’ll need to prove that you have enough personal savings to support yourself while you’re in the UK, having at least £1,270 in your bank account for 28 consecutive days before you either:
- apply for an Innovator visa
- apply to extend your Innovator visa or switch to an Innovator visa if you’ve been in the UK for less than a year
You cannot use money from your investment funds or money earned while working in the UK legally to support yourself
As with all UK Visa routes, you’ll be required to meet the standard requirements:
- Pay any fees and immigration health charges
- Provide biometrics
- Provide the satisfactory travel documents
How many points will I need?
You’ll also need to reach the required points for the innovator route, which is 70, 50 of which must be within the new business or same business criteria. This includes:
- Business plan (10 points)
- Business venture is innovative, viable and scalable (20 points)
- £50,000 available funds to invest, or have been invested (20 points)
- Applicant’s previous permission was as in the Innovator, Start-up, or Tier 1 (Graduate Entrepreneur) route and they are pursuing a business assessed by a Home Office approved endorsing body either for the previous endorsement or at a contact point (10 points)
- Business is active, trading, and sustainable and demonstrates significant achievements against the business plan (20 points)
- Applicant is active in day-to-day management and development of business (20 points)
With the UK’s strong performance on the global stage, and its ability to attract global foreign direct investment as well as a deep talent pool of skilled workers, even with Brexit, these attributes still stand. Now is great time to set up your business in the UK.
Applying for an Innovator Visa is not a difficult process but understanding all the rules and little idiosyncrasies that UKVI have in place can be baffling. With many years of experience working with UK businesses to apply and keep their Sponsor licenses, MichelleBelle are a trusted company with proven success.
Peju is one of the UK’s leading Immigration Consultants. She is a highly experienced and sought after Immigration and Compliance Consultant with over 12-years’ experience dealing with UK Visas & Immigration.
She is registered by the Office of the Immigration Services Commissioner at the highest level and has supported businesses to ensure that the migration of staff is compliant with relevant country migration laws, especially the United Kingdom.