Innovator Visa: Build and Scale Your Business in the UK
The Innovator Visa is designed for experienced entrepreneurs with an innovative business idea that can scale and grow in the UK market. This visa is ideal for individuals who want to establish a business in the UK and are prepared to invest in it. With the potential to lead to permanent residency, the Innovator Visa offers an exciting opportunity for those who have a unique business proposition.
In this guide, we’ll explain everything you need to know about the Innovator Visa, from eligibility to the application process and the benefits it offers.
In this guide, we’ll explain everything you need to know about the Innovator Visa, from eligibility to the application process and the benefits it offers.
What is the Innovator Visa?
The Innovator Visa is for entrepreneurs who are looking to start a business in the UK based on an original idea. This visa requires an investment of at least £50,000 into your business and an endorsement from an approved body in the UK.
The business idea must be innovative, viable, and scalable, with potential to grow in the UK market. The Innovator Visa is perfect for entrepreneurs who already have some business experience and are looking to build something new in the UK.
The business idea must be innovative, viable, and scalable, with potential to grow in the UK market. The Innovator Visa is perfect for entrepreneurs who already have some business experience and are looking to build something new in the UK.
Eligibility Criteria
To apply for the Innovator Visa, you need to meet the following criteria:
- Endorsement from an Approved Body: Your business idea must be endorsed by an authorized UK endorsing body. These bodies assess whether your business idea is innovative, scalable, and viable.
- Investment Requirement: You must have at least £50,000 to invest in your business. These funds can come from your own savings or from external sources like investors.
- Original Business Idea: Your business must be new and original, meaning you cannot join or take over an existing business in the UK.
- English Language Requirement: You must demonstrate proficiency in English to at least B2 level (equivalent to IELTS 5.5 in all components).
- Financial Requirement: You must have sufficient funds to support yourself during your stay, with the required amount held in your personal bank account for a specified period before applying.
The Endorsement Process
The Global Talent Visa stands out for its incredible flexibility and range of benefits:
- Innovation: Your business idea must be unique, offering a product or service that doesn’t currently exist in the UK market.
- Viability: You must show that you have the necessary skills, experience, and knowledge to run the business successfully.
- Scalability: Your business should have the potential for growth and job creation, contributing to the UK economy.
- Endorsing bodies can include business incubators, accelerators, and organizations like Tech Nation, Seedcamp, and London & Partners. Each body has its own application process, so you’ll need to research which one aligns best with your business sector.
Benefits of the Innovator Visa
The Global Talent Visa stands out for its incredible flexibility and range of benefits:
- No Maximum Investment Limit: While you need at least £50,000 to start, there’s no maximum cap on how much you can invest in your business.
- Path to Permanent Residency: You can apply for Indefinite Leave to Remain (ILR) after 3 years if your business meets certain criteria, such as job creation or significant business growth.
- Flexibility to Build Your Business: You can work full-time on your business and be actively involved in scaling it in the UK market.
- Family Members: You can bring your spouse or partner and children under 18 with you to the UK. They will be allowed to work and study during your stay.
Can You Bring Family Members?
As with other UK visa routes, the Innovator Visa allows you to bring your spouse or partner and children under 18 as dependents. Each family member will need to apply for a visa, and their length of stay will be tied to your visa period.
Your dependents can live, work, and study in the UK, and when you apply for Indefinite Leave to Remain (ILR), your family members can apply for it as well, provided they meet the residency requirements.
Your dependents can live, work, and study in the UK, and when you apply for Indefinite Leave to Remain (ILR), your family members can apply for it as well, provided they meet the residency requirements.
Steps to Apply for the Innovator Visa
Applying for the Innovator Visa involves a clear process that includes securing an endorsement and submitting your visa application. Here’s how it works:
- Secure an Endorsement: Your business idea must be endorsed by an authorized UK body. Research endorsing bodies that match your business sector, and apply for endorsement.
- Prepare Your Documents: Once endorsed, gather all necessary documents, including your endorsement letter, proof of £50,000 investment funds, a valid passport, and evidence of your English language skills.
- Submit Your Application: Apply for the Innovator Visa through the gov.uk website. You will need to submit your documents and pay the visa fees.
- Biometric Appointment: You will need to book and attend a biometric appointment to submit your fingerprints and photo. Some applicants may be able to use a mobile app for this step.
- Visa Processing: Visa applications typically take 3 weeks if applying from outside the UK, or 8 weeks if applying from within the UK.
How Long Can You Stay?
The Innovator Visa is initially granted for 3 years. After this period, you can apply to extend your visa for another 3 years, or apply for Indefinite Leave to Remain (ILR) if your business has been successful.
There’s no limit to the number of times you can extend the Innovator Visa, allowing you to continue growing your business in the UK as long as you meet the visa requirements.
There’s no limit to the number of times you can extend the Innovator Visa, allowing you to continue growing your business in the UK as long as you meet the visa requirements.
Why Choose the Innovator Visa?
The Innovator Visa is the perfect choice for entrepreneurs with a vision to scale their business in the UK. With the opportunity to work on your business full-time, access to a path toward permanent residency, and the flexibility to bring your family with you, this visa offers everything you need to establish and grow your business in one of the world’s most dynamic markets.
If your business succeeds and meets key milestones, you’ll have the chance to secure Indefinite Leave to Remain (ILR) and eventually apply for British citizenship.
If your business succeeds and meets key milestones, you’ll have the chance to secure Indefinite Leave to Remain (ILR) and eventually apply for British citizenship.
Ready to Bring Your Business to the UK?
The Innovator Visa offers an exciting opportunity to build and grow your business in the UK. If you’re ready to start your application or need guidance throughout the process, our experienced team is here to support you every step of the way, ensuring your business idea turns into a reality in the UK.
