The UK is looking for innovative, new businesses from experienced entrepreneurs. If you have the ideas to fill a gap in the market, the Innovator Visa is what you need to start your business in the UK. This article explains what you need to know; as well as some of the changes from the older Tier 1 Visa.
What is an Innovator Visa?
It’s a 3-year visa offered to people who want to establish their business in the UK. It exists to bring in a diverse range of new talent and create employment for locals. It allows you to travel to and live in the UK so you can get your business up and running.
Before 2019, you would’ve gone through the Tier 1 Visa to do this. The Innovator Visa works in a very similar way, but there are some key differences you should be aware of.
What has changed?
The Tier 1 visa was managed by the UK Government’s Home Office, who would oversee the whole process. It was also split into two types based on whether the applicant had a degree or not. The Innovator Visa works differently, but all its changes make it easier and better to use.
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The Innovator Visa looks at the business, not the founder’s education
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The minimum finance for your business to apply has been reduced from £200,000 to £50,000 (per applicant).
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If you wish to stay longer you can renew it or you could apply to settle permanently. The minimum residency time to stay is now only 3 years instead of 5.
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Instead of working directly with the Home Office, you will need to first be endorsed by a UK business.
How does one apply?
Applications for the Innovator Visa are done online via the official government website. You may also need to visit your local visa application center. You will need to find an Endorsing Body for yourself before you apply.
As with any visa, there are rules about who can qualify. You’ll need to make sure you have all your documents in order before you apply to your Endorsing Body. There are rules for both your business and you that have to be met separately.
The visa is for you as the founder of a business. More than one founder can apply under the same business, but certain conditions must be met by each applicant individually. You can also link the Innovator Visa to the applications of your family so you can live there together.
Criteria to apply
Some of the criteria are business dependent and you will need to satisfy your endorsing body that your company meets them.
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Your business should be new to the UK. It can exist in your home country already, but should not be too big.
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You need to have £50,000 per applicant of finance secured for the business before application. This could be from investment or existing funds, but must be available to use immediately. If you have more than one applicant, you will need to secure more funding, such as £100,000 for two, but this does not apply to dependants.
There are also personal criteria you must meet. Many of these are standard across UK visa applications.
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You need the financial means to support yourself after moving. This means having at least £1270 in your bank account for 28 consecutive days before applying. This money can’t be from your business’ £50,000 and will change if you add any dependants.
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A satisfactory level of English is needed. This needs to meet at least a level B2 on the CEFR Scale.
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You must be aged 18 or over and meet all general visa applicant requirements.
What are endorsing bodies?
An Endorsing Body is a licensed UK business that operates on behalf of the Home Office. They are all successful companies led by boards who are experts in their field. Their experience means they’re perfect for understanding the potential of your business and making sure you have what you need to succeed.
Before giving you their endorsement, they will check that your business meets the three key criteria for eligibility:
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Innovative
Your business needs to fill a gap in the market. It can’t be the same as a business already operating in the UK.
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Viable
Just as when looking for investors, your business plan has to show them that your business will thrive in the UK and that you can lead it to success.
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Scalable
One of the main goals of the visa is to create jobs for UK nationals. Your business needs to be able to grow and create those UK jobs in either national or international markets.
Once your application is successful, the Endorsing Body will continue to work with you. They will meet with you at least every 6 months to make sure that you’re on track. This will involve reviewing your strategy, assessing progress and agreeing on any changes in direction that you think you should take.
Choosing your Endorsing Body
There are many businesses that you can choose from and everyone has their own benefits. As with any big change in business you should do your research before making any decisions.
Choose wisely, and you will not only find a business that will provide the endorsement, but one that will support you while you are there. The right Endorsing Body for you can help with experience in your market, give useful advice in your reviews and provide connections to help you grow even faster.