How to Get Innovator Visa for the UK?

January 27, 2022 | Blog |

Experienced businesspersons who are seeking to establish their business in the UK who have access to at least £50,000 as an investment or have already invested such an amount are eligible for Innovator Visa. The business idea needs to be innovative, viable, and have growth potential.

The idea must also be supported by an endorsing body and can relate to any sector. Innovator visas can be obtained by an entrepreneurial team or applicants can work as a sole founder. Joint ventures are also acceptable for the same.

UK visas and immigrations must be satisfied with the eligibility required to qualify for an innovator visa.  Applicant must be a minimum of 18 years of age. If the applicant is applying for a new business venture then a positive assessment of business must be done by an approved UK endorsing body.

The business idea should be new there is no provision to join a running business. A minimum investment fund of £50,000 is required to apply for an innovator visa. In a joint application, everyone should have a minimum of £50,000 investments individually. You should have enough funds to support you and your dependents.

The person applying for an innovator visa should clear the English exam of B2 CERF level with 5.5 Bands in IELTS. Using FlyingColour Immigration services you can easily apply for an innovator visa as we provide all the requisite guidance. The Innovator visa is issued for 3 years and an extension can be done for 3 years. Application of Indefinite Leave to Remain (ILR) can be applied after completing 3 years in the UK. Once you get an ILR you can also apply for a UK passport.

After the application, once all the documentation is completed you will receive a decision within 3 weeks if you are outside the UK, and inside the UK decision will be received within 8 weeks of application. With an innovator visa, there is no requirement to generate employment, you can set up a business or several businesses and work for your own business. The application fee for applying innovator visa is £1,021 per person, for the main applicant and dependants. You are allowed to bring your spouse and children less than 18 years of age with your visa.

A person with an innovator’s visa cannot work anywhere outside their own business. A medical test with a TB test is a must for every applicant. A bank statement of 6 months must also be provided to show funds to support you.

Once the application is made checkpoints of 6, 12, and 24 months are to be done with endorsing the body after your application is successful. After you pitch your business plan endorsing body will have an initial consultation. If the proposal is found appropriate then it is taken forward for further understanding of the business model, cash flow system, and all the requirements that are deemed to make your concept preferred of being endorsed.

FlyingColour Immigration services are recognized for their leading immigration practices for innovators. Our team has experience in assisting all types of entrepreneurs with their businesses. Once the application for your innovator visa gets approved by the home office, applicants will be able to enter the UK and start deploying their funds and work on the development of their business model. We will also provide support with wealth & tax management if such services are desired by the receivers of Innovator visa.

Once your Innovator visa application has been approved by the Home Office, you will be able to enter the UK to start deploying your investment funds and developing your business concept. We will continue to support you until ILR is achieved after 3 years.  Via our trusted partners, we can also provide full wealth, tax management, and education consultancy services for UK schools and universities, if these services are desired.