The innovator visa has been created for experienced business people to launch their own businesses in the UK. Unlike the historic Entrepreneur visa, the innovator route requires you to gain endorsement from a recognised endorsing body in the UK.
If you have plans for a new, innovative, viable, and scalable business that is completely different from anything else out there, this may be the ideal visa option for you.
Setting up a business in a country that you are unfamiliar with can come with its challenges. Along with finding new ideas and making business plans, you need to navigate your way through unknown regulations and legislation which can be daunting.
At The Nathanson Partnership, we provide detailed immigration advice to help you secure your Innovator visa. We take the pressure off by setting out exactly what your next steps should be toward business success so that you can focus on growing.
What Are the Requirements for the Innovator Visa?
Before you make the Innovator visa application, you must show that you can meet the following requirements:
You must have at least £50,000 in investment funds that you are able to use to set up the business. You will need to show where you got this funding from.
In addition, you must also have access to at least £1270 that you have held in your bank account for 28 days continuously to prove that you are able to support yourself. This must be separate from your investment funds.
To qualify as an innovator, applicants are required to obtain endorsement from an approved endorsing body. These include business organisations and higher education institutions.
Endorsement is based on the principle that endorsing bodies are best placed to assess and identify innovative business ideas and talent.
Before you are able to apply for the Innovator visa, you must first apply for an endorsement from an endorsing body on the Home Office list. You can find the list of approved endorsing bodies here.
Each endorsing body has its own criteria and application processes and you must apply through them directly. If you are successful in gaining endorsement, you will be given an endorsement letter to demonstrate that your business idea has been approved and is supported.
The endorsing body must also be satisfied that your business idea is innovative, viable, and scalable.