Innovator Visa is for entrepreneurs looking to set up or run a UK-based business. The minimum investment required is £50,000 (with some exceptions). Besides, you will need to have an innovative, feasible and scalable business idea which is approved and supported by an endorsing body. Multiple Innovator applicants can apply for approval to become joint directors of the same company, but each applicant must also independently prove that they each have a separate £50,000 for investment.
Innovator Visa duration is 3 years. The visa can be extended for a further 3 years if applicants meet all criteria required.
Innovator Visa Requirements
In order to be eligible for an Innovator visa, you will need to fulfil UK Visas and Immigration requirements:
- You are at least 18 years old;
- You have at least £50,000 available to invest in your UK business or have already invested £50,000 in your UK business (this requirement is waived if switching from the Start-up category to pursue the same business venture or extending as an existing Innovator to pursue the same business venture and, in both cases, you have shown significant achievements judged against your business plan);
- If applying to set up a new business venture, you have been endorsed by an approved UK endorsing body that has positively assessed your business idea for innovation, viability and scalability and is satisfied that you will spend your entire working time in the UK on developing your business venture;
- If applying to continue the same business venture as in your initial application, you have been endorsed by an approved UK endorsing body that is satisfied that you have shown significant achievements judged against the business plan assessed in your previous endorsement, you are registered with Companies House as a Director or Member of your business, your business is active, trading and appears sustainable for at least the following 12 months, you have had an active key role in the day-to-day management and development of the business and you will spend your entire working time in the UK on developing your business ventures;
- Your endorsement letter was issued not more than 3 months before the date of your Innovator visa application;
- You intend to undertake, and are capable of undertaking, any work or business activity in the UK stated in your application
- You are competent in the English language to at least CEFR Level B2 (equivalent to IELTS 5.5 in reading, writing, listening and speaking)
Innovator Visa holders are eligible for permanent residence, Indefinite Leave to Remain and citizenship, if all requirements are being met
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