UK Innovator Visa
In the last blog, we discussed an Active Investor Program and saw Canada Starta-Up Visa. So today, we are going to explore one more program of Investor Immigration Program under the Active Investor Program, the UK Innovator Visa.
The United Kingdom, also known as the UK, is a sovereign country in western Europe. It comprises four constituent countries: England, Scotland, Wales and Northern Ireland. The UK has a rich history and culture, with notable contributions to literature, art and science. The official language is English and the currency is the British Pound.
UK Innovator Visa is a type of visa available for those who wish to set up a business or invest in a business in the United Kingdom. The innovator visa is for people with experience who want to start their own business in the UK. The initial visa is granted for a period of 3 years which can be extended for more 3 years. The investor is applicable for permanent residency, Indefinite Leave to Remain (ILR) after 5 years of continuous residency and not being absent from the UK for more than 180 days in a 12-month period. Once the investor gets an ILR and holds it for 12 months, he/she can apply for citizenship.
What is the UK Innovator Visa?
On March 29 2019, the UK Home Office launched a new category known as “Innovator Visa” for experienced entrepreneurs seeking to establish a new business in the United Kingdom. This new category aims the businesses should be viable, scalable and innovative in order to drive economic growth in the UK. Your business or business idea must be approved by an Endorsing body in the UK and you meet other eligibility criteria.
Eligibility Requirements
In order to qualify for the Innovator Visa you must meet certain eligibility criteria such as
- Have a business idea that is Innovative, Scalable and Viable: Your business idea must be:
- Innovative: The applicants must have a business plan that is new and different from existing market
- Scalable: A structured business plan that the business will grow in the future and create necessary jobs
- Viable: The business idea must be realistic and the applicant has relevant skills and experience to run the business
- The business or business idea must be approved by an Endorsing Body:
Applicant must obtain an endorsement letter from an approved endorsement body. Endorsing bodies are responsible for assessing the eligibility of the start-ups. These bodies can be business incubators, investment funds, universities, colleges and other bodies authorised by UK Home Office. The endorsement letter must be issued not more than 90 days before you apply for UK Innovator Visa.
- Investment Fund: You must have at least £50,000 in investment funds to apply for an innovator visa. You must prove where you got these funds and they must be legally sourced. You are allowed to make a joint investment with other Entrepreneurs but you cannot share the same investment. Each one of you is required to make a separate £50,000 investment. You do not need to invest any funds if:
- Your business already exists in the UK and you are switching to an Innovator visa from another visa category
- You have made innovations to the business and are already endorsed by the approved endorsing bodies
- Funds to support yourself: Fund of at least £1,270 is needed in your bank account for consecutive 28 days before you apply for an Innovator Visa.
- Knowledge of English: The applicant must usually prove their knowledge of English when they apply for UK Innovator Visa. The applicant’s must prove that they can write, speak, read and understand English to a level of B2 on the Common European Framework of Reference for Languages (CEFR) scale. This is considered an upper intermediate level which is equivalent to 5.5–6.5 on IELTS. They can prove this by the following:
- Take a language test from an approved agency by passing SELT (Secure English Language Test)
- Having a degree-level academic qualification that was taught in English at a University recognised in the UK
- Having a GCSE, A Level, Scottish National Qualifications Level 4 or 5 or Scottish Higher or Advanced Higher in English
- Having a degree level academic qualification which was taught in English
General Requirements for UK Innovator Visa
- At least 18 years old
- A valid business plan
- An endorsement letter from the endorsing bodies
- Being of good health
- Clean criminal records
UK Innovator Visa Benefits
- Path to Citizenship
- Permits Dual Citizenship
- Low/No Investment required
- Short processing time
- World-renowned schools and universities
- Enhanced Education opportunities
- Enhanced business access to large economies
- Visa-free travel to 180+ countries
- Live, work and study anywhere in the United Kingdom
Criteria for settlement of ILR
To get a permanent residence or Indefinite Leave to Remain (ILR) after the 3rd year the applicant must fulfil 2/7 requirements:
- Invested at least £50,000 in the business
- Generated minimum annual revenue of £1 Million dollars
- Generated minimum average revenue of £500,000 with at least £100,000 from overseas export
- Has applied for Intellectual Property Rights (IPR) in the United Kingdom
- Has created at least 10 full-time jobs for residents workers
- Has created at least five jobs for UK citizens with a gross salary of £25,000 a year
- You have at least doubled the numbers of customers in your business
For the purpose of getting a Permanent Residency the applicant must:
- You have to spend at least 180 days in 12 month period in the UK
- Demonstrate an active role in the day to day management of the business
- Submit a report to the endorsing body to showcase the development of the business after 6, 12 and 24 months of the business being operational.
UK Innovator Visa Application Fees:
Application Fee: The main applicant processing fee is £1,036 and
Include your Spouse/Children Fee: A processing fee of £1,036 per person
Application Timeline
- Month 1: Apply for a visa and collect it. Enter the UK and initiate the business venture
- Year 1–3: No more than 180 absent from the UK in each calendar year to be eligible for PR
- Year 5: PR granted. No more than 90 days absent from the county
- Year 6: UK Citizenship is granted provided no more than 450 days absent from the UK and more than 90 days in the last year
What you can Do and Cannot Do on the Innovator Visa
Can Do:
- Can set up several businesses
- Work for your business
- Bring your spouse and children as dependents
- Travel abroad and return back to the UK
- Can apply to settle permanently in the UK also known as ILR if you have been in the UK for 3 years
- Extend your visa multiple times
Cannot Do:
- You cannot work outside your business
- Work as a professional sportsperson or a sports coach
- Apply for public funds
Why choose the United Kingdom?
- Economic heart of the world
- Education: UK has one of the best educational institutions from pre-school to university
- Ease of travel and mobility: UK is one of the best countries for travel and mobility in this time of increased globalisation
- Healthcare: The UK is well known for its National Health Service, which provides excellent free health care. UK boasts some of the best medical facilities in the world
- Direct International flights connections to major global cities
- Attractive tax regime for High Net Worth Individuals
