Getting the Innovator Visa is a 5-Stage Process
Stage 1 – Business Proposal (‘new business’)
In order to be granted a visa under the Innovator route (‘new business’), the applicant’s business must meet the following requirements:
Innovation
The applicant has a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage.
Viability
The applicant has the necessary skills, knowledge, experience and market awareness to successfully run the business.
Scalability
There is evidence of structured planning and of potential for job creation and growth into national and international markets.
Stage 2 – Investment Funds (‘new business’)
Unless the endorsing body is providing the investment funds, applicants who are applying under the ‘new business’ criteria must demonstrate that they have access to at least £50,000 for investment in the business. They can also demonstrate that they have already invested the funds in the business.
If two individuals are applying for Innovator visas to join the same business, they cannot share the investment funds (as they would have been able to do under the Tier 1 (Entrepreneur) route).
The applicant must provide specified evidence to demonstrate that they meet this requirement.
Stage 3 – Getting Endorsement (‘new business’ and ‘same business’)
Applicants must obtain an endorsement letter from an approved endorsement body to submit with their application.
For a ‘new business’, the endorsing body will review the applicant’s business proposal and decide if it meets the above tests of innovation, viability and scalability. If so, it will provide specified information to the Home Office in the endorsement letter about the applicant and their business. The letter must be dated within three months of the date of the immigration application.
Stage 4 – Proving the Credibility
The applicant must be able to persuade the Home Office that they:
Genuinely intend to undertake, and are capable of undertaking, the work/business activity referred to in their application (the Home Office will consider factors such as their work, education and immigration history and any declarations made to other government departments (for example, HMRC) regarding the applicant’s previous employment and other activity in the UK);
You can show that you can support yourself as well as any dependents without recourse to public funds.do not intend to work in breach of immigration law (if the application is successful, the applicant will only have permission to work as outlined in their business plan);
any money they claim is available to them is genuinely available as they have described and that they intend to use it for the purposes described in their application.
The applicant may be invited to a credibility interview.
Stage 5 – Submitting Immigration Application
Once an applicant gets the endorsement from an authorised body, we then submit the visa application for the applicant (and their family if they wish to). This is the last stage of the whole process.
Maintenance Funds Requirement
Unless the endorsing body is certifying maintenance, the applicant must have held at least £945 for a consecutive period of at least 90 days in a manner specified by the rules. Where dependants are applying, the applicant must also demonstrate that the maintenance requirement for them is met.
Can you Switch to the Innovator Visa if you are already in the UK?
Yes, if an applicant already has valid leave to remain in any of the following categories, they can apply from inside the UK:
Start-up
Tier 1 (Graduate Entrepreneur)
Tier 1 (Entrepreneur)
Tier 2
Innovator
A visitor who has been undertaking permitted activities as a prospective entrepreneur.
How much you pay for an Innovator visa depends on your situation and where you apply from. It will be in the range of £1021 – £1277 per person. Immigration health surcharge is in addition to this.