The Innovator Visa has been touted to replace the much prestigious Tier 1 Entrepreneur Visa of the business immigration in the United Kingdom. A start-up visa is for those migrants looking to establish a business in the UK for the first time. However, the New Innovator Visa is intended for more experienced business people who are seeking to establish a scalable business in the UK, an applicant will need £50,000 to invest in their business from any legitimate source. If you are looking for a business plan consultant to help write your business plan or develop your business ideas, our business plan firm can help. Below are some are certain information about the Innovator Visa.
What are the requirements for a UK Innovator Visa Applicant?
Before you can apply for an Innovator Visa, you need to have your business assessed by an approved body. They will provide you with an endorsement letter if your business is viable. To qualify for an Innovator Visa UK, an applicant must first meet these general and specific requirements.
English Language requirement; the innovator applicant is required to have a CEFR B2 level of English language ability.
The applicant must have at least £945. The funds have been held in the bank account for a consecutive of 90 days.
The minimum age of the applicant for the Innovator Visa Application is 18 years.
There are other points to keep in mind while applying for the Innovator Visa;
Innovation; there must be a genuine proof of a business plan that would suffice the needs of the market, either new or already existing and creates a competitive advantage
Scalability; the applicant must demonstrate further evidence of structured planning and the potential for the creation of employment
Viability; the applicant must have the necessary skills, knowledge, experience and present market awareness to successfully run the business
How much investment funds is required for the Innovator Visa?
An applicant will need at least £50,000 to invest in their business from any legitimate source (reduced from £200,000 for most applicants in the current Tier 1 Entrepreneur Visa)
‘New business’ or ‘Same business’
The immigration rules distinguish between applicants who are applying under the ‘new business’ criteria and those applying under the ‘same business’ criteria. Those coming to the UK for the first time will need to apply under the new business.
The new business innovator visa application does not require separate evidence of investment funds if the endorsement letter states that the requisite £50,000 are either available or already invested in the business.
Get in touch with our business plan writers to help you properly navigate your business funds with a very detailed business plan.
What is the application fee for Innovator Visa?
From the month of March 2019, the UK fee for Innovator Visa entry clearance and leave to remain applications will be £1,021 and £1,277 respectively. Moreover, the main applicant can also avail a Council of Europe Social Charter (CESC) discount of £55. Apparently, the application fee for Tier 1 Entrepreneur entry clearance and Leave to Remain visa application is also £1,021 and £1,277 respectively. Therefore there is no difference in the application fee for the UK Innovator Visa and Tier 1 Entrepreneur Visa.
Why use professional writers?
Consulting a professional when creating your business plan may allow you to expand on the ideas you have, and will likely ensure your ideas and plans are well written so that they are clearly understood and also increases your chances of success getting your visa and then being able to begin your business In the UK. So get in touch with us today