Innovator, Start-Up, Immigration Advice, Innovator Visa
The Innovator visa will have 2 sub-categories (a) Start-up (b) Innovator from April 2019. Both of these categories will now replace the existing Tier 1 Graduate Entrepreneur and Tier 1 Entrepreneur visa categories. The categories for new applicantâ€™s will close and those under those categories already will be part of the transitional arrangements.
Both the existing visa categories required substantial reform which was one of the reasons why there was a need to make changes to the visa requirements. The requirements as well as the specified evidences needed to meet the new policy are contained in the Immigration Rules.
The visa routes will require an â€œEndorsing Bodyâ€ to provide a sponsorship confirmation that you have a genuine, credible and scalable business. This is similar to how the Tier 1 Exceptional Talent visa operates and the Home Office will add/remove Endorsing Bodies as time goes by. Central to both of the new categories will be endorsement of Applicants by UK trusted bodies such as business accelerators, seed competitions and government agencies, as well as higher education providers. These bodies will assess your business ideas for their innovation, viability and scalability.
Requirements of the Start-up and Innovator Visa's
The requirements to meet the published policies on these 2 application routes, you will be expected to go through rigorous checks as well as your credibility as a â€œbusiness personâ€.
For the â€œStart-upâ€ visa category, is similar to the Graduate Entrepreneur visa and this visa is aimed at those wishing to start their own business in the UK. This is not limited to graduates and is open for everyone, creating flexibility to the approach on these visas. The Start-up visas will now be valid for 2 years instead of the 12 months given on the Graduate Entrepreneur visa. It is also a benchmark permitting an Applicant to switch into the long term â€œInnovatorâ€ visa.
Moving on to the Innovator visa, this category is more aimed at more experienced business people and those who have good track records. An endorsement will be required from an approved Endorsing Body and will need to have access to Â£50,000 in funding, to meet the Immigration Rules.
To apply for the Start-up or Innovator visa, you will be required to meet the following requirements:
Provide a full business plan, which will set out your business vision as well as the product/service you intend to operate in the UK and most importantly, how the financial aspect of the business will look. ICS Legal are able to advise and help on preparing your business plan. You can find more details on this by clicking here.
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