The innovator visa category is for non-EEA nationals from outside the European Economic Area (EEA) and Switzerland who are eligible to set up or run a business in the UK. The business or business idea has to be endorsed by an approved body in the UK. In order to qualify for a UK innovator visa, you will need to have at least £50,000 in investment funds. However, you do not need funds if your business is already established and has been endorsed for an earlier visa. You may need to prove your knowledge of the English language when you apply. A great benefit of this route is that, if successful, the applicant can attain a 5-year route to settlement.
The earliest you can apply for the visa is three months from your travel. You are able to stay on this visa for 3 years and apply to extend for another 3 years. There is no limit on the number of times you can extend. You can also bring your family members with you.
– Applications under this route must secure at least £50,000 of capital investment. This endorsement must be secured from an approved entity before an application can be lodged.
– The applicant must then meet the credibility assessment.
– The applicant must have a maintenance fund of at least £945 available to them for 3 months prior to the application.
– Meet the English Language requirement at B2 level.
The second stage of the process will require the applicant to present a comprehensive business plan detailing all aspects of your business idea, including projections for growth, profit, cash flow, and job creation, to demonstrate the business meets the endorsement criteria. This must be approved by an approved endorsement body.