The UK Innovator visa enables overseas entrepreneurs to come to the UK to establish an innovative business.
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The Innovator visa enables overseas entrepreneurs to come to the UK to establish an innovative business. It is specifically intended for those who “want to set up and run an innovative business in the UK - it must be something that’s different from anything else on the market”.
The visa allows holders to remain for up to three years, at which point they can apply for a further three-year extension. One of the most attractive features of the Innovator visa is that after three years, they may be able to acquire permanent settlement in the UK; this is shorter than the normal five years required for indefinite leave to remain (ILR).
Launched in March 2019, the Innovator Visa replaced the Tier 1 (Entrepreneur) Visa.
The Innovator visa is aimed at business people who have an existing business or business idea and sufficient investment funds. As such, it is intended for those with strong business experience. The start-up visa, on the other hand, is for those who do not have existing investment funds.
In order to make a successful application for a UK Innovator visa, applicants need to show they:
To gain endorsement (as explained below), you will need to carefully prepare a comprehensive business plan for your existing innovative business or new business idea.
The business plan with need to show that your idea is:
Perhaps the most important aspect of applying for an Innovator visa in the UK is that you must have your existing innovative business or new business idea endorsed by an approved endorsing body in the UK (we have published a full list of the approved endorsing bodies). When deciding whether to grant endorsement, the endorsing body will consider:
Endorsement is required before you can apply and ensures that only businesses that are likely to be successful are allowed to progress onto the next phase - the application.
The endorsing body you need to approach for endorsement will depend on the type of business you intend to establish in the UK. For example, Britbots looks at applications in the field of automation, robotics and related artificial intelligence, and Fashion Angel endorses businesses in the field of fashion and textiles.
When you speak to your endorsing body, they will explain their endorsement process to you and provide the necessary resources to allow you to apply.
If your application for endorsement is successful, you will receive a letter of endorsement which you can then use to process your Innovator visa application.
You will need to show you have at least £50,000 to invest into your new innovative venture in the UK – it is possible to form an investment team with another Innovator visa applicant, but you cannot use the same funds (e.g. if there are two investors, you will need a combined investment fund of £100,000).
To make a successful Innovator visa application, you will need to show you meet the English Language requirements. This means you:
You will also need to show that you have enough money to support yourself in the UK (you will need to show you have £1,270 in your bank account 28 days before applying to satisfy this requirement)
The application stages for an Innovator visa are as follows:
Applications are typically processed within 3 weeks, however, if this will take longer, you will be informed. This may be the case if more evidence is needed, or you are asked to attend an interview.
If your Innovator visa is approved, you will be given up to 3 years leave to remain in the UK in order to start your intended business. At the end of this 3-year period, you will be able to apply for an extension if you plan to stay. There is also no limit on extensions.
You will have no problems extending your Innovator visa as long as:
When extending your existing Innovator visa, you will not need to show you have investment funds of £50,000 if your business is already established and previously endorsed. This is also the case if you have changed your business idea since your initial visa was granted and this change was approved by the endorsing body.
To make an Innovator visa extension application, you will need to:
Innovator visa extension applications typically take around 8 weeks to process, however, you can continue running your business while you are waiting for a decision from the Home Office.
There are some key differences between the Innovator visa and the Start-up visa, including:
Differences |
Innovator Visa |
Start-up Visa |
Business Experience |
For experienced businesspeople |
For businesspeople with little or no business experience |
Progress in building business |
For those at a more advanced stage or with an existing business |
For people who are at the initial stages of building their business |
Investment funds |
£50,000 investment funds required |
No investment funds required |
How long you can stay initially |
3 years |
2 years |
Can the visa be extended |
Yes |
No – although you may consider switching to an Innovator visa |
Is there a route to ILR? |
Yes, you can apply for ILR after 3 years if you meet the eligibility requirements |
There is no direct pathway to ILR. You may be able to switch to an Innovator or other visa then acquire ILR. |
One of the main benefits of the Innovator visa is that it provides a clear pathway to settlement (Indefinite Leave to Remain - ILR) in the UK.
With ILR, you will be able to remain permanently in the UK without being subject to immigration control and after a further year, you will be able to apply for British citizenship.
To gain ILR with an Innovator visa, you will need to live and work in the UK for three years and you will need to meet the criteria attached to the route. These are based around the success of your innovative business. This helps to ensure that applicants are genuine and that they are running their businesses as described. The important points to bear in mind are as follows: