Start up and Innovator Visa

Start-up visa

For people looking to launch and start a new business in the UK, there is the UK Start-up visa. These people are usually first-time business owners with no prior experience managing their own companies. During the first startup phase of the company, there are no obligations to invest or obtain any kind of money. Entrepreneurs with high potential but in their early stages of planning to launch their first firm in the UK can consider the UK Start-up visa category. Before you can apply for a visa, your business plan needs to be authorised by an endorsing body approved by the Home Office.

The general requirements regarding start-up visas are listed below : –

• There’s no minimum amount of money needed to invest
• You must have a creative, workable, and expandable business concept that has been given the go-ahead by an endorsing body.
• The Endorsing body needs to be convinced that you intend to work mostly in the UK to grow your commercial enterprise
• If accepted, you have three months from the endorsing body’s approval to apply for your start-up visa
• If approved, you will receive a two-year start-up visa that is not refundable and does not result in permanent residency
• You will need to transition into the Innovator visa category for an additional three years in order to be eligible for settlement
• Your dependents such as partners and children can also apply as your dependents
• You must be at least eighteen years old and, unless you were previously on leave as a Tier 1 Graduate Entrepreneur, have never founded a firm in the United Kingdom
• You must demonstrate that you can read, write, listen, and speak English to at least CEFR Level B2, which is equivalent to an IELTS score of 5.5. If you are not in the UK or have only been here for a short time, you must have at least £1270 to support yourself, plus an additional £285 for a dependent partner, £315 for your first child, and £200 for each additional child
• The list of endorsing bodies has been released by the Home Office
• You can apply for a start-up visa from outside the UK, but you can also apply from within the UK as long as you are in the UK as a visitor, short-term student, parent of a student, seasonal worker, domestic worker in a private household, or outside of the immigration rules

Innovator Visa

More seasoned employees with prior experience operating their own businesses can go this route. For experienced entrepreneurs seeking to launch a novel, sustainable, and expandable company in the UK, the UK Innovator visa category is appropriate.

It is required of applicants to submit a fresh business concept. In most cases, the company will not have been established already.

Candidates may operate independently as a sole founder or in tandem as a member of an entrepreneurial team. Agreements for joint ventures could also be appropriate.

As long as the company idea is sufficiently unique, workable, and scalable, it can be related to any industry.

Requirements for obtaining a UK Innovator visa

• You are eighteen years old or over
• You must provide proof that you have the resources to invest at least £50,000
• These funds may come from an endorsing body (should they choose to sponsor your application) or from you, the applicant
• Additionally, you must have a creative, workable, and scalable business proposal that has the endorsement of a body
• The selected endorsing body has to accept your proposal after confirming that you intend to work on your business endeavour full-time in the UK
• After your endorsing body gives its approval, you can apply for an innovator visa to the Home Office
• After getting your letter of recommendation, you have three months to apply for your innovator visa
• Applicants for a UK innovator visa are permitted to enter the country with their spouse and any minor children
• You must provide proof that you can read, write, speak, and listen in English at least at CEFR Level B2, which is equal to an IELTS score of 5.5
• Applications for Innovator visas can be submitted from outside the United Kingdom, but it is also feasible to apply from inside the UK as long as you are not a Visitor, Short-term Student, Parent of a Child Student, Seasonal Worker, Domestic Worker in a Private Household, or have been granted permission outside the Immigration Rules
• It is not necessary for you to be the only person to have founded your company; you might be a part of an innovative team. All applicants must, however, get their own endorsement from a recognised endorsing authority.
• Each member of the innovator team who needs to meet the investment funds criterion for a new company endorsement must have at least £50,000 in investment funds; they cannot share the same £50,000.
• You will be given an initial 3-year Innovator visa if approved by the Home Office
• After three years under the innovator visa category, you will be eligible to apply for an indefinite leave of absence (settlement)

Innovator Visa – Settlement

• You must demonstrate substantial accomplishments in comparison to the business plan evaluated in your prior endorsement in order to be granted settlement under this category, according to your selected endorsing body
• You are listed as a Director or Member of your company with Companies House; it is operational, profitable, and looks to be sustainable for the next 12 months; you have played a significant and involved role in the day-to-day operations and growth of the company; and you intend to dedicate your entire working day in the UK to the advancement of your business endeavours;

You must meet a minimum of two requirements:

• At least £50,000 has been put into the company and is being actively used to advance your business concept;
• The company has given resident workers the opportunity to work in the equivalent of at least five full-time positions, each with an annual pay of at least £25,000;
• The company has given resident workers the opportunity to work at least ten full-time positions without the need for an average income;
• The number of customers has increased over the last three years by at least twice and is now larger than the mean number of customers for other UK companies providing similar primary goods or services;
• The company has filed for intellectual property protection in the UK and has undertaken a substantial amount of research and development;
• At least £1 million in gross revenue was produced by the company in the most recent full year that its reports are available for
• In the most recent full year for which its accounts are available, the company’s gross revenue was at least £500,000, with at least £100,000 coming from exports.
• You possess an adequate understanding of the English language and UK life
• You have not spent more than 180 days outside the UK in any rolling 12-month period during the three years prior to the application date

If you wish to make an application under this route, please contact us via phone/email/online form or chat with us to discuss your case.