Innovator Visa for Investors and Entrepreneurs in THE UK:
A new business visa category has been created for investors and entrepreneurs to set up their businesses as well as settle along with their families in the UK. This visa came into the picture in April 2019 and came in place of the Tier 1 Entrepreneur Visa.
Benefits of UK Innovator Visa:
-> You can live in the UK for a period of 5 years 4 months with your family
-> Once you complete this duration you are permitted by the UK government for permanent settlement (Indefinite Leave to Remain)
-> There is an investment as low as £50,000
-> You can live along with your family members in the UK for 3 years
-> Also, you can even get a visa extension for a period of 2 years
-> As a permanent resident of the UK you will have access to perks that are related to education in the UK as well as your healthcare will be covered by the government of the UK which will save you from incurring major costs of medical-related expenses.
-> What is best about UK Immigration Visa is that it requires easy and quick processing.
-> Not only is the visa innovative and scalable, but it is also viable
UK Innovator Visa Eligibility:
If you are looking forward to starting a business in the UK you will be required to meet the following eligibility requirements:
For innovation visa UK eligibility you must:
-> The prospective applicant must be from outside the EEA and Switzerland
-> The candidate should be a minimum of 18 years of age
->, Unlike the UK Skilled Worker Visa, you should be willing to make a minimum investment of £50,000 in case they want to set up a new business in the UK.
-> Must have their business idea endorsed by an approved body. (This endorsement should not have been withdrawn before the Home Minister even puts the application under his consideration)
-> Should have proficiency and fluency in the English language
-> They must also be able to support themselves as well as their families, due to which they need to meet certain financial requirements.
-> You need to mention the source of your funding.
-> You will not require any investment funds if your business is already established and has been endorsed for an earlier visa or you have changed your business and have already agreed with it with your endorsing body.
How Long Does it Take to Process an Innovator Visa?
For the Innovator visa UK Process to even start it will require the applicant to prove their identity as well as furnish the required supporting documents. To do this you will be required to have extra time if you require an appointment to get this done. Once you have applied online, proven your identity as well as submitted all your documents you will usually get a decision within 3 weeks if you are outside the UK and 8 weeks if you are in the UK.
What are the Innovator Visa Requirements?
Your business proposal will be required to meet certain Innovator visa UK requirements to be able to be functional in the UK:
(A.)Innovation: The prospective applicant will need to showcase that they have a genuine and unique as well as original business plan which meets a new or existing market requirement, and will thus prove to be profitable to the British economy as well as their overall workforce. Just keep in mind that the candidate cannot join or invest in a business that is already into trading.
(B.) Being Viable: The applicants need to showcase that they possess the required skills, knowledge, and the know-how of the market to be able to run a business successfully in to which he has put his mind to.
(C.) Scalability: One very important Innovator visa UK requirement is for the applicant to ensure the UK government that their model of business or projected business will have the ability to generate employment as well as add to the economic growth, development, and progress of the UK economy on a whole.