Innovator Visa
The UK Innovator visa is designed for people who want to set up or run a business in the UK. This business or business idea must be endorsed by an approved UK body. If these visa requirements are met and you are from outside the European Economic Area and Switzerland then you can apply for the UK Innovator visa. One more important condition, if you want to set up a new business in the UK, is that you have at least £50,000 in investment funds. Though, if your business is already established and has been endorsed for an earlier visa you do not need funds. Also, you do not need them if you have changed your business and already agreed it with your endorsing body in the UK.
To get the endorsment for the UK Innovator visa you must be able to show that your business idea is new and you cannot join or invest in a business that is already trading. Also, you have to prove that your business ides is innovative, different from anything else on the market and has potential for growth.
You can start your application process for the UK Innovator visa not earlier than three months before you plan to travel to the UK. For example, you can apply from 11 May if you plan to travel on 10 August. When you apply from outside the UK, you should get a decision on your visa within three weeks. Many visa application centers offer priority services. You can pay for a faster visa decision and get it in a week (five working days) or even 24 hours after the application.
The fee you have pay for the UK Innovator visa depends on your individual situation and where you apply from. Citizens of Turkey and Macedonia pay £966 when they apply outside the UK and £1,222 when they apply to switch or extend their visa inside the UK. All the other citizens have to pay £1,021 for the application outside the UK and £1,277 to extend or switch to the UK Innovator visa inside the UK. This type of visa allows taking family membest to the UK, so all the dependants have to pay £1,021 for the application outside the UK and £1,277 to extend or switch to the UK Innovator visa while they are in the UK. Healthcare surcharge is an obligatory part of the UK visa application process and can be calculated in advance.
The UK Innovator visa allows its holders to stay in the UK for up to three years if they come to the UK on this visa or switch to it from another UK visa. The UK Innovator visa holders can apply to extend their visa for another three years when their visa is due to expire. It is worth mentioning, that there is no limit on the number of times they can extend. Most importantly, they are also allowed to apply for settlement once they have been in the UK for three years. Remember, if your endorsement is withdrawn and you want to stay longer, you must re-apply with a new endorsement before your current visa expires.
The UK Innovator visa allows you to set up a business or several businesses in the UK. Also, you are allowed to work for your business and be employed as a director, or be self-employed as a member of a business partnership.
The UK Innovator visa does not allow you to do any work outside your business. For example, you cannot work where you are employed by another business. Also, you are prohibited to work as a doctor or dentist in training, and a professional sportsperson. The UK Innovator visa does not allow you to receive public funds.
Before you apply for the UK Innovator visa you need to have your business assessed by an approved UK body and get an endorsement letter to prove that. Also, you must be at leats 18 years old, you have to be able to prove that you have enough personal savings to support yourself and meet the necessary English language requirements. You need to have at least £945 in your bank account to support yourself in the UK, if needed. Remember, you cannot use the money from your investment funds for that. Also, you cannot use money earned while working in the UK illegally.
The UK Innovator visa allows the applicants to form a team with other Innovator applicants, but they cannot share the same investment funds. The team must have £50,000 for each Innovator applicant, so if you have two Innovator applicants in the team, you must have £100,000 to invest.
To prove your knowledge of the English language when you apply for the UK Innovator visa you can pass an approved English language test or show an academic qualification that is recognised by UK NARIC. You do not need to prove your knowledge of English for the second time if you have already proved it in an earlier successful UK visa application. Nationals of Australia, Canada, the USA, Antigua and Barbuda, the Bahamas, Belize, Barbados, Dominica, Grenada, Jamaica, Guyana, New Zealand, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, and Trinidad and Tobago do not need to prove their knowledge of English.
When applying for the UK Innovator visa you need to have a valid passport or other travel identification, bank statements showing you have at least £945, proof that you meet the English language requirements and evidence of your investment funds. Tuberculosis test results are needed only if you are from a country where you have to take the test before traveling to the UK. Remember to have a blank page in your passport for your UK visa.
You must start your application process for the UK Innovator visa online and then visit the visa application centre of your choice to have your fingerprints and photograph taken. If you want to extend your UK Innovator visa, you should apply before your current visa expires. Also, you are allowed to apply to switch to the UK Innovator visa if you meet the eligibility requirements and you are already in the UK on the UK Start-up visa, the UK Graduate Entrepreneur or Entrepreneur visa (Tier 1), any UK Tier 2 visas or the UK Standard Visitor visa.
Regards,
SmartImmigrant
