The Tier 1 Innovator visa is aimed at those who can demonstrate relevant experience in business. It requires an individual to set up or run an existing business in the UK. The applicant must be at least 18 years of age and have at least GBP 50,000 in investment funds if they want to set up a new business. They do not need funds if their business is already established and has been endorsed for an earlier visa. The funding can come from any source.
The immigration rules distinguish between applicants who apply under the ‘new business’ criteria and those who apply under the ‘same business’ criteria. Individuals who go to the UK for the first time will need to apply under the ‘new business’ requirement.
Successful innovators are granted leave for three years at a time and can bring their family members to the UK. After three years, innovators can apply to extend their stay for a further three years or to settle permanently in the UK under indefinite leave to remain (ILR).
Before one applies, one needs to have one’s business or business idea assessed by a Home Office–approved endorsing body. They will assess the viability of the business or business idea and, if approved, provide an endorsement letter to submit with the application.
You can apply for a Tier 1 Innovator visa if:
You want to set up or run a business in the UK. You need to have your business or business idea endorsed by an approved body.
You must have at least £50,000 in investment funds to apply for an Innovator visa if you want to set up a new business.
Your funding can come from any source.
You do not need any investment funds if your business is already established and has been endorsed for an earlier visa.
You meet the other eligibility requirements.
Applicants must invest £50,000 (reduced from the £200,000 needed for the entrepreneur visa) into their business and will be exempt from this requirement if they are switching over from a Tier 1 UK Start-up Visa.
Meet the English language requirement.
Be at least 18 years old.
Be able to prove that you have enough personal savings to support yourself while you’re in the UK.
Documents You Must Provide
You will need to provide an ‘endorsement letter’ to show that an approved body has assessed your business or business idea.
You also need to provide:
An endorsement letter on about your business idea, from the Home Office approved list of endorsing institutions.
A current passport or other valid travel identification
A bank statement showing you have had at least £945 in savings in your bank account for 90 consecutive days before you apply.
You must prove that you meet the English language requirement.
Show evidence of your investment funds (if you are setting up a new business)
Must have tuberculosis test results if you are from a country where this is needed.
You also will need a blank page in your passport for your visa.
International business environment — London is the financial capital of the world.
Attractive tax regime for high-net-worth individuals who are resident but not domiciled.
Direct international flight connections to almost all major cities in the world
World-renowned schools and universities
Eligible to apply for permanent residence status after the completion of the required period.
Reduced Investment of £50,000 compared to £2 million in Investor visa.
We will provide you with tailored advice to your specific case scenario to ensure that the Immigration Requirements are met. Please do not hesitate to contact us should you require any assistance with your application.