The Innovator visa is for businesspeople who want to start a business in the United Kingdom. On March 29th, 2019, the Innovator visa category was introduced. This visa type is for anyone who wants to do business in the United Kingdom and is willing to spend GBP 50,000/- (either their own money or funding from an endorsing body) in the country.Applicants must present a novel business concept. In most cases, the company may not already exist. Applicants may function alone as a single creator or as part of a collaborative entrepreneurial team. Joint ventures may also be a viable option. The business concept can be in any industry, as long as it is sufficiently creative, viable, and scalable.
If you want to start a business in the UK using the Innovator Visa path, you must meet the following requirements:
- Obtain the approval of an Endorsing Body for your business concept.
- Prepare to invest £50,000 in your business.
- Have enough money in your account to last at least 28 days.
- Individual financial requirements of £1,270 must be met.
- Possess an excellent command of the English language.
The key criterion for the Innovator Route is to meet the endorsement requirements, which enable the applicant to show that his business concept is feasible, scalable, and creative to an approved body. If the concerned body is pleased, the applicant will obtain an endorsement letter.
To be eligible for an Innovator visa, you must demonstrate to UK Visas and Immigration that:
There are other general specifications for the newly implemented Innovator Route in addition to the above-mentioned endorsement criteria. For business investment, a minimum of £50,000 will be needed.