International entrepreneurs who are interested in investing in a business in the UK can apply for an Innovator UK Business Visa. To be eligible, applicants must receive endorsement from an approved endorsing body and have at least £50,000 to invest in their business.
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UK Innovator Visa Eligibility
Anyone who wishes to start a business in the UK under an Innovator Visa will need to meet certain requirements.
To be eligible for the Innovator Visa, you must:
Be from outside the EEA and Switzerland
Be at least 18-years-old
Have at least £50,000 to invest if you want set up a new business
Have a business idea which has been endorsed by an approved body. (The endorsement must not have been withdrawn prior to the Home Office’s consideration of the application)
Meet the English language requirement
Meet certain personal financial requirements
Multiple applicants can apply for endorsement to be co-directors of the same company, but each applicant still needs to be able to demonstrate that they have £50,000 to invest
Your business proposal will need to meet the following requirements:
Innovation. The applicant must be able to demonstrate that they have a genuine and original business plan which meets a new or existing market need, and will provide benefit to the British economy and workforce. (An applicant cannot join or invest in a business which is already trading
Viability. The applicant needs to prove they have the necessary skills, knowledge and market awareness to successfully run the business.
Scalability. The applicant will need to show that there is potential for job creation and growth
Innovator Visa Endorsing Bodies
One of the key Innovator Visa requirements is to have your business idea approved by an endorsing body. Before you start your Innovator Visa application, you must have an endorsement letter from an approved endorsement body.
Endorsement bodies review the applicant’s business proposal and determine whether it meets the three key business proposal requirements, as mentioned above.
If the endorsement body approves the business proposal, an endorsement letter will be written and sent to the Home Office, with detailed information about the applicant and their business proposal.
Endorsing bodies must be able to demonstrate a proven track record of supporting UK entrepreneurs (unless a new organisation is set up by another body which has its own proven track record).
The endorsing body must explain in the letter whether they are providing the investment funds, or whether the applicant has the investment funds available to them and is ready to invest in the business (or has already done so).
It is imperative that you provide all necessary documents in your application, and that they adhere to the strict Home Office standards. Failure to do so will result in an automatic rejection.
At the All Immigration,one of our highly experienced immigration lawyers can help you compile all your relevant documents and ensure that your portfolio of evidence meets the required standards.