How to build innovative business in the UK

If you are an experienced entrepreneur and would like to set up and operate an original and innovative business in the UK, you may be eligible to apply for an Innovator visa.

Who is the Innovator visa targeted at and what are the requirements?

The Innovator visa is targeted at established entrepreneurs who would like to set up and run a business in the UK, and who have experience in their specific field. In addition, the proposed business idea needs to be one-of-a-kind. This idea will need to be presented to a relevant Home Office approved endorsing body, and only if it is deemed innovative, viable and scalable, will the endorsing body issue an endorsement letter, which is necessary to apply for the Innovator visa.

Are there any additional requirements that a prospective innovator must meet, besides being endorsed by a Home Office approved endorsing body?

The prospective innovator will also need to meet additional requirements in order to apply for the Innovator visa. One of the requirements is that they must hold funds of at least £50,000, available for investing in their prospective UK business. Moreover, the entrepreneur must have additional funds available to maintain themselves and their family in the UK, as well as meet the English language requirement (to an intermediate level).

How long will the Innovator visa be granted for?

If the entrepreneur meets the abovementioned requirements, they may apply for an Innovator visa. If their application is approved, they will be granted leave as an Innovator for a maximum initial period of 3 years. This leave may be extended for a further period of 3 years if the entrepreneur continues to meet certain requirements, including that they continue to lead the UK business, and that the business is active and continues to meet its business targets. 

Does the Innovator visa lead to settlement?

The Innovator visa may also lead to settlement in the UK after 3 years of continuous residence. To qualify for indefinite leave to remain, the innovator must not have been absent from the UK for a period exceeding 180 days in any rolling 12-month period in those 3 years. There are other requirements that will also need to be met for the innovator to qualify for settlement in the UK, including the provision of a new endorsement letter confirming that the UK business is still active, showing significant achievements with regard to their business plan, and meeting other criteria, such as job generation in the UK.

How can we help?

Gherson’s Immigration Team are experienced in all of the above business visa applications. Please do not hesitate to contact us for advice, send us an e-mail, or, alternatively, follow us on Twitter, Facebook, or LinkedIn to stay-up-to-date.

The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

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