How important is the Business plan to apply for a UK Innovator visa?

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• The Home Office introduced the UK Innovator visa in March 2019 to replace the Tier 1 Entrepreneur visa
• This visa category is aimed at entrepreneurs who will need an innovative business plan to apply for a UK Innovator visa
• The entrepreneurs will also need a minimum investment of £50,000, for those who wish to bring a new inventive business into the UK’s market
• It is obligatory that a government-authorised Endorsing Body endorses the applicant’s business idea for them to be considered for a UK Innovator visa
• And for this, a great business plan is essential for completing the UK Innovator visa application procedure, impressing the endorsing authority, and obtaining the Leave to Enter in the UK

An original business plan that meets new or existing market needs and/or creates a competitive advantage. The business idea must truly be unique and not just a variation of an existing business concept. However, gaining a competitive edge by producing a similar product in a more cost-effective method could be considered an innovative company idea. The applicant can include the following:

• In what ways is the business concept novel and unheard of?
• What market void will this business concept fill?
• What makes this particular business distinct from other similar businesses?

The business owner must take an active part in developing the business and must possess the necessary skills, knowledge, experience, and market awareness to run the business successfully. This does not necessarily imply that the applicant has previously run the same or similar type of business, but they should have transferable skills from previous employment or education that are applicable to the current business plan.

• Educational and professional background, as well as experience.
• A description of how the applicant’s experience will be beneficial for their business.
• Who will buy the products/services and why will the customers buy them?
• What strategy will the applicant implement for dealing with the competitors?
• When will the company start to make money?
• What marketing/advertising strategies does the applicant have in place?

The business plan has the potential to create employment (jobs) for the citizens of the UK and a development edge in national and international markets, along with systematic planning. The applicant can include the following:

• Plan to expand into broader markets (can include both, geographical location and target customer base).
• Plan to expand into larger markets, including financial targets and marketing strategies.
• Plans to fund the intended business growth, via personal investment, external funding, or business revenue.

The way an applicant presents the business idea is critical to the success of the visa application. It is a lot easier for an endorsing body to understand the potential of the innovative concept if everything is put forth in a logical and coherent way.

• Elaborative summary of the applicant and their proposal.
• Description of the business concept.
• Legal considerations and the structure of the organisation.
• Description of the product/service.
• Market research.
• Plans for marketing and promotion.
• Competitor analysis.
• Budgets, investment, and finances.
• Risk management.

• Bring a partner and children (under 18 years) to the UK.
• UK Innovator visa offers an accelerated pathway to settle in the UK.

The UK’s immigration laws can be difficult to navigate and mistakes in the application form can result in refusals and in some cases denial of entry for up to 10 years. And therefore, professional help is what you should seek!

• The SmartMove2UK is a leading UK immigration law firm in India.
• Our experienced team can assist you in setting up your footprint in the UK.
• We are a team of UK-qualified solicitors and immigration lawyers, well versed in all matters concerning UK business visas.
• We assist in these areas from legal advice to Full Representation service and filling out appeals. Get in touch with our team of UK visa experts.