Applying for an innovator visa requires a theoretical understanding of 3 features of a business. For any innovator visa application to be accepted, the idea behind the innovator business must fulfill these three main criterions; the idea must be innovative, viable and scalable.
The question that crops up when an application is being put together is “How to prove that a business is scalable?” (Click here for Part of this series on innovator visas; proving innovation).
Scalable, as the term suggests refers to multiplication of revenue. With regard to this visa option ‘scalable’ directs to the growth of the UK economy.
The three essentials for a scalable business in UK are:
1. Structured planning:
While proposing the business idea to the endorsing body, the applicant must show that the idea has been planned and deliberated with regard to expansion in the UK market.
2. Job creation:
Similar to the entrepreneur visa, the core of the innovator visa is job creation. The term is not to be taken in the literal sense but the fact that there is a potential of job creation with regard to the business idea has to be proven.
3. Growth of the business:
The possibilities of growth in national as well as international markets are key for growth of any business in UK. The government wants an insight into the potential of the business plan and the probability of the idea hitting the international economic sector. This however is monitored by the endorsing body once the business is established in UK, but the initial step before approval is to prove the probability.
These essentials might sound challenging to prove but they aren’t impossible. We at The SmartMove2UK (a unit of SmartMove Immigration) have had years of experience in every kind of UK visa applications and have helped almost 2000 people migrate to various parts of the world. If you want better clarity and understanding of the different routes available to enter UK, just drop in your email in the form below and one of our experts will be in touch with you shortly.
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