Innovator visa as the name suggests is a UK visa tailor-made for businesspersons who wish to establish and set their business in the United Kingdom. Applying for an innovator visa successfully relies on the grounds of innovation, scalability and viability: the three set principles for creating a new model or prototype. Seems simple enough, but the assessment of an Innovator visa application is undoubtedly rigorous, with the immigration officer expecting a thorough business plan keeping these 3 pillars of a good business plan in mind.
The SmartMove2UK (a unit of SmartMove Immigration) has been providing detailed information on how our associates can help in legally evidencing each of these 3 aspects. For information on proving scalability, see part 2 of the ‘Applying for Innovator Visa’ series of articles, and for information on proving innovation, see part 1 of the series here.
The terms of eligibility which can be said to be considered under the terminology of innovation and scalable under Innovator visa requirement has already been discussed in the earlier blogs.
The term Viability is the ability or capability of an idea, model or prototype to work successfully to sustain profits in the sphere of cut-throat competition which prevails in the existing business environment.
To assure that your business plan is viable in the long-run, it is essential that it consists of the below key factors to influence your business model:
- Extensive market research to understand the needs and requirement of the customer base you wish to cater to as well as to understand your competitors and the present economic situation in the market.
- To determine the USP or the Unique Selling Point of your idea or prototype as to how your product is different from that of yours competitors and its appeal to the potential audience.
- Budget at your disposal and estimated profit with relation to your potential expense to create your vision.
Viability seems like the third pillar of Innovator visa but there are other Innovator Visa eligibility criteria to determine when it comes to eligibility of Innovator visa such as requirement of extensive documentation, age criteria, fund requirement etc. In such circumstances, it is highly suggested to consult experienced immigration experts such as our highly experienced immigration attorneys at The SmartMove2UK (a unit of SmartMove Immigration) who have facilitated and aided with immigration process to various countries for more than a decade; with several cases involving visas catered to investors and business migration.
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