The Innovator Visa UK 2019 has been touted to replace the much prestigious Entrepreneur Visa under Tier-1.  As the Entrepreneur Visa was placed under the category of Tier-1, the application has been extended to 5th April 2023, whereas the settlement applications are open till 5th April 2025, given the previously eligible immigrants an opportunity to opt for the Innovator Visa instead.

The new statement of change has outlined the eligibility criteria for the endorsement category. These can also be considered as your 3 main requirements to be eligible for a UK innovator visa.

2019 – The 3 main requirements for the Innovator Visa UK:

  1. Innovation
    There has to be genuine proof of a business plan that would suffice the needs of the market either new or already existing and fosters a spirit of healthy competitive advantage.
  2. Viability
    The applicants must be well aware of the present market scenarios and have to assure that he has the viable skills to be able to benefit the market in the best possible way.
  3. Scalability
    The applicants must demonstrate further evidence of structured planning and the potential for the creation of employment.

Though the above mentioned seem to be generic ideation of the whole concept of the Innovator visa, the below is a list of other important points to be kept in mind while applying for the Innovator visa:

  • The Applicants require £50,000 instead of £200,000 in the case of Tier-1 Entrepreneur Visa minimum funding that must be available in the initial stage while investing in a business.

  • The people who enter through this visa can solely work in their venture only and must be thoroughly dedicated to expanding their business.

  • The innovators who are termed as successful are granted leave for 3 years at a time also with their family members which may include their partners or dependent children under the age of 18 to the UK.
  • The innovators have an option to leave to remain indefinitely post 3 years or can even further their stay for another three years, whichever may seem like a viable option.
  • To apply for this category, no prior requirement of being a graduate is required as in the case of another newly introduced Start-up visa.
  • Compulsory Endorsement is required for all the three stages of initiation, application and further leave to remain is required so as to check the credibility of the person.

The Innovator Visa is touted to be launched from April 2019 onwards, although no dates have been mentioned as such. The Innovator Visa is estimated to expand and welcome a new cesspool of talent which is not limited and would drive the economy in terms of employment opportunities.

Should you be interested in entrepreneurial ventures in the United Kingdom, you need a partner you can trust when it comes to the legal immigration aspects of the plan, which believe it not, can cause serious hurdles in your business paths should you not take the right precautions.

Smart Assistance for Smart Overseas Business Expansions

Our associates at The SmartMove2UK (a unit of SmartMove Immigration) have had extensive experience in the Tier 1 Entrepreneur Visa routes as well as other business Visas to the UK, making our Solicitor-led team more than ready to help applicants adapt their profiles to fit the new visa routes. Namely, The Innovator Visa, as described in this article, and the Startup Visa UK, on which we published an article last week on the SmartMove2UK blog.

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