If you have always dreamed of living in the UK, starting a new life is now possible through the innovator visa, especially if you have an innovative business idea. The only requirement for applicants is that they should have a creative, workable, and scalable business idea supported by a business plan that an endorsing organization has authorized. Applicants are required to invest a minimum amount of money in their proposed business.
Candidates seeking an Innovator Founder Visa must have come up with their business idea or made a significant contribution. They must have an Innovator Founder business plan. Additionally, innovator founders must want to play a significant part in their company’s ongoing growth and management.
A three-year innovator founder visa can result in indefinite leave to remain in the UK after the visa’s validity. Applicants for the Innovator Founder Visa are permitted to travel to the UK with their spouse and any minor children.
How to apply for UK Innovator Visa
- Check your eligibility
Verify that you meet the requirements before contacting any endorsing organizations. Before moving on to the next level, we advise that you speak with experts during this crucial moment.
- Craft your business plan.
As we’ve already discussed, you need Innovator Founder business plan and it must be original and innovative. Once more, consulting with experts is crucial since they can advise you on whether your plan is appropriate or needs to be improved.
- Get in touch with the endorsing body.
Once you have determined that you and your company plan fit the requirements, contact an endorsing body. Your business plan might be discussed during your initial meeting with the endorsing body. Also, remember that they’ll conduct a thorough KYC [Know Your Customer] and due diligence process and require you to provide the source of your funds.
- Obtain your endorsement letter.
The endorsing body will accept your business plan if they are pleased. You can proceed to the following stage once your endorsement has been obtained.
- Apply for visa
Applications for UK Innovator Visas are submitted online via the Home Office’s official website. You’ll need to display your documentation and provide identification at this point. Depending on your passport type, there are many ways to establish your identity. Your biometric information will be collected at a center for visa application or through the Immigration ID Check app.
FAQs about Innovator Visa
How much does the Innovator Visa cost?
An Innovator Visa application from outside the UK costs £1,036. Collecting your biometric data, which is required to grant your Biometric Residence Permit (BRP), will cost an additional £19.20. Additionally, you’ll have to pay the healthcare fee. For any dependent you want to bring into the UK with you, you must pay an extra £1,036 if you are applying with them.
What am I not allowed to do as a holder of a UK Innovator Visa?
In the UK, while holding this type of visa, you cannot:
- Work for another company
- Work as a professional sports coach or sportsperson
- Get public funds.
How long does it take to get an innovator Visa?
The UKVI will typically issue you a decision about your case within three weeks. However, if you made your application from within the UK, the waiting period can be reduced. The soonest you can apply if you are currently overseas is three months before the date you intend to enter the UK.
Can you extend your Innovator Visa?
You can ask to extend your stay for three years after your visa expires. There is no restriction on how frequently you may request an extension. You can be qualified to submit a settlement application after three years in the UK.