Getting It Right First Time
As of March 2019, the Tier 1 Entrepreneur Visa has now ceased and will be replaced by the new category. Further details on the new to be introduced Tier 1 Innovator Visa category will be updated on our website as soon as they are released by the government. If there are any questions or concerns you have regarding a present Tier 1 Entrepreneur Visa, please feel to give us a call and we can discuss matters further. We are always happy to help.
Tier 1 Innovator Visa Scheme – Minimum Requirements
What we already know about the soon to be introduced Tier 1 Innovator Visa Scheme.
The Innovator Visa category is aimed at those individuals who can show relevant experience in business and are seeking to establish a business in the UK.
- Applicants will need a minimum £50,000 funding available to invest in their business from a legitimate source. This investment will be waived if the applicant is switching from the Start-Up Visa category.
- Satisfy the English Language Test B2.
- Successful Innovators are granted leave for 3 years at a time and can also bring their family members (spouses/partners and children under 18) to the UK.
- Innovators must work entirely on developing their business ventures and may not take on other employment outside their business. This includes anything which effectively amounts to employment, such as using their own business to hire out their labour to another employer.
- There is no maximum time limit placed on applicants to remain in the UK under this category, but endorsement will be required at the extension and settlement stages.
Will Settlement Be Possible Under the Innovator Visa Route?
The category may also lead to settlement after 3 years’ continuous UK residence, provided a minimum of two of the following conditions are met:
- At least £50,000 has been invested and spent in the business
- The business has created at least 10 full-time jobs for resident workers
- The business has created the equivalent of at least 5 full-time jobs for resident workers paying at least £25,000
- The business has generated gross revenue of at least £1 million
- The number of the business’ customers has at least doubled in the 3 years and is higher than the mean number of customers for other UK businesses offering comparable main products or services
- The business has engaged in significant research and development activity and has applied for intellectual property protection in the UK
- The business is generating at least £500,000 in revenue with at least £100,000 from exporting overseas
What Are the Endorsement Criteria for The Innovator Visa Application?
The endorsement of the applicant must be secured from an approved government body. The government has a list of authorised organisations that will endorse applicants for the Innovator Visa Scheme.
Applicants will need to supply a detailed business plan for the application when applying for endorsement. As well as other documentation that will be required to corroborate your legitimacy in applying for the innovator visa category.
The detailed business plan will have to show that the product, service and its promotion are genuinely innovative and unique and it’s something the UK market needs.
Candidates who apply and submit the application will also need to demonstrate a unique mindset and ideas. They must show that they have the experience and business knowledge to successfully run their business. A key component to the applicant’s approval for the Tier 1 Innovator Visa will be to demonstrate, that their knowledge, experience, and business will contribute to the UK economy, also exponential growth of the business into national and international markets.
The organisation that endorses the applicant’s acceptance to the Innovator Visa must also be reasonably satisfied the applicant will spend their entire time working on the business in the UK.
Our approach to Tier 1 Innovator Visa fees is quite simple. A one-off fixed fee that never changes. So, no unexpected surprises. Call us and get a quote. No two cases are the same, but one thing is for sure. Once we give you a price, it won’t change. That’s a promise we will keep.
What to Do Next
Now you have the information you were looking for. Let us give you, the best chance of getting your Tier 1 Innovator Visa application approved the first time around. Give us a Call. So, we can discuss your Tier 1 Entrepreneur Visa or pre-vet your Tier 1 Innovator Visa application free of charge, within 1 hour whenever possible. Call us and get a No-Obligation Assessment on the phone, our client liaison teams are waiting plus if you have any further questions please feel free to ask.
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