A Guide to Innovator Visas
Innovator Visas
1. What is the Innovator Visa?
The Innovator Visa is a scheme permitting entrepreneurs with new and creative ideas which have exceptional economic benefits to the UK. Although this scheme is open to all industries, the primary industries this scheme targets are science and technology based. The business proposal should aid the development of e-commerce and other new technologies in the UK.
2. What are the requirements?
The successful applicant will need to demonstrate:
- a. Intend to set up a business that will create full-time employment for at least two people already settled in the UK. These can be made up from a number of part-time jobs; and
- b. Maintain a minimum of five percent shareholding of the equity capital in the business and the business must be registered in the UK; and
- c. Maintain and accommodate yourself and any dependants without suing public funds or taking other employment; and
- d. Able to finance your business for the first six months and the money must be available or agreed in principle
- e. Work and business experience
- f. Proven entrepreneurial ability
- g. Education qualifications (mainly in technology, science and business); and
- h. Personal references
3. How will my application be assessed?
The visa application will be assessed on the information provided. The main assessment areas are:
- a. Competent in the technical, commercial and financial viability areas of business planning; and
- b. Understand shareholding legalities and the creation of an effective management team; and
- c. Will create skilled jobs and how many; and
- d. Will produce new and creative proposals,
- e. Have done your financial planning and know how much you will spend or have spent on research and development; and
- f. A proposal that will impact positively on the UK economy
4. What should the business plan prove?
At a bare minimum, the plan must prove the following:
- a. Intend to set up a business that will create full-time employment for at least two people already settled in the UK. These can be made up from a number of part-time jobs; and
- b. Maintain a minimum of five percent shareholding of the equity capital in the business and the business must be registered in the UK; and
- c. Maintain and accommodate yourself and any dependants without suing public funds or taking other employment; and able to finance your business for the first six months and the money must be available or agreed in principle
5. What supporting evidence do I need to provide?
The types of supporting evidence are not finite. Some examples are:
- Registered accounts and trading records;
- References from previous employment
- Academic qualifications
- Market research and marketing plans
- Research and development documentation
- Intellectual property rights
6. Will Irwin Mitchell assist with the business plan?
The team at Irwin Mitchell will evaluate and assist the applicant to produce the most effective business plan which is practical and logical.
7. What indicators are used to establish economic benefit?
- a. Jobs and Skills
- b. Innovation
- c. E-Commerce
8. Can I apply if I am already in the UK?
In most instances, the applicant has to obtain Entry Clearance from the British Consulate or the British High Commission from the country of residence or the country of the applicant’s nationality.
9. How long will the applicant be allowed to remain in the UK?
The successful initial application permits the applicant to remain in the UK for up to eighteen months. Prior to the expiration of this permission, an application to extend the stay will have to be made. If the applicant has created the requisite number of jobs and the applicant can provide evidence of the business’s progress and the business interest remains viable, then the visa can be granted for an additional three and a half years.
At this point, the applicant can be eligible for Indefinite Leave to Remain (ILR). After one year of ILR, the applicant can apply for British Citizenship.
Please contact our offices at 0121 214 5453 to discuss your matter with a member of the Immigration team.