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Innovator Visa UK
Innovator visa is for experienced business people who after expanding or establishing their business in the United Kingdom. Innovator visa requires all applicants to obtain an endorsement letter from an approved endorsement body. The initial investment funds have been reduced in this route from £200,000 (Tier 1 entrepreneur visa) to £50,000 only. Our expert solicitors can help applicants with all the paper work of the application according to recent trends.
Main Features Of Innovator Visa UK
- Minimum funding of £50,000 must be available to invest in the Business. You can make a team but cannot share your investment funds with other members of the team i.e. each team member must have funding of £50,000 available to invest.
- Initial UK Innovator visa will be granted for 3 years.
- UK Innovator visa allows you to bring your dependant family members i.e. spouse (husband/wife) or any children under 18 to the UK.
- You are not allowed to take upon other employment outside your own business, however the Dependant wife/husband will be eligible to take up any employment or do any business.
Requirements For Innovator Visa UK
- You must be 18 years of age and endorsement letter from an authorised body that your business is feasible.
- Have a minimum level of English Language at least CEFR level B2 in reading, writing, speaking and listening. However, if you are applying within the United Kingdom and have already proved your knowledge of the English language to be of level B2 in any earlier successful application, then you are exempt from this requirement. Moreover, if you are a national of English-speaking country then you are exempt from this requirement.
- Be able to maintain yourself while you are in the UK. You need to have at least £945 in your bank account for 90 consecutive days before you apply.
- Each dependent shall have an additional £630.00 in the Bank account.
Application Process Time
A decision towards the Innovator visa can be made within 3 weeks and you can apply up to 3 months before the intended travel date.
Home Office Application Fee
If you are applying from outside the UK then you must pay £1021.00 per person, however, switching or extending leave costs £1277.00 per person.
Innovator Visa Extension
On completion of the successful 3 years on Innovator visa, you can apply for a further 3 years extension in the same category before the expiry of your visa.