The Innovator visa is intended for experienced entrepreneurs who is eager to open or develop their own business in the United Kingdom. Innovator visa applicants must obtain the authorized organizations approval by submitting a business plan that reflects the innovation, viability and scalability of the project.
Applicants must be ready to invest at least £50000 into their business except for certain cases. The initial Innovator visa is issued for 3 years and can be extended for another 3 years. This visa category holders will be able to apply for permanent residence in 5 years and for citizenship in 6 years after the initial entry to the UK.
On March 29, 2019, the Innovator visa replaced the Tier 1 Entrepreneur immigration visa. The new visa category is designed to attract investment in sustainable, innovative and scalable business projects in the UK, stimulating country’s economic growth.
You will need £50000 for business investment except the cases when you switch to an Innovator visa from a Tier 1 graduate Entrepreneur or Start-up visa, or renew your Innovator visa as part of an existing business. You will need to come up with an innovative, viable, and scalable business idea so the authorized organization will approve it.
The Innovator visa does not require the applicant to be the sole founder of a business – you can become a member of the innovator team. Nevertheless each business partner in the innovator team is required to invest £50000. This amount cannot be divided by the number of participants. Under the terms of the Innovator visa, each team member must be ready for £50000 investment.
Applicants must obtain authorized organization approval that evaluates the business project and all necessary documentation in terms of innovation, viability, reliability, and scalability. In case the business project meets these conditions then the authorized organization will send written approval to the British MFA (Home Office).