The UK has a proud history of changing the world through innovation. From the industrial revolution to the vaccine development of the past year. It has been central to the UK’s international reputation and influence.
Private sector innovation is paramount for the United Kingdom to compete with international competitors and accelerate growth. Thus, the UK Government has taken pro-innovation majors to encourage overseas entrepreneurs to join this innovation revolution through Innovator Visa.
The Innovator visa category is ideal for experienced entrepreneurs with a unique idea to start a new business or base their existing business in the UK. However, the catch here is, the idea should be innovative - different from anything else in the market, viable with growth potential. Innovation is the lifeblood of businesses. The innovator visa aims to encourage the creation of exciting new products and services, a competitive market, low-cost products and high-efficiency organisations.
Benefits of the UK Innovator Visa
Besides being a part of the UK’s leading service sectors and creative industries, the Innovator Visa offers various benefits to you, your family and your business.
Why the UK?
Overseas entrepreneurs/Innovators are drawn towards the UK because it boasts multiple strengths: a leading position in scientific research, several highly competitive corporate sectors, a stable and supportive macroeconomic climate and flexible product and labour market regulation.
Moreover, the government aims to keep the UK at the forefront of innovation and establish itself as the leading platform in the world for innovative business and technology transformations. This initiative will allow innovation to thrive at all levels- individuals, communities and regions. A compelling argument for Tech entrepreneurs looking to start, scale or grow in the UK.
Innovator visa is one of the most promising Visas for entrepreneurs due to its fastest processing time, shortest period to permanent settlement (3 years), withdrawal of investment requirement, freedom to settle several businesses in the UK, scope to extend visa unlimited number of time and enabling family members to attain their career dreams and aspirations without any restriction. You have the flexibility and freedom to leave and enter the UK anytime without having to report to anyone.
The application for an innovator visa is divided into two stages:
1. Endorsement by an endorsing body approved by the Home Office
The UK government appoints several organisations as endorsing bodies. These endorsing bodies will be responsible for issuing endorsements to the applicants by assessing their business venture, staying in touch with the applicant to monitor their progress and issuing further endorsements where relevant.
It is almost like a “mini” visa application, which goes to the Endorsing Body for consideration. At this stage, you submit your passport, business plan, evidence of funds and proof of English Language. The Endorsing Body will usually take 3-5 working days to process the application, after which, they will invite you to a virtual interview, which often lasts for 45-60 minutes. If the interview goes well, the Endorsing Body will issue the official Endorsement Letter, which is linked with the UK Home Office’s system.
To obtain an endorsement, you must show that your business idea is new and innovative. You must have the relevant knowledge or skills to carry out the business plan, and your proposed business meets a market need or creates a competitive advantage. Your research plan is well researched with in-depth analysis. The plan demonstrates practical and robust marketing, sales, financial, risk management strategies. Your business idea, as well as intention, is genuine in opening the company. Overall, your business plan satisfies all requirements and is professionally presented and technically correct.
2. Submission of Visa Application to the Home Office.
After receiving an endorsement, the next step will be to submit the Innovator Visa application to the Home Office. At this point, you must submit documents, such as passport, fund maintenance, English language proof, and so on. The Home Office reserves the right to request further information or evidence from the candidate or the endorsing body. You will generally get the decision within three weeks if applied outside the UK and eight weeks if used inside the UK.
Once you receive your visa, you can start working for your business or several businesses as a director, self-employed businessperson. With the support and help of your endorsement body, thrive in the UK market. Seize the opportunities that the UK’s innovation economy will provide and expand your business, increase your client base worldwide, create profit, and gain international recognition.
For more information visit, www.gov.uk/innovator-visa or write to us at firstname.lastname@example.org.