Innovator visa requirements (how to show £50k) 🇬🇧 ✅️

The requirements for an innovator visa are:

1. Showing £50,000 is available;
2. Having a genuine and credible business plan;
3. Being an experienced business person / entrepreneur;
4. Being prepared to work for the next 3 years on your UK venture until you secure permanent residence (ILR).

To qualify for a visa in either category, applicants must first obtain an endorsement from an approved endorsing body.

These include leading business organisations and higher education institutions.

Endorsement is based on the principle that it is the Endorsing Bodies, rather than the Home Office, who are best placed to assess and identify innovative business ideas and talent.

Start up visa (uk .gov):

The Start-up category is for early-stage, but high potential, entrepreneurs who are starting a business in the UK for the first time.

They may have already begun setting up their business, but it should not yet have commenced trading.

Applicants do not need any funds to invest in their business at this stage.

It offers a one-off, 2-year visa, during which applicants will spend the majority of their time developing their businesses but can also take on other work outside of their businesses, to support themselves.

Successful applicants can bring their family members (spouses/partners and children under 18) to the UK. At the end of 2 years, they can switch into the Innovator category (see below) to extend their stay and develop their businesses in the UK.

Innovator visa guidance (uk .gov):

The Innovator category is for more experienced business people seeking to establish a business in the UK.

Applicants will usually need a minimum £50,000 funding available to invest in their business (This does not have to come from their endorsing body, although some endorsing bodies may choose to offer this funding).

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.

Successful Innovators are granted leave for 3 years at a time and can bring their family members to the UK.

After 3 years, Innovators can apply to extend their stay for a further 3 years or to settle permanently in the UK.

Each of these 3 stages (initial application, extension, settlement) requires endorsement from an endorsing body.

The role of endorsing bodies (.gov guidance):

As endorsing body has measures of what makes a good business idea, and the freedom to apply these criteria as you think best.

Your endorsement, which they will use to support your visa application.

The endorsing body will need to stay in contact with you, as a business founder, at checkpoints after 6, 12 and (in the Innovator category) 24 months, and let the Home Office know if:

they are not satisfied with your progress.

they have any reason to believe that you are working in breach of your visa conditions, although the guidance says they do not have to police this actively.

Who can be endorsed under the government's guidance?

The Start-up and Innovator categories are for people setting up a new business in the UK which is innovative, viable and scalable, with the ultimate aim that the business has the potential to become fully integrated and a contributing part of the UK economy.

Applicants can be:

Working on their own as a sole founder, or working together as part of an entrepreneurial team
Presenting a new business idea – the business may or may not already exist, but should not yet have fully started trading

Presenting an idea in any sector – there are no restrictions (for example, relating to property development, as under the previous Tier 1 (Entrepreneur) category), providing you are satisfied the idea is sufficiently innovative, viable and scalable

Developing other businesses as well as their main idea

The categories are not designed for people who are:

Establishing a business which is not innovative, viable and scalable

Joining an already trading business – the Tier 2 skilled work route may be more appropriate
Seeking to invest in an already trading business – the Tier 1 (Investor) category may be more appropriate

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