Unlike the Start-up visa, the Innovator visa category is intended for more experienced business-people who have funds to invest in their business . This new visa scheme has been introduced as a replacement for Tier 1 Entrepreneur visa which has lead to a long tail of low quality projects which contribute little or nothing to the wider UK economy.
In addition to an endorsement from a reputable organisation or an official body, applicants will need £50,000 to invest in their business from any legitimate source.
The funding requirement has been reduced from £200,000 for most applicants in the current Tier 1 (Entrepreneur) category.
The funding requirement will be waived for those switching from the Start-up visa as long as they have made significant headway in achieving their business plan objectives.
Yes. The Innovator visa holders will be able to apply for settlement in the UK.
Appendix W of the Immigration rules outlines three main endorsement requirements as follows:
Notice that the requirements differ from start-up visa requirements, even though the headings remain the same. Furthermore, the endorsing organisation must be “reasonably satisfied that the applicant will spend the majority of their working time in the UK on developing business ventures”.
Extension of leave to remain applications for Tier 1 (Entrepreneur) migrants will remain open until 5 April 2023, and settlement applications (indefinite leave to remain) until 5 April 2025.
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