Following the closure of the
Tier 1 Entrepreneur visa, the
UK Innovator Visa and startup visa is officially open. The new visa was announced outlining several changes to the UK
business immigration rules. It is vital for the success of the business economy that we continue to see entrepreneurs landing in Britain – generating innovation, investment, employment and growth. Below are certain information about the Innovator Visa and Startup Visa.
What are the requirements for a UK Start-up Visa Application?
The Startup Visa for applicants who wish to establish a business in the UK for the first time and provided their application is successful they will be granted a visa for two years.
The aim of this visa is to provide a route for applicants to progress into the Innovator category.
Requirements
English language: Unless the applicant is a national of a majority English speaking country or has a qualifying degree taught in English, they must pass an approved English language test at level B2.
Maintenance: Applicants must hold funds of at least £945 for 90 consecutive days prior to the application date.
Endorsement: Applicants must obtain an endorsement from an endorsing body. The endorsing body will assess the applicant’s business plan and provide a letter stating that the business meets all of the following criteria:
Innovation - the applicant’s business plan is genuine, original, meets market needs and is competitive in its market;
Viability - the applicant has the knowledge, experience, skills and market awareness to successfully run their business; and
Scalability - the applicant’s business plan can create market growth and job creation in the UK.
What are the requirements for a UK Innovator Visa Application?
The Innovator category is for more experienced business people who wish to establish a business in the UK and provided their application is successful, they will be granted a visa for three years.
After three years under this category, the applicant can apply for settlement, provided certain requirements are met.
Alternatively, if the applicant cannot meet the settlement requirements, they may continue to extend their visa by another three years. There is no limit to the number of times they can extend this visa until they are eligible for settlement.
Requirements
English language.
Maintenance: Applicants must hold funds of at least £945 for 90 consecutive days prior to the application date.
Endorsement from an endorsing body (including a support letter from the body).
Additionally, the applicant must have funds of at least £50,000 available to invest in their business – this is a significant reduction from the £200,000 required under the Tier 1 Entrepreneur visa. This requirement is waived if the applicant is switching from the Start-up category and has made significant achievements in accordance with their business plan.
The Difference between the Innovator Visa and Startup Visa
The Innovator visa is for more experienced business people seeking to establish a business in the UK. An applicant with a minimum of £50,000 funds available to invest in their business can apply. The application will however need to be endorsed by an endorsing body. An Innovator visa is a settlement visa that is, it allows an applicant to be to obtain settlement and eventually
naturalize as a British citizen. This visa is initially granted for 3 years and can be extended for additional period of 3 years. An Innovator visa does not permit employment elsewhere but focuses on growth of the established business.
The Startup Visa on the other hand, is for early stage yet high potential entrepreneurs seeking to establish a business in the UK for the first time. An applicant does not need any funding to invest at this stage but needs an endorser to establish the business in the UK. A Startup Visa applicant is granted entry for only 2 years. However, switching to an Innovator Visa is a viable option if the applicant wishes to continue developing the business in the UK. The startup visa focuses on developing and expanding a business but also permits employment elsewhere for an applicant to support oneself.
What is the Application fee for a startup visa?
The UK visa fee for a startup visa entry clearance and
Indefinite Leave to Remain applications will be £363 and £493, respectively. The application fee for Tier graduate entrepreneur entry clearance and Indefinite Leave to Remain applications is also £363 and £493, respectively. Therefore, there is no difference in the application fee for the UK startup visa and tier 1 entrepreneur.
What is the application fee for Innovator Visa?
From the month of March 2019, the UK fee for Innovator Visa entry clearance and leave to remain applications will be £1,021 and £1,277 respectively. Moreover, the main applicant can also avail a Council of Europe Social Charter (CESC) discount of £55. Apparently, the application fee for Tier 1 Entrepreneur entry clearance and Leave to Remain visa application is also £1,021 and £1,277 respectively. Therefore there is no difference in the application fee for the UK Innovator Visa and Tier 1 Entrepreneur Visa.
Can a Startup migrant apply for Indefinite Leave to Remain in the UK?
No, the Startup Visa does not directly lead to Indefinite Leave to Remain in the UK. However, a Startup migrant has an option to switch onto UK Innovator Visa.
Can an Innovator visa applicant apply for Indefinite Leave to Remain?
Yes, you can apply for Leave to Remain in the UK as an Innovator Visa applicant. To qualify for the ILR in the UK, an applicant must meet further assessment;
At least £50,000 has been invested into the business
The business has engaged in significant research and development activity and has applied for intellectual property protection in the United Kingdom.
The business has created the equivalent of at least 10 full time jobs for resident workers.
The business has created the equivalent of at least 5 full time jobs for resident workers which have an average salary of at least £25,000 a year.
Where Can I get Help?
If you need help with the new Innovator Visa or the Startup Visa, please
get in touch with our team of
experienced immigration lawyers.
We can help give you all the advice that you need In order to make a successful Business Visa application or any other Visa application in the UK. So, call us today on 02037447437 or send us an email on
info@fairmontlawyers.com.