The UK innovator visa replaces the Tier 1 Entrepreneur visa and has been described as: “A route for more experienced business people looking to establish a business in the UK”.
In our previous blog, we discussed the differences between a Start-up and Innovator visas. This also explained how the visa can have an effectaffect when writing about your business. According to the Home Office, the firm has now published a list of Innovator visa endorsing bodies and a list of Start-up visa endorsing bodies. This blog will describe a list of endorsing bodies for Start-up visas and Innovator visa applications.
The endorsing bodies can “decide whether to accept open applications or to only issue endorsements to business founders you are already working with through your existing activities.” However, if the bodies decide to allow open applications, it is required(but not recommended) that they set out clearly any parameters they desire to apply on the types of companies they will endorse, to prevent delivering inappropriate appeals.
How can you accomplish positive outcomes in the UK innovator visa path?
The application processing and decision-making remain with the individual UK Endorsing Bodies, however the Home Office has stated the following outline tests to determine a suitable route and to prepare a business plan:
1. A Smart Business Plan
- Innovation: the applicant has to prepare a business plan that is genuine and original. This needs to meet new or existing market needs and/or creates a competitive advantage.
- Viability: The applicant has the necessary skills, knowledge, and experience and market awareness to successfully run the business.
- Scalability: There is evidence of structured planning and of potential for job creation and growth into national and international markets.
Sufficient Funds Available
When writing about your business, it is very rare for an endorsing body to provide investment funds, therefore while applying to an endorsing body an applicant has to show availability of funds worth £50,000 to invest in their business from any legitimate source. Thus may support business plans in the United Kingdom. The applicant must provide specified evidence to demonstrate that they meet this requirement.
In case of a new business, an endorsing body reviews the application with regard to the eligibility tests and checks for innovation, viability and scalability. Once an endorsing body provides an endorsement letter in support of an applicant, the applicant must apply for the Innovator visa within 3 months of receiving the said letter.Considering the absolute uncertainty that surrounds the innovator route as the new rules and guidelines are put into practice and are yet to be tested, getting professional help in understanding the entire process is advisable. Setting up the right business plan and meeting all Home Office requirements are important considerations for the UK Innovator Visa. If you need assistance with regard to an Innovator visa application for UK, you can book an appointment with our UK Innovator Visa Consultants.
Smart Assistance for Smart Immigration
The SmartMove2UK (a division of SmartMove Immigration) has been in the UK Visas and Immigration consultancy field of expertise for more than 12 years. In these 12 years we have seen thousands of clients through their UK Visa application process from start to finish. With a 99% success rate, you better believe that if you apply for your visa with SmartMove assistance, you are almost certain to reach your destination, with minimal hassles or worries.
This blog discussed the strategies of fulfilling great results regarding the UK innovator visa route. A smart business plan was also highlighted, as well as sufficient funds accessible for businesses. Furthermore, endorsement and assistance for smart Immigration topics were outlined in this blog.
There’s just too much restriction and risk based on the limited information that’s available right now. The Home Office should reconsider the innovator route and to engage in a meaningful way with stakeholders.
Now more than ever, the UK has to be able to attract global entrepreneurial talent.