Innovator visa is an ideal route for entrepreneurs with a new business idea who wish to start a company in the United Kingdom or experienced businessmen that have been running a business outside the United Kingdom for many years and wish to expand it to the UK. You can do it either alone or with a business partner – the same as with the abolished Tier 1 Entrepreneur visa, Innovators can form an entrepreneurial team. To be eligible for Innovator visa you need to invest in a new business idea, which means you are not allowed to join or invest into an already established business.

Requirements for Innovator visa

You must be able to invest at least £50,000 into a new company. If you submit the application with other entrepreneurs and form a team, each of you must have access to £50,000. The source of funds can be any. However, if the endorsement letter confirms that at least £50,000 funds are available, there is no need to provide any other evidence.

Apart from relevant business experience and education entrepreneurs must meet the following criteria:

• You must be at least 18 years of age.
• Your business idea must be endorsed.
• A valid business plan.
• Ability to maintain yourself and dependants.
• Knowledge of English at Level B2.
• You must be of good health.
• Clean criminal record.

General criteria for endorsement

Innovative

It is clear from the name of the visa itself that you cannot rely on anything that already exists on the market. You must be able to offer a product or a service that is truly original and new, and it must target new or existing customers. And, of course, you must have a competitive advantage.

Viable

You must show that you will be able to develop your idea into a real business that is robust and future-proof. To do this, you will need a relevant skill set, qualifications and experience, combined with a great understanding of the current market, in order to propel your idea forward.

Scalable

In growing a business, you must not be complacent and never stand still. Your business must be able to create jobs and grow both in the UK and global markets.

Follow-up re-evaluations

After your visa is granted, you will have three so-called checkpoints at 6, 12 and 24 months after that, to update the endorsing body on your progress and confirm compliance with all the requirements. If the endorsing body withdraws your endorsement before your visa expires, you need to get a new endorsement and re-apply. Otherwise, your visa will be cancelled.