UK Innovator and Startup Visa

Key Highlights

About UK

The United Kingdom, often referred to as the UK, is a sovereign country located off the northwestern coast of mainland Europe. It is composed of four constituent nations: England, Scotland, Wales, and Northern Ireland. The UK has a diverse and robust economy, characterized by several key features.

The United Kingdom (UK) has a strong, service-oriented economy, with key sectors like finance, manufacturing, and technology. It’s known for global trade, but Brexit has reshaped its trade relationships. The UK’s workforce is skilled, but faces challenges like income inequality. The Bank of England manages monetary policy, and the British Pound is the official currency. The UK is working on renewable energy and plays a global economic role due to its history.

UK Innovator and Start Up Visa

The UK Innovator and Start-Up Visas attract innovative entrepreneurs. Innovator Visa is for experienced entrepreneurs with innovative ideas, requiring UK endorsement. The Start-Up Visa targets early-stage entrepreneurs with less stringent experience requirements. Both visas enable business development in the UK’s thriving ecosystem.

Eligibility Criteria for Business Idea

Business must be new and distinct from existing businesses.
Business concepts should be innovative and original.
Business should be viable and possess growth potential.
Scalability required with plans for job creation and expansion into national and international markets.
Endorsing body assessment is crucial.

Eligibility Criteria for Innovator Founder Visa:

Business Assessment: Before applying, your business or business idea needs evaluation by an endorsing body.
Endorsement Letter: Successful assessment leads to an endorsement letter from the endorsing body, confirming business eligibility.

For New Business Setup

Funding Demonstration: If starting a new business, prove funding availability and its source to the endorsing body.
Investment Funds Not Always Required: Investment funds aren’t obligatory if:
- Your business is previously endorsed for a different visa.
- Changes to your business plan are approved by the endorsing body.

Financial Sustenance

Minimum Bank Balance: Maintain £1,270 in your bank account for 28 consecutive days before:
- Applying for the Innovator Founder visa.
- Seeking an extension or switching to this visa category within a year of UK arrival.
Ineligible Funds: You can’t use money from investment sources or income earned through unauthorized UK employment to meet this financial requirement.
Guidance on Financial Evidence: Refer to the financial evidence guidelines for comprehensive information on required funds and acceptable means of verification.

English Proficiency Requirement

Proficiency in speaking, reading, writing, and understanding English required.
Proof of English knowledge typically needed during application.

Duration and Progress Check

Visa duration: 3 years.
Progress checks with the endorsing body at 12 and 24 months.
Visa subject to endorsement status; endorsement withdrawal can lead to visa termination.
Option to apply for extension before the current visa expires.

Extended Stay and Settlement

Possibility to extend visa for another 3 years.
No limit on the number of extensions.
Settlement application possible after 3 years in the UK.

Application Process

Online application process.
Procedure varies based on location and circumstances (outside UK, extending, switching visas).
Dependents (partner, children) can also apply.

Decision Time and Fees

Visa decision time: 3 weeks (outside UK), 8 weeks (inside UK).
Expedited decisions may be available with additional payment.
Visa fee and healthcare surcharge apply.

Permitted and Restricted Activities

Allowed: Set up businesses, work for your business, engage in skilled work, travel, apply for settlement.
Not allowed: Professional sports, most public fund access.