Overview

The Innovator Visa is suitable for foreign nationals intending to setup a business in the UK. - Your business would also need to be endorsed by an an approved body, the current list for which can be found here. The visa is granted for 3 years and can be extended.

The Visa Application Process

There are several key requirements to satisfy:

Investment funds of £50,000

If you are setting up a new Business in the UK, you must have the above available, and this can be funded from any source.

If however, your business is already established in the UK and has been endorsed for a previous visa i.e. you are now switching from a different visa (read further below), then you do not require this.

Maintenance funds

Applicants will need to demonstrate that they are able to maintain themselves in the UK without recourse to public funds. The minimum amount is £1,270 held in a bank account for 90 days prior to the date of application, and cannot come from money from your investment funds (see above). 

Evidence of sufficient English language

Entrepreneurs who wish to come to the UK to do business will be expected to meet a minimum level of proficiency in the English language. In order to demonstrate this proficiency, applicants will need to be able to do one of the following:

• Evidence that the applicant is a national of a recognised majority English speaking country.
• Evidence that the applicant holds a recognised academic qualification taught in English.
• Evidence that the applicant have passed an English language test by a recognised provider at the required level of B1 or above.

Switching from a different Visa

You can apply to switch to an Innovator Visa if you are already in the UK on one of the following visas:

• Start-up visa
• Tier 1 (Graduate Entrepreneur)
• Tier 1 (Entrepreneur)
• any Tier 2 visa
• Standard Visitor visa - if you came to the UK to get funding and had a supporting letter from an endorsing body

How much does the Visa Cost?

The Home Office fee for the innovator visa is currently £1,021 for applications made outside the UK, and £1277 for applications made inside the UK (where you are switching from an existing visa, as mentioned above).

Healthcare Surcharge

You will also have to pay the healthcare surcharge as part of your application. This is currently set at £624 per year of your visa term.

Obtaining Permanent Residence

Upon reaching 5 years in the UK on an Innovator visa, the applicant may then be eligible for permanent residence, or Indefinite Leave to remain in the UK. Applicants can then apply to naturalise in the UK as a British citizen after 12 months of acquiring permanent residence.

Dependants

Your family members (spouse/partner and any children under 18) can come with you.  The application fee (made outside the UK) for each dependant is the same as the Innovator visa fee - £1,021 (from outside the UK).  The healthcare surcharge must also be paid for each dependant, as mentioned above.

As well as your own maintenance funds, you must also have the following funds available for each respective dependant in addition of the £1,270 required to support yourself:

• £285 for your partner
• £315 for one child
• £200 for each additional child