UK Innovator Visa for Entrepreneurs is a great opportunity for foreigners wanting to set up or handle a business in the UK.
You can make an application for a UK Innovator visa subject to the following conditions:
- If you hail from outside the EEA(European Economic Area) and Switzerland
- If you fulfil other eligibility conditions
- If your business idea or business is endorsed by any approved body or organization.
You have to meet the following:
- You should be not less than 18 years;
- You should fulfil the requirement of English language
- You should be able to provide proof of having sufficient personal funds to support your stay in the UK.
Funds required for UK Innovator Visa for Entrepreneurs:
You need to have not less than £50,000 in investment to set up any new venture or business in the UK.
However, you will not require any funds in the following cases—
- If your business has been set up already and has been inscribed for any earlier UK visa;
- If you have recently gone for a change in your business and have given your consent with your endorsing body (authority).
To get an endorsement, you need to fulfil the following conditions:
- You have to provide a proof of your business idea being fresh since you are not allowed to invest or join an already working business;
- Your business idea must be feasible and have growth potential;
- Your business idea also should be innovative and dynamic. So, it must be different from already existing ideas.
How much time it takes for processing of your visa?
It is advisable to make an application for your UK Innovator Visa around three months before your stipulated time of travel.
Meanwhile, you need to be aware that it takes around 3 weeks to get your visa processed after you make an application while you are outside the UK.
Fee for UK Innovator Visa
|For whom you are applying||Applying (outside the UK)||Extension/Switch (within UK)|
|Yourself (From Turkey/Macedonia)||£966||£1,222|
|All dependents (each person)||£1,021||£1,277|
Duration of your stay in the UK:
Your legal period of stay in the UK can be for 3 years when you are:
- Coming to the UK on a UK Innovator Visa; or
- Switching to UK Innovator Visa from any other UK Visa.
The good thing about UK Innovator visa is that you can make an application for extension of your UK innovator visa before its expiry. And the best part about this UK innovator visa is that it can be extended as many times as you want to stay in the UK.
Moreover, the UK immigration also gives you the privilege to make an application for UK Settlement which is also called as an ‘indefinite leave to remain’ if you have stayed in the UK for a period of three years.
What will happen if your endorsement body withdraws endorsement for you?
See, if this happens, then your UK Innovator Visa for Entrepreneurs shall become short. And if you are desirous of living in the UK for a longer period of time, you shall have to make an application once again with a new endorsement body before the expiry of your present UK Innovator Visa.
What are your rights in the UK while being on a UK Innovator Visa?
You enjoy several privileges after coming to the UK on a UK Innovator visa. You enjoy the following—
- You can set up a new business or many businesses;
- You are allowed to work as a self-employed member or even as a director of your business;
- You can bring your family with you.
Meanwhile, you are not allowed to do the following:
- undertake any work outside of your business;
- Work as a professional athlete, dentist, doctor etc.
- Receive any public money.