Innovator Visa offers many advantages for non-EU citizens

IFortunately, the Home Office has opened a new immigration route to replace the Tier 1 Entrepreneur visa route – the Innovator Visa. (Persons on the current Tier 1 Entrepreneur visa do not need to panic about the closure of the route. They will still be able to extend, and apply for Indefinite Leave to Remain).

The Innovator visa, together with the Start-up Visa route, is the first of the new immigration routes that will over the course of the next years replace the UK Points Based Immigration System (PBS).

How the Innovator Visa works

What makes the Innovator visa different from the previous PBS routes for entrepreneurs and start-ups, is that applicants have to get their business idea or business endorsed by approved endorsing bodies. These endorsing bodies operate outside of the Home Office.

The list of endorsing bodies for the new Start-up Visa are;

Innovator endorsing bodies  

• The Bakery • Seed Camp • Invest Northern Ireland • Zinc • Deep Science Ventures • Wayra • Ignite • Bethnal Green Ventures • Codebase • Capital Enterprise • Cylon • Tech X • Seed Haus’ • Med City • Scottish Edge • Royal Society Edinburgh • Tech Nation • NatWest Entrepreneur Accelerator • Royal Bank of Scotland Entrepreneur Accelerator • Ulster Bank Entrepreneur Accelerator • Set Squared Bristol • Set Squared Exeter • Set Squared Southampton • Set Squared Surrey

Sadly, it is reported in the media that many of these endorsing bodies are not ready yet to endorse applicants. The endorsing bodies do not have the necessary systems in place. Hopefully this will speedily change over the coming weeks. We strongly advise potential applicants to get in touch with Breytenbachs Immigration Consultants for assistance with getting the business or business idea endorsed.

Apart from the endorsement, the non-EEA applicant will also have to have at least £50,000 in investment funds. This funds is not needed if the business is already established, or was endorsed for an earlier UK visa. It is also possible to form a team with other Innovator applicants. However, every member of the team must contribute £50,000 investment funds.

Advantages of the Innovator Visa

There are many advantages for the successful Innovator applicant. The visa is granted for three years, and can be extended for another three years. The Innovator will be able to apply for Indefinite Leave to Remain after five years in the UK.

Family members will be able to join the main applicant, and live and work in the UK without restriction.

The Innovator will be able to set up a business or businesses, work for his/her business as director, self-employed or member of a business partnership.

Switching to the Innovator Visa

It is possible for non-EU citizens currently in the UK in other immigration routes to switch to the Innovator route. The Home Office allows switching to the Innovator visa from the following categories;

The new Start-up visa, Tier 1 (Graduate Entrepreneur), Tier 1 (Entrerpeneur) and any of the Tier 2 visa routes. The Home Office even allows persons on a standard visitor visa to switch to the Innovator visa, provided that the came to the UK to get funding and have a supporting letter from the endorsing body.

In all other cases, an applicant will have to leave the UK, and apply from outside the UK.

Breytenbachs Immigration Consultants are excited about the newly opened immigration routes, and believe once the application process have been ironed out, it will open up more opportunities for persons looking to live and work in the UK.

If you have any specific questions on the new immigration routes, you are welcome to fill out the form below. Alternatively, please email us at info@bic-immigration.com

Please note that the information in this article does not constitute professional advice. It is provided for general information purposes, without giving any warranty of any kind, either expressed or implied.