Innovator visa

An entrepreneur who is an exceptional business idea that will benefit the UK economy from business may be eligible for apply for the Innovator Visa.

Requirements

• You must demonstrate that you will create at least two full-time jobs in the first 12 months of business
• You must demonstrate that you will own at least 5 percent of the business in the UK.

To qualify and applicant wishing to apply for he Innovators visa must secure sufficient points on points based systems to qualify for the innovators visa from the following: -

Business Experience:

• Business or Management Experience: Maximum of 15 points
• Experience in proposed business area: 5 points for one year or more.
• Work or research experience in the chosen field: Up to 10 points.
• Experience in the UK or in exporting to the UK: Up to 5 points.
• Experience in starting up new businesses: Up to 15 points.

Qualifications and/or relevant references:

• Qualifications: Maximum of 10 points.
• Relevant Reference: 5 points

Financial Viability:

• Start up capital available for the business: Up to 15 points.
• References from experts in area of business: Up to 10 points.

Commercial and technical viability and management plan:

• Market research or contact with potential Clients: 5 points.
• Positive commercial reference from expert in relevant field: 5 points
• Positive technical reference from expert in relevant field: Up to 10 points
• Details of management team: 5 points
• Confirmation that you will own at least 5 percent of the proposed business.

Jobs and skills:

• Full-time jobs created in the first twelve months: Up to 25 points.
• Number of science/technology graduates who will be employed in the business: Up to 15 points.

Innovation:

• Introduction of new technology, processes or products to the UK or to a specific industry. 25 points
• Intellectual property rights to be used in the business: 25 points
• Investment in research and development in the first twelve months: Up to ten points for GBP100K.
• If the business is primarily internet based: 25 points.
• If the business will increase the level of e-commerce activity in the UK: 25 points.

Visa Period

Innovator visas are usually granted for an initial period of two years, and can be extended for a further period of 3 years provided sufficient evidence can be provided to demonstrate that your business activities continues. Evidence that you have maintained a minimum 5% shareholding of the equity capital, detailed summary of the business’s activity during the first 2 years, provide statutory accounts during the first 2 years of trading.

You will further need to demonstrate that you have sufficient funds to accommodate and provide financial support for yourself and any dependants without recourse to public funds or other employment

Dependants

Dependants including spouse and children of an innovator can accompany or later enter the UK to join the applicant. The children of an innovator are entitled to free education and a spouse can take up full time employment, and dependants will be also be eligible for free health care one in the UK.

Before the end of 5 years stay under innovators visa in the UK a Innovator and dependants will be eligible to apply for Indefinite Leave to Remain in the UK.