The new Innovator Visa replaced the Tier 1 Entrepreneur Visa from March 29th, 2019. It is for the more experienced, proven business entrepreneur who wishes to establish in the UK a viable business with real prospects of growth.
What are the key criteria for the Innovator visa?
1. An original business plan that establishes your company as innovative and genuine
2. Support from an endorsing body
3. Minimum funds of just £50,00 not the £200,000 that applied before in most cases
4. An acceptable level of English
5. Adequate maintenance funds unless exempted
6. You must only work in your own business
What does it mean to be an innovator?
Doing things differently
An innovator is someone who has developed an idea that will challenge the status quo by doing something that has never been done before. That idea will create growth and push boundaries.
Understanding innovation takes collaboration
An innovator sees collaboration as an opportunity to develop an innovative idea into a thriving business. Only through collaboration with a dynamic and knowledgeable team can an innovator push past potential obstacles by identifying strengths, weakness, opportunities and threats. It requires a team and partners offering many different points of view to fully grasp the complexity of economic, technological and other challenges.
An innovator will empower employees to be creative and develop the skills they need to best contribute to the business and drive on with their own career ambitions within the business.
Looking for solutions
An innovator will pursue even the most complex solutions, even if it means taking higher risks to achieve results.
Having the vision for the long term
Innovators will look beyond the start-up idea, knowing they must run a business that will remain competitive, through on-going innovation and expansion.
Thinking outside the box
An innovator can see past conventional wisdom to break free of the norms. They can read the market and trends with an awareness that customers and business don’t always know what they want or need.
Need help shaping your innovation?
Visa Kings Global is a part of Canfields Law, an Award Accredited law firm. Canfields Law has a proven track record of working with award-winning fund managers to develop start-up businesses. We often show people how their ideas can be improved as result of our extensive business knowledge. We have participated on numerous Dragons’ Den style panels where we have heard and helped develop every idea imaginable. If you are a competent business person, with the necessary skills to start your new business in the UK, we are ready to hear your innovative idea.
We can make you an innovator
Visa Kings Global and Canfields Law can help you meet the requirements for the Innovator Visa. We can show you where you are an innovator. We will test your skills, knowledge and experience from your career to develop the idea you have. Then, we would work to improve your idea to level you could get an endorsement for the Innovator Visa.
Find out more about our Innovator Visa services.