This post is part of a series that will explore the precise requirements needed to secure an endorsement for the Innovator visa. We will guide you through the terms and rules to help you determine if the Innovator is the right path for you.
Under the new guidelines issued by the Home Office for the UK Innovator Visa, the applicant must prove their new business proposal meets key criteria.
In the last post in this series, Are You an Innovator? we touched on the qualities of an innovator and the importance of an innovative idea. This post will look into into one of the key criteria — Innovation.
For an endorsing body to endorse an application for either a Start-Up or a new business, the endorser must assess the business proposal to ensure it demonstrates innovation.
Innovation: The applicant has a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage.
Each endorser will have their own measures of what makes a good business idea and the guidance encourages them to develop their own approach. The following tests are recommended for how to determine Innovation.
1) Is the business offering something more than merely competing with similar local traders?
2) Is there a need for the business in the UK market that is not already being fulfilled?
3) Is the idea bringing something new to the pre-existing UK/global business market?
In the case of New Business applicants, endorsers are expected to assess in line with the applicant having a greater level of skills and experience.
We Can Help Develop the Innovation in Your Business?
Our Innovator Visa plans have been created to offer a bespoke service to individuals with proven business skills who are ready to push out to the next challenge. With our extensive experience in helping to identify and developing start-up businesses in the UK for investment by investors, we are ideally placed to help you if you have the vision to start a new business in the UK.
Visa Kings Global is part of Canfields Law, an Award Accredited law firm working with award-winning fund managers. We have worked for many years in the start-up and new business sectors as our specialism. We have helped to raise millions of pounds for innovator companies and have dealt with venture capitalists and Fund Managers. We understand what they are looking for and we are rare in the immigration field in having that specialised knowledge.
Through our comprehensive service we will identify your skills and vision from your business experience to date, so we can place the innovation in your business with the most suitable endorser.
Find out more about our Innovator Visa services.