‘Innovation’ the word means ‘something which does not currently exist’ or ‘an improvement on an existing invention’.
Innovation is the driving force behind the rapid growth of the present day global economy; it creates competition among the business community and ultimately leads to development.
Thus, as suggested by the name, this visa category aims to facilitate innovators, in any given industry, establish a business in the UK. This category of visa’s main purpose is to allow genuine innovators to set-up and develop a business in the UK with the support of UK based endorsing bodies (Home Office approved organisations which are capable of helping these innovators develop a successful business).
The UK market is one of the largest in the globe and this visa category provides unmatched opportunities for creative minded founders (innovators) to start a business at one of the centres of the global economy.
Despite this being a fairly new category of visa, we have studied the complete requirements of the said visa, the basic of which are that:
- The founder/innovator applying under this category be from outside the EEA and Switzerland (the purpose must be to set up a business in the UK)
- The founder/innovator have access to £50,000 which are ready to be invested into the business*
- The founder/innovator has successfully acquired an endorsement from one of the ‘Authorised bodies’**
- The founder/innovator meets the other eligibility requirements as specified for this category.
*You may also be able to form an innovator team with other innovators but this would not allow sharing of investment funds. This means that, each innovator of the said team is to have access to £50,000.
Applying for a UK visa under the Innovator category is a two stage process.
- Obtaining an endorsement from ‘Endorsing bodies’
- Applying for entry clearance as an innovator