STARTUP
AND INNOVATOR VISA
STARTUP Visa AND INNOVATOR VISA
On 7 March
2019 the Home Office announced the exciting launch of two new visa routes.
The Startup
and Innovator visa categories are for non-EEA nationals wishing to set up a
business in the UK. To qualify for a visa in either category, applicants must
first obtain an endorsement from an approved endorsing body. All applications
will be assessed for Innovation, Viability and Scalability.
· Innovation– it is likely they will
assess whether the business products, marketing or branding display any
innovation. Here a focus on new methods, branding and perhaps most significantly
new inventive products or services will be assessed.
· Viability– it will not be enough
to simply be innovative, it is likely that the business will need show that it
has thought about an made plans to be viable. Essentially this means careful
assessment of whether the business will be able to provide the product or
service in question, and whether it will be able to maintain cash flow until
profitability. It is unlikely that the business plan that does not have a clear
route to profitability will be accepted.
· Scalability– this is relevant to
start-ups most of all – business plans will need to have clear goals to scale.
This is relatively easy for tech companies who are built to scale up from the
outset. However all is not lost for companies in other sectors or others who
are experts in other forms of businesses. For example, someone who wants to
commence a fast food business will clearly be at a disadvantage if there seek
to set up a single store which relies on local foot traffic for business. But
if the same business, instead sought to open a number of branches of a fast
food outlet that had strong branding, had innovative ideas or menu products (ie
a normal range of fast food products as well as some that were indigenous from
their country) or a strong process in its kitchen, this would fulfil all the
relevant criteria.
HOW DO I GET ENDORSED FOR THE
INNOVATOR VISA ?
The Innovator
visa will require its applicants to submit a business plan and other supporting documents in
order for them to be endorsed. The endorsement will be from a business sponsor
and will be mandatory for all applicants.
Val Morgan Immigration Advisers has now already started taking enquiries & processing
applications on the new UK visa programs.
STARTUP VISA
· The Start-up category is for early-stage but high potential entrepreneurs
starting a business in the UK for the first time.
· Applicants do not need any funds to invest in their business at this
stage, and must not have previously set up a business in the UK.
· Successful applicants are granted leave for 2 years and can also bring
their family members (spouses/partners and children under 18) to the UK.
· During the granted period of leave applicants will spend the majority of
their time developing their businesses but can also take on other work outside
of their businesses, to support themselves.
INNOVATOR VISA
· The Innovator category is for more experienced businesspeople seeking to establish a business in the UK.
· Applicants will need a minimum £50,000 funding available to invest in
their business.
· Successful Innovators are granted leave for 3 years at a time and can
also bring their family members (spouses/partners and children under 18) to the
UK.
· Innovators must work entirely on developing their business ventures and
may not take on other employment outside their business. This includes anything
which effectively amounts to employment, such as using their own business to
hire out their labour to another employer.
· After 3 years, Innovators can apply to extend their stay for a further 3
years or to settle permanently in the UK. Each of these 3 stages (initial
application, extension, settlement) requires endorsement from an endorsing
body.
· At the end of 2 years, Startup visa holders can switch into the Innovator
category (see below) to extend their stay and develop their businesses in the
UK.
Val Morgan Immigration
Advisers are a leading UK Law Firm with immigration office in London and Dubai who
specialise in UK Immigration through business set for business owners, professionals
& investors.
