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Visas of innovators
The Innovation Visa for entrepreneurs with business experience aims to create high-tech and viable business ideas that are supported by an “approving body”. In most cases, applicants for an innovation visa must prove that they have £50,000 to invest in their business from any legitimate source. However, there are some exceptions to this rule. The difference between Innovator and Start-up visas is that Innovator visa applicants can apply to settle in the UK if they wish to do so.
The pkimmigration company offers its services in support of innovative visa applicants. They will help you develop an innovative and viable business idea and get it “pre-approved” by the Approving Authority, which will allow you to make a successful application for an innovation visa in the UK.
Before applying for a visa, you must obtain approval from an approving authority, such as a university or an approved business sponsor. They will analyze your business idea, create a business plan and possibly offer an interview. If the approval body is satisfied with your idea, they will issue a letter of approval and provide long-term support to grow your business in the UK. Also, some approval bodies may offer financial support in exchange for a stake in your business.
The approval letter must confirm two things:
Innovative: Your business plan is truly original, meets new or existing market needs, and provides a competitive advantage.
Viable: You have the necessary skills, knowledge, experience and market intelligence to run a successful business.
Scalable: There is evidence of structured planning and potential for job creation and growth in national and international markets.
Finances
To receive a letter of approval for a new business, you must have at least £50,000 to invest. If you have obtained a previous visa (such as a Start-up visa) or changed your business, you do not need to confirm the availability of funds.
However, before applying you must demonstrate that you have at least £945 in your bank account to support yourself for 90 days. If you are applying with your family members, you must demonstrate that you also have sufficient funds to support them.
English language requirements
Usually, an approved English language proficiency test (SELT) from an approved provider is required to receive an approval letter. However, nationals of some English-speaking countries and those with a qualification equivalent to a British degree taught in English in one of these countries do not need to provide additional proof of their English language skills.
After you have worked on an Innovator visa for three years, you can apply for an Indefinite Leave to Remain (ILR). To qualify for ILR, you must meet at least two of the following criteria:
(a) Have invested at least £50,000 in the business and actively spent on promoting the business plan assessed in your pre-approval.
(b) The business’s customer base has at least doubled over the last three years and now exceeds the average number of customers of other businesses in the UK offering compatible core products or services.
(c) The business has carried out significant research and development and has applied for intellectual property protection in the UK.
(d) The business had a minimum annual gross receipts of at least £1 million in the last full year covered by its reporting.
(e) The business had a minimum gross annual income of at least £500,000 in the last full year covered by its accounts, of which at least £100,000 was derived from overseas exports.
(f) The business has created the equivalent of at least ten full-time jobs for “resident workers” – that term is defined in the Glossary to the Immigration Rules.
(g) The business must create at least five full-time jobs for local workers with an average salary of at least £25,000 per annum (excluding any expenses).
Most immigration applications have strict requirements for evidence and facts that are not always easy to meet. The solicitors at LS Legal have extensive experience in providing advice and assistance on immigration applications. We understand that some requirements may seem very complicated and time-consuming. However, we guarantee to make the process as smooth and stress-free as possible.
If you need the fastest response, please contact us for assistance. You can also contact us by email at [email protected] or use the contact form to discuss your needs or arrange a meeting with our experts.
