The Tier 1 Innovator visa will have 2 sub-categories (a) Start-up (b), Innovator. Both of these categories will now replace the existing Tier 1 Graduate Entrepreneur and Tier 1 Entrepreneur visa categories.
Requirements of the Start-up and Innovator Visa's
The requirements to meet the published policies on these 2 application routes, you will be expected to go through rigorous checks as well as your credibility as a “business person”.
For the “Start-up” visa category, is similar to the Graduate Entrepreneur visa and this visa is aimed at those wishing to start their own business in the UK. This is not limited to graduates and is open for everyone, creating flexibility to the approach on these visas. The Start-up visas will now be valid for 2 years instead of the 12 months given on the Graduate Entrepreneur visa. It is also a benchmark permitting an Applicant to switch into the long term “Innovator” visa.
Moving on to the Innovator visa, this category is more aimed at more experienced business people and those who have good track records. An endorsement will be required from an approved Endorsing Body and will need to have access to £50,000 in funding, to meet the Immigration Rules.
To apply for the Start-up or Innovator visa, you will be required to meet the following requirements:
1. Provide a full business plan, which will set out your business vision as well as the product/service you intend to operate in the UK and most importantly, how the financial aspect of the business will look. ICS Legal is able to advise and help on preparing your business plan.
2. Provide your sponsorship document from the approved Endorsing Body. As part of this, you will be required to make a separate application to be endorsed by the approved body.
3. The Endorsing Body will require you to demonstrate that you have a credible and genuine business idea. Further to that, you will be required to provide evidence of your business experience, qualifications you hold, previous work experience and your future intentions as a business person.
4. Meet the English language requirements. The approved tests that an Applicant should complete are contained within the Immigration Rules. You may be exempted from the requirements if you are from a majority speaking English language country or have completed a degree taught in English.
5. Meet the maintenance requirements. There will be a number of ways to meet the requirements which can include maintenance being sponsored.
You can read more information on the following: https://www.icslegal.com/Innovators.php