Detailed information about our Innovator Visa service
The Innovator visa requires 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 is mandatory for all applicants.
It is a competitive field, and some applicants find the endorsement requirements difficult, however, our team of Innovator Visa lawyers are very familiar with the UK endorsing bodies, and can provide you with insightful evidence for your application.
When assessing whether to grant your Innovator Visa application, the Home Office and endorsing bodies will look to ensure that your business plan hits three key criteria. It is essential that individuals are able to prove that their business meets these if they want to successfully have their visa approved.
Innovation – Endorsing bodies assess whether the business products, marketing or branding displays innovation. Business plans should show that they’re bringing something new to the UK market, whether this is a new, inventive product, or a service not seen before in the UK.
Viability – Your business plan will also need to show that your business idea is 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 a 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.
The Application process for a Tier 1 Innovator Visa includes three stages. These are:
You must be able to prove that you meet the financial requirements for this visa. Applicants must provide evidence that they have had at least £1,270 in their bank account for 28 consecutive days before applying for the visa.
You must be able to show that you have the necessary investment funds for the Innovator Visa. Individuals setting up a new business in the UK must have at least £50,000 of investment funds.
Your business must be endorsed by an approved endorsing body in the UK. To gain this endorsement, you need to present a well-considered and viable business plan.
Our team of Innovator Visa lawyers have assisted a number of applicants in creating their business plans, and evidencing their investment funds for the Innovator Visa. Our team are experienced in creating business plans across a variety of sectors, and we have valuable insight on which endorsing bodies will be right for each applicant.
For information on how we can help you with your UK Innovator Visa application, please get in touch.