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Everything you need to know about citizenship and residence programs around the globe.
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In March 2019, the Home Office stopped accepting applications for Tier 1 Entrepreneur visas. Instead, they offered two new routes, a Start-up visa and an Innovator visa. This article will focus on the latter.
As you might guess, there are certain requirements that you must meet in order to get an Innovator visa. On the other hand, there are also bonuses that an Innovator gets, like the ones a Tier 1 Entrepreneur was entitled to. For example, they can be eligible for settlement after 3 years in the UK, instead of more common 5, and their family too, provided, of course, that they comply with some criteria.
You will be classed as an innovator if you are a foreigner willing to invest at least £50,000 in a new of existing UK company. If you are staring your business from scratch, it must be assessed and supported by one of the organisations from the approved list published on the government website. Before it can be endorsed, your idea must be evaluated for three qualities: innovative, viable and scalable. And you must be able to demonstrate this even after you get a visa, after 6, 12 and 24 months, because that’s when you will need to report to your endorser.
Business apart, innovators must also comply with certain rules and regulations. However, they are no different from the requirements for Tier 1 Entrepreneur migrants and therefore are not a subject of this article.
An innovator can partner up with as many other businessmen as they want and form a team, in which case every partner must have access to and be able to invest £50,000.
Let’s say you have got a visa and are now thinking about staying in the UK permanently. We will break it down for you here in terms of what to do in order to obtain permanent residence and secure your status.
An innovator visa is valid for three years and can be extended for as many times as you want and can. In order to do it, you must:
If your business meets certain criteria (see below), you get a great opportunity to apply for an indefinite leave to remain in the UK 3 years after your first Innovator visa is granted, without the need to extend it. What you must do. First of all, get a letter from your endorsing body with the details of the following:
Your business will be required to meet at least 2 of the following 7 requirements in any combination, 1 and 5, or 6 and 7:
Innovators and their families have a chance to get ILR in the UK in 3 years after moving to the country. The settled status gives you limitless opportunities for employment, education and free movement within the United Kingdom. One year later you will be eligible for British citizenship and with it comes the benefit of visa-free travel to over 160 countries of the world.
Our qualified immigration lawyers provide expert advice and support and help avoid mistakes when preparing your application. We will be with you every step of the way until you get your permanent residence and a British passport.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
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