Because of the UK’s extremely good location on the European map and centuries-old traditions of entrepreneurship, the United Kingdom has regularly been included in the top five most attractive countries for investment. Political stability and economic prosperity, together with huge outlet markets and healthy competition, promote the development of British business. There are several visa categories in the UK immigration law which allow foreign businessmen to move to Great Britain and open their own company.
Home Office began accepting applications for the Innovator Visa on March 29, 2019. It was at the same time when it stopped considering applications for the Entrepreneur visa. It would be logical to assume that both old and new visas have a lot in common because both are intended for experienced foreign businessmen who are ready to invest resources in the development of their business in Great Britain.
However, there are no other similarities. According to Vasily Kluev, Accounts Manager and Immigration Adviser at Imperial & Legal, the new immigration category has many benefits. Some of these have yet to be appreciated by thousands of British entrepreneurs of foreign origin.
The British believe that only a qualified person can successfully run business in a foreign country; therefore, they have strict requirements for applicants for the British Innovator visa:
Usually, this requirement for prospective British entrepreneurs is difficult to meet. How do the British themselves interpret the three criteria by which a new business is estimated?
The endorsing body carries out the endorsement of the idea for your business. The British government’s website has published a guidance for Innovator endorsing bodies that have the right to infer business ideas and make endorsements.
The evaluation of your idea is more likely to be positive if you provide an elaborate business plan.
The endorsing body which approved the business idea generally values its business reputation. Your endorsement letter may be revoked if the company goes wrong or fails. In order to prevent this, after 6, 12 and 24 months of work you need to contact your endorsers, share your successful results and prove that your business fully meets all the requirements.
If your company still did not pass the verification and endorsement was revoked, in order not to lose the valid Innovator visa, you need to make a new application and get a new endorsement.
As with other categories, the application for the UK Innovator Visa is submitted online, and the issuance is made both outside the UK (in one of visa centres) and in the territory of the country, for example, if you switch from another category.
The process for your application takes from 3 to 8 weeks. The obtained immigration status is valid for 3 years and can be extended.
Before your primary visa expires, you can extend your immigration status for another 3 years if:
Together with you, your wife or husband, children under 18 and financially dependent children over the 18 who have reached the age of majority during the validity period of the first visa can extend their visas. British laws do not limit the number of extensions of the Innovator visa in any way.
Before applying for Indefinite Leave to Remain, an Innovator must achieve significant success in the field of entrepreneurship and live 3 years in the country. Your success is confirmed by the endorsing body which issued an endorsement approving your business idea.
The new confirmation must contain the information about the development of your business all the time you have been a CEO or one of the partners, how you plan to continue your activities in the future and confirm that the last verification identified significant success of your company and you meet at least two of the following requirements:
Please pay attention to the fact that in order to be able to apply for the status of a permanent resident of the UK, your endorsement letter must confirm the fulfilment of at least two of the requirements set out above.
With ILR, you will have almost the same number of rights and benefits as ordinary citizens of the British Isles. After two years of living with an ILR card (and five years of permanent residence in the country since the first entry on the Innovator visa), the most obstinate entrepreneurs are usually naturalised and receive a British passport.
British citizenship implies a higher degree of integration into English society:
If all of the above requirements are met, you will become the owner of a certificate of naturalisation in maximum a month and a half, on the basis of which your immigration lawyer will submit an application for a British passport.
If you want to realise your business idea in one of the world’s financial centres, experienced advisers of our company will be happy to help you obtain the high-end immigration status of an Innovator and organise the relocation of the whole family to the UK.
The qualified experts of Imperial & Legal have huge experience and have seen that only an individual approach, taking into account all the circumstances and the wishes of the client, gives the best result. The range of tasks solved by our advisers is not limited only to immigration issues, so Imperial & Legal has packaged offers for business. Moreover, our experts will help a new British businessman of foreign origin with bookkeeping and even prepare the first reports to HM Revenue & Customs and Companies House.
The Innovator visa is a short and inexpensive way to ILR and then British citizenship for a successful businessman. With professional legal support from Imperial & Legal, within 3 years after moving to the United Kingdom, you can become a permanent resident of the UK. Our advisers are ready to help you with any issue related to obtaining a British Innovator visa or any other type of visa for moving to the UK.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
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