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British Government to make amendments to Innovator visa rules

The Home Office reports that it has temporarily suspended accepting new endorsing bodies to its approved list. This status is usually given to organisations that issue endorsement letters to applicants of Innovator and Start-Up visas.

Experts say that it is linked to a reform announced by the Home Office. In fact, the authorities are interested in attracting highly qualified specialists and successful entrepreneurs, so they do their best to make their country a more attractive destination. For instance, there are some amendments to Innovator visa requirements. The British authorities consider the following changes:

  • more optimised and fewer requirements to a business plan;
  • accelerated visa application processing;
  • fewer restrictions for the applicants (including removal of work restrictions – currently entrepreneurs are allowed to work only in their own company).

As a rule, an applicant for an Innovator visa needs to prove their experience and business success, high demand for their products or services as well as competitive advantages that will allow them to become a leader in their field. A business must also be innovative and use cutting-edge technologies. However, these criteria might be excluded from the list of requirements and the only criterion would be a general contribution to the national economy.

Besides, British authorities are not going to increase the amount of investment required for the Innovator visa. Now it is £50,000 which is much less than the amount necessary for the Investor visa, £2,000,000. However, at the same time, it will be you developing your business while an investor might simply buy shares without managing the company.

Interestingly, the Innovator visa requirements were not developed by the Home Office but by the BEIS, Department for Business, Energy and Industrial Strategy. That means that it is regarded as a part of the global economic development of the country, rather than an immigration case alone.

The BEIS and the Home Office announced plans to introduce new High Potential Individual and Scale-up visa routes. It might be similar to the Global Talent route but will be more flexible if an applicant appears to have high potential.

Our experts are monitoring the situation and will provide you with information about the Innovator visa as well as other opportunities to live and work in the UK. If you plan to relocate to Great Britain permanently or temporarily, feel free to book a consultation with our specialists, they will help you to create a plan and find the best solution.

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