The UK has become a desirable destination to set up and grow your business, with over 2,200 businesses founded by migrants in 2017 alone. There have been over 10,000 individuals who have moved to the UK with a Tier 1 (Intra-Company Transfer) visa and gone on to found their own business. The UK has recently introduced a new visa category called Innovator, specifically designed for people who want to come to the UK as entrepreneurs or self-employed persons and start their own business here. If you are thinking of moving to the UK and starting your own business there, you need to learn about the innovator visa. With more than 1 million self-employed people working in the UK today, it’s no surprise that this market is quite appealing for newcomers. Here we’ll guide you through 7 tips on how you, too, can get a UK innovator visa and start a business in the UK.

What is a UK Innovator Visa?

The UK innovator visa allows foreign entrepreneurs to come to the UK and set up and run their businesses here. The visa is valid for up to three years. You will be expected to prove your ability to set up a new business and continue running your existing business elsewhere. If UK Visas and Immigration (UKVI) is satisfied that you have met your visa conditions and successfully set up and run a new business in the UK, you may be able to extend your visa and stay in the UK long-term.

How to Apply for the UK Innovator Visa?

The innovator visa is a new category introduced in April 2019 and is valid for up to three years. On the first day of applying for the innovator visa, you will need to submit the following: - A completed application form. - Evidence of funds. - Evidence of business experience. - Evidence of a business idea. - Evidence of your intention to leave the UK at the end of your permitted stay.

UK Entrepreneur Immigration: A Quick Overview

If you’re an entrepreneur looking to move to the UK, you may be wondering if it’s possible to get a visa and stay in the country long-term. Before the Tier 1 (Entrepreneur) visa was discontinued, this route was an option for foreign entrepreneurs to come to the UK, set up a business, and stay long-term. There are many similarities between the old Tier 1 (Entrepreneur) visa and the new and improved Tier 1 ( Innovator) visa. The main difference is the Tier 1 ( Innovator) visa has more flexibility and has been designed to accommodate a broader range of business owners.

Critical Requirements for the UK Innovator Visa

To successfully apply for the innovator visa, you must meet the following requirements: - You must be outside of the UK at the time of application. - You must possess at least £50,000 in funds. - You must be endorsed by a “recognized” organization or show a record of entrepreneurial success. - You must prove that you have a significant role in the running of your company. - You must be able to show that you intend to start a business in the UK.

Pros of Starting a Business in the UK with an Innovator Visa

One of the most significant advantages of starting a business in the UK with an innovator visa is staying in the UK on a long-term basis. Many people had to keep renewing their visas with the old entrepreneur visa every two years. This could make growing a business complex. You would have to keep moving and setting up your company in different countries. There are many other advantages of starting a business in the UK with an innovator visa. You will have access to the UK’s large and highly-skilled labor force. This will make it easier to scale your business and hire new employees as you grow your company.

Cons of Starting a Business in the UK with an Innovender Visa

One of the main cons of starting a business in the UK with an innovator visa is that you will have to invest £50,000 in your company. This will be the amount you must have available and ready to invest in your business when you move to the UK. On top of this, you must also be ready to invest £30,000 into a government-approved investment fund. You must also plan to make an annual payment of £5,000 to a government-approved fund for government schemes.

Conclusion

The UK is an attractive market for entrepreneurs who want to start their businesses. Suppose you are an entrepreneur who wants to move to the UK. In that case, there are two ways in which you can do it - you can either apply for the innovator visa or apply for the entrepreneur visa. The innovator visa is a new category introduced in April 2019 and is valid for up to three years. There are many advantages of starting a business in the UK with an innovator visa. There are also cons to starting a business in the UK with an innovator visa. It’s essential to do your research before choosing the correct visa.