Introduction

The United Kingdom has launched a new type of visa, called the "Innovator visa," which aims to attract self-employed people, entrepreneurs and business founders who wish to establish new businesses or bring their existing businesses to the UK. This new visa stream is part of the UK government's efforts to attract global talent and stimulate innovation and economic growth.

What is the Innovator visa?

The Innovator visa replaces the Tier 1 Entrepreneur visa, which closed to new applications on 29 March 2019. The Innovator visa is designed for more experienced businesspeople who have a track record of setting up and running successful businesses. To be eligible for the visa, applicants must secure an endorsement from an approved endorsing body. The endorsement body will assess the applicant's business idea, business plan, skills, qualifications, and experience to determine their potential for success. The applicant will also need to demonstrate that they have access to at least ￡50,000 in investment funds.

Benefits of the Innovator visa

The Innovator visa offers several benefits to applicants, including:

A four-year visa, which can be extended indefinitely

The ability to bring family members to the UK and apply for settlement after three years of continuous residence

The freedom to work for their own business without the need for a sponsor

The opportunity to settle permanently in the UK after five years of continuous residence (if they meet the eligibility criteria)

The potential for future citizenship, subject to meeting the eligibility criteria

Endorsing bodies

Endorsing bodies are organisations that have been approved by the Home Office to assess the eligibility of Innovator visa applicants. These bodies will provide applicants with an endorsement letter if they meet the criteria set out in the immigration rules. The endorsing bodies are looking for business ideas that are innovative, viable, and have the potential for growth. They will also evaluate the applicant's skills, experience, qualifications, and ability to execute their business plan. There are currently 27 endorsing bodies approved to assess Innovator visa applications.

Conclusion

The Innovator visa is an excellent opportunity for self-employed people, entrepreneurs and business founders who wish to establish new businesses or bring their existing businesses to the UK. It offers several benefits, including a four-year visa, the ability to bring family members to the UK and apply for settlement, and the chance to settle permanently in the UK after five years of continuous residence. Endorsing bodies play a crucial role in the application process, and applicants will need to have a strong business idea, skills, qualifications, and experience to be successful.