How many funds do I need for a UK Innovator Visa?

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Innovators visa UK is one of the most difficult visas to attain. If you have a business plan that is different from anything else on the market in the UK, you can apply for the innovator visa. The business idea or business has to be approved by an endorsing body.

When it comes to applying for an innovator visa UK, the obvious question that you have is – How much funds do I need for a visa? And we will let you know the same along with other important aspects of visa application in this article.

A new route is coming into existence, it will replace the current UK Tier 1 innovator visa (Entrepreneur category). The category will focus on people having extensive experience in business and aiming to set up a business. When it comes to applying for an innovator visa UK, you can now go ahead with a minimum investment of £50000. Earlier the minimum investment used to be £200,000.

The best way to apply for a visa is to consult an immigration lawyer and know everything from basics to crucial things about the UK innovator visa scheme.

To attain an innovator’s visa UK, the applicants must work on the development of their business rather than taking employment elsewhere. Things outside the business can involve anything that generates employment. For instance, using one’s business to hire out workers to other employers.

The UK innovator visa scheme requires the applicant to have scalable, viable and innovative business backed by an endorsing body. In the absence of such a business or business idea, there is no point in accumulating the funds.

The perks of having an innovators visa UK is that you will get leave for three years at a time. Also, you can bring your family to settle down in the country. After three years, visa holders can be seen applying for an innovators visa extension for the next three years. You can also apply for permanent residence in the UK.

There are three main stages in the process of attaining this visa – initial application, extension, and settlement. At all these three stages endorsement from an endorsing body is required.

Here are some entry clearance requirements that you should know:

During credibility assessment, the applicant should have proven capabilities of undertaking the business activity stated in the visa application.

The money which an applicant is claiming to be available should be available exactly as per the description. Plus, the applicant should state that it will be used as described in the application.
Apart from the minimum funds of £50000, there might be some miscellaneous expenses coming your way in the process of attaining an innovators visa UK. For a better understanding of the whole process, you can get in touch with Osbourne Pinner.

We are a well-known law firm in the UK assisting people with family and immigration matters. Our visa solicitors can help in initial application, extension and settlement to innovators seamlessly.

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