In March 2019, the United Kingdom substituted the earlier Tier 1 (Entrepreneur) and Tier 1 (Graduate Entrepreneur) visas with the UK Startup Visa and Innovator Visa. Among the many new changes that were introduced with these new visa processes, the two fundamental concepts were the innovative requirement and the requisite to be approved by an authorised organisation as specified by the Home Office. These listed organisations are known as the Endorsing bodies. The UK innovator visa scheme, along with the start-up visa, emphasises innovation, viability, and scalability. Any entrepreneur who has the zeal to start a new business in the UK can apply under any of these visas. An applicant has to navigate them through the eligibility, legal, and implementation rules.
The Innovator Visa UK
This category of employment visa is designed for experienced business people looking to establish a business in the UK. The applicant who has a minimum fund of 50,000 pounds to invest in their business can apply for the UK innovator visa scheme. The application would need to be endorsed by a competent endorsing body. This visa is a settlement visa meaning that it will allow the applicants to settle in the UK and then gradually become British citizens by naturalisation. It is granted for a period of 3 years initially and can be extended for a period of 3 more years. This visa, however, does not allow the applicants to work anywhere else but only on the established business. If you have any confusion surrounding the innovator visa UK, you can contact the visa solicitor.
The UK Start-Up Visa
The start-up visa is for fairly new yet high potential entrepreneurs who are looking to start a business venture in the UK for the first time. There is no minimum funding requirement for the applicant at this stage but would require an endorser to start the business in the UK. An endorsing body could either be the higher education institution or any other body listed by the Home office. Entry under this visa category is allowed only for 2 years, but an applicant can switch to the innovator visa UK if he/she wishes to continue expanding their business here. This visa focuses on development and expansion and allows the entrepreneur to work at other places to support oneself.
The fundamental difference is that a person applying for an innovator visa UK will be experienced and established individual with a record of running or managing a business. On the other hand, a UK start-up visa applicant does not require any prior experience. The other difference between the UK start-up visa and Innovator visa is that the former allows for a stay of 2 years initially and then the latter for a period of 3 years that can be further extended under the same scheme. The final important difference is the availability of funds in the UK innovator visa scheme.
Smart Legal Services for Easy Immigration
If you are looking for an innovator visa in the UK or a start-up visa and require practical advice and guidance, contact our visa solicitor at Osbourne Pinner today. We have a team of highly experienced lawyers and have years of experience in dealing with all kinds of visa routes in the UK. We keep ourselves updated with every change in the immigration laws and offer a quick resolution to our clients in matters pertaining to the UK start-up visa and innovator visa. If you want to have a solid application and understand more about different visa schemes to enter the UK for work and settlement, then call our UK visa solicitor.