You can switch from a Start-Up Visa to an Innovator Visa after two years has elapsed. This visa is for businesspeople who are more developed and are ready to grow their UK business. However, you are not required to have initially had a Start-Up Visa to apply for it.
Like the Start-Up Visa, applications for Innovator Visas require an endorsement. A university cannot endorse this visa – it must be a business sponsor who has agreed to support your business plan. There are three criteria for getting a business sponsor: Innovation, Viability and Scalability.
- An ‘innovative’, business must be genuine, original, and must either meet a market need or have a strong competitive edge.
- A ‘viable’ business must show it can be run successfully. This might mean demonstrating the applicant has market awareness and business acumen.
- A ‘scalable’ business must show evidence of forward planning, including the potential to develop into foreign markets.
The endorsing business must be satisfied that the applicant intends to spend most of their time in the UK to work on or develop the business.
After the endorsement has been made, applicants then need to prove they have secured at least £50,000 of funding – less than the £200,000 required under the previous Tier 1 Entrepreneur Visa.
Scarsdale Solicitors – Oldham and Rochdale
For expert advice on any issues about immigration, call Scarsdale Solicitors Oldham & Scarsdale Solicitors Rochdale. We are proud to serve our clients in Rochdale and Oldham. We combine expertise in legal matters with customer service that is of the highest standard. If you need immigration solicitors Oldham or immigration solicitors Rochdale, please call us today on 0161 660 6050.
