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Innovation is a key driver of economic growth through the development of new ideas, products, and processes. The United Kingdom recognises migrants as one of the most efficient means to stimulate innovation and entrepreneurship, maximise economic growth, and build a more innovative and productive economy, and thus introduced flagship programs for overseas entrepreneurs named START-UP and INNOVATOR VISA. In order to foster economic growth, the initiative strives to encourage the development and investment in viable, innovative, and scalable enterprises in the United Kingdom.
The Start-Up category is for high-potential entrepreneurs looking to start a business in the United Kingdom for the first time. Applicants do not need to have any initial funds to invest for eligibility. They must, however, have a new and innovative, viable, and scalable business idea that can be or has been accepted by an endorsing body.
This visa allows individuals to stay in the UK for two years to build their business and enable them to work for an employer to supplement their income if necessary. The start-up visa allows a successful applicant to bring their family members (spouses/companions and children under 18) to the United Kingdom.
This visa is not extendable, and visa holders are not eligible to settle in the UK. However, at the end of 2 years, applicants will be able to apply for further leave to remain in the Innovator category to continue developing their business.
The Innovator Visa category is for experienced Entrepreneurs willing to start a business in the UK. It is an excellent way for entrepreneurs with innovative ideas to start a business in the United Kingdom. It also caters to seasoned entrepreneurs who have been operating a firm outside of the UK for a number of years and want to expand it to the UK.
If you qualify for this category, you can apply as an Overseas Entrepreneur or switch from StartUp, Tier2 general/ICT, Student visa, visitor visa.
The process of Innovator & Start-Up visa involves two broad stages:
Business Assessment (Endorsing Bodies)
The UK government has nominated a number of organisations as endorsing bodies, including incubators, accelerators, government agencies, and business development organisations that have a proven track record of aiding UK entrepreneurs.
These endorsing bodies will be responsible for issuing endorsements to the applicants after evaluating their business endeavour, keeping in touch with them to track their success, and issuing additional endorsements as needed.
Immigration Requirements (Home Office)
You will submit your Innovator Visa application to the Home Office once you have received an endorsement. At this point, you must provide documentation in support of your Innovator visa application, such as your passport, fund maintenance, English language proof, investment fund evidence, and so forth.
You will almost surely acquire the visa if you meet the requirements mentioned above. A poorly drafted business plan and a sloppy interview, on the other hand, can result in a rejection. You can count on a 100 per cent success rate with Themis Technologies Limited.
With a favourable tax structure, a stable and democratic political system, a robust and respected legal system, and a strengthening British Pound - the world's "safe haven" currency, the United Kingdom is fast becoming the preferred destination for global entrepreneurs. Entrepreneurs gain unique opportunities through the start-up and Innovator visa, including access to the flourishing UK economy, burgeoning UK digital industry, and international platform.
Step 1: Pre-Approval from an Endorsing Body
Provide us with a brief executive summary of your business idea, outlining the proposal's innovative, viability, and scalability aspects. We ensure a response from an Endorsing Body within 2-3 working days of receiving a copy of your executive summary.
This stage is only available to Official Partners like us!
Step 2: Business Plan Writeup
If your business concept is pre-approved, there is a strong plausibility to obtain an endorsement. We'll write a detailed business plan tailored to your idea and background at this point. It will only take 10 working days for a precise initial draft, followed by an additional 3-5 working days for any further amendments, once you review the draft.
Step 3: Formal endorsement Application
This is like a “mini” visa application that goes to the Endorsing Body for consideration. Here, we submit your passport, final business plan, evidence of funds, and evidence of English proficiency. The Endorsing Body will usually take 3-5 working days to process the application followed by an invite for a virtual interview.
Step 4: Virtual Interview
We will prepare you for the interview which usually lasts for 45-60 minutes.
Step 5: Offer and Acceptance
If the interview goes well, the Endorsing Body will issue the official Endorsement Letter, which is linked with the UK Home Office's system.
Contact us to know more about the Innovator Visa and Start-Up Visa Endorsement services and realise your entrepreneurial dreams in the United Kingdom.
For more information about the UK visa and immigration visit our Magazine – Technologist Confidant
Themis Technologies is a London based international consulting firm enabling businesses and people to achieve success. We started the organisation in the year 2020 intending to help aspiring individuals as well as businesses to grow.
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