UK Tier 1 Investor Visa

The UK Tier 1 Entrepreneur Visa was closed in April 2019. It has since then been superseded by the new Innovator Visa.

Eligibility Criteria for the UK Innovator Visa

The Innovator Visa is often considered the contemporary equivalent of the erstwhile Tier 1 Entrepreneur Visa.

For eligibility under the Innovator Visa scheme, applicants are required to fulfil the following criteria:

• Must be at least 18 years of age
• Must be a non-EEA/Swiss national
• Must possess a minimum investment of £50,000 for the proposed business venture
• Must have a business proposal that has received endorsement from a recognised endorsing body
• Must have attained a B2 level in English, as per the Common European Framework of Reference for Languages, unless exempt

Additionally, applicants for the Innovator Visa must demonstrate financial sufficiency by maintaining a minimum balance of £945 in their bank account for 90 consecutive days prior to application.

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Business Endorsement Requirements for the Innovator Visa

Prior to initiating the Innovator Visa application process, it is imperative for applicants to secure an endorsement for their business concept from an approved endorsing body.

These bodies are mandated to have a verifiable history of supporting UK entrepreneurs or be a newly established entity by an organisation with such a history.

The endorsement process involves a rigorous evaluation of the business idea against three key criteria:

1. Innovation: The applicant must present a genuine, original business plan that addresses a market need or creates a new market opportunity, demonstrating the proposed venture’s capacity to contribute positively to the UK workforce and economy.

2. Viability: The applicant is required to evidence their relevant skills, knowledge, and market insight necessary for the successful management of the business.

3. Scalability: There must be clear evidence of the business’s growth potential, including its ability to create job opportunities within the UK.

Endorsing bodies will thus assess the feasibility, potential impact, and scalability of the business idea, ensuring it aligns with the overarching objectives of the Innovator Visa scheme to foster innovation and stimulate economic growth in the UK.

Required Documents for the Innovator Visa Application

The specific documents required for an Innovator Visa application may vary depending on the applicant's individual situation. Generally, the following documents are essential for all applications:

• A current passport or another valid form of travel identification
• A certificate or evidence of passing the B2 English language test, if applicable
• Proof of investment funds availability
• Bank statements demonstrating a minimum of £945 in savings held for 90 consecutive days before the application
• Results of a tuberculosis test, if applicable, from countries where taking the test is mandatory

Innovator Visa Application Fees

The cost associated with the Innovator Visa varies depending on the nature of the application:

Applicant Category	Standard Application Fee	Extension or Switching Fee
Main Applicant	£1,021	£1,277
Applicants from Turkey or Macedonia	£966	£1,222
Dependents	£1,021 per dependent	£1,277 per dependent

In addition to the application fee, applicants are required to pay the healthcare surcharge and a fee of £19.20 for biometric information processing.

Processing Time for Innovator Visa Applications

For applications submitted from outside the UK, decisions are typically made within three weeks. For those applying from within the UK, the process may take up to eight weeks. If there are any issues or complexities with the application, processing times may be extended.

Family Members Joining Under an Innovator Visa

Certain family members, known as dependents, are eligible to join the main applicant in the UK on an Innovator Visa. Dependents include:

• The Innovator Visa holder's partner
• Children under the age of 18
• Children over the age of 18 if they are already in the UK as dependents

Applicants must demonstrate they have a minimum of £630 in savings for each dependent they intend to bring to the UK. Dependents already in the UK may switch from their current visa to become a dependent of the Innovator Visa holder.

For professional assistance with your UK visa application, including ensuring compliance with all Home Office requirements for a successful Innovator Visa application, consider seeking the services of an immigration law specialist. Our team at the Immigration Advice Service is equipped to provide expert guidance and support throughout your application process.

Please reach us for further details or to discuss your application and residency options in the UK with business set up.