The innovator visa route is a new path for more experienced business people as opposed to the start-up visa. The biggest change is only needing £50,000 as opposed to £200,000 needed under the Tier 1 Entrepreneur route.
Should the business succeed, after three years, innovator visa applicants will be able to apply for settlement – however, it is worth noting that applicants will need to re-apply with new endorsement should their business model change.
The government requirements for the innovator visa are for the business to show:
Additionally, as the Home Office continues its reforms, applicants will need to prove they have had the £2m investment for 2 years – as opposed to the 90 days previously.
It’s also worth noting that government bond investment will be excluded , so applicants will have to invest in UK businesses.
Previously, the Tier 1 (Entrepreneur) route allowed individuals to establish a business in the UK, providing they met the route requirements; the biggest being having access to at least £200,000, which was to be invested in the UK business.