In terms of the statement of changes dated March 7, applications for innovator visa UK will commence from March 29, 2019. Perhaps, a start-up visa is for those migrants who are looking to establish a business in the UK for the first time. However, the innovator visa is for more experienced businesspeople, who are seeking to establish an innovative, viable and scalable business in the UK, which is duly supported by an endorsing body. Moreover, with some exceptions, an applicant needs at least £50,000 investment funds for doing business. The duration of entry clearance and extension visa is 3 years. And after 3 years, an innovator can apply for settlement (ILR) in the UK under Appendix W of the Immigration Rules.
Innovator visa UK under Appendix W to replace Tier 1 Entrepreneur
Certainly, the innovator visa category of Appendix W will replace the Tier 1 Entrepreneur route from March 29, 2019. However, the Tier 1 Entrepreneur route will remain open for extension and ILR (settlement) applications until 5 April 2023 and 5 April 2025, respectively. Moreover, successful Tier 1 Entrepreneur migrants applying for an extension from abroad will be granted 2 years and 4 months leave instead of 2 years.
Is Innovator visa an altogether new route?
Certainly, not. Perhaps, the introduction of an innovator visa UK seems to an improvement of the PBS Tier 1 entrepreneur.
Apparently, Tier 1 (Entrepreneur) route was introduced in 2008 to replace a number of other business immigration routes, mainly the Business Person and Innovator routes. Certainly, when introduced in 2008, the Tier 1 entrepreneur visa route for migrants was essentially points-based. However, over the years due to the abuse of the Tier 1 entrepreneur visa route, especially after Jan 30, 2013, ceased to remain points based. Accordingly, since early 2013, Tier 1 entrepreneur applications were not assessed and decided solely on points and there are a lot of subjective elements in the assessment process, which resulted in unduly high refusal rates.
How to qualify for innovator visa UK?
To qualify for the innovator visa UK an applicant needs to meet the general and specific requirements under Part W3 and W6 of Appendix W, Immigration Rules, respectively.
Perhaps, a genuine applicant doesn’t need to worry about most of the general requirements for innovator visa UK, as these are quite easy and procedural in nature. However, meeting specific endorsement criteria for “new business”, “same business” and “settlement” is critical for any successful innovator visa application. To know if you can qualify contact specialist innovator visa solicitors London.