UK Innovator Visa Application Process 2024

The UK innovator visa is a type of work visa suitable for experienced business people who want to establish and develop innovative and scalable businesses in the UK. The UK innovator visa category replaced the UK Tier 1 entrepreneur visa category with a decision taken on 29 March 2019. The UK innovator visa aims to support the development of innovative, applicable, scalable businesses in the UK and contribute to economic growth by encouraging investment. Experienced business people who aim to establish a business in the UK with a UK innovator visa must have a capital of at least £50,000 and the business to be established must be approved by an institution with approval authority.

Once approved, the UK innovator visa is granted for a period of 3 years and applicants can take their family members to the UK. UK investor visa holders can re-apply after 3 years to extend their residence and eventually gain permanent residence if approved by the approval authority.

Who is Eligible for a UK Innovator Visa?

The UK innovator visa is a type of visa suitable for experienced business people who can offer a new business idea that is innovative, applicable, scalable and not available in the current UK market. The UK innovator visa applicant can work as part of a joint venture, alone or as a member of an entrepreneurial team.

What are the Requirements for Obtaining a UK Innovator Visa?

In order to obtain a UK innovator visa and benefit from the rights it provides, the necessary conditions must be met.

The requirements for obtaining a UK innovator visa are listed below.

The subject of the UK innovator visa application must be innovative.
The business idea put forward by the applicant must be approved by an authorized institution as being innovative, applicable and measurable.
Contacting the authorized approval body at 6, 12 and 24 month intervals
Covering the capital amount of £50,000 obtained through legal means
The applicant must declare that he/she has sufficient income to meet the needs of himself/herself and his/her immediate family members.
The applicant must prove that their English language skills are adequate at CEFR (Common European Framework of Reference for Languages) level B2 (Upper Intermediate).
Providing a criminal record confirming that the applicant has not been convicted of any crime in the last 6 months

What is the Minimum Investment Amount for the UK Innovator Visa?

The minimum investment amount for the UK innovator visa is £50,000, which can be proven with a document that was obtained through legal means. With the UK innovator visa, applicants who have already established a company and whose company they established has been approved by the approval body or whose business change has been approved by the authorized body do not need to have any capital funds.

UK innovator visa holders can form a team through collaboration, but each applicant must declare a capital fund of £50,000 separately. There is nothing preventing a UK innovator visa applicant from making additional investments or purchasing property during the validity period of their innovator visa. A UK innovator visa applicant must continue to invest in the UK until permanent residence is granted in order to maintain the validity of their visa.

What are the Required Documents for the UK Innovator Visa?

The documents required for the UK innovator visa are listed below.

Passport: A valid passport with 1 blank page showing identity and nationality must be presented.
Bank statement: A bank statement showing that the applicant has savings of at least £1,270 in their account for the 28 days prior to the application is required.
English language proficiency certificate: A language proficiency certificate proving that English language requirements are met is required.
Investment fund proof document: Applicants who want to set up a business in the UK are required to document the source of funds to be used for investment.

For UK innovator visa applications, additional documents requested by the applicant are required according to the applicant’s conditions. If the UK innovator visa application documents are not in English or Welsh, a translation approved by a certified translation company is required.

How to Apply for a UK Innovator Visa?

For the UK innovator visa application, an approval letter must be obtained from the authorized approval authority in the UK, the necessary investment and visa documents must be completed, and then an online application must be made through the UK government website gov.uk. After the online application made through the UK government website, the applicant must be present in person at the intermediary institution visa application center in order to complete the biometric data recording process.

How Much Is The Innovator Visa Fee For The UK?

The innovator visa fee for the UK is £1,036 for the applicant and £1,036 for the applicant’s spouse and children. In addition to the UK innovator visa application fee, an immigration health surcharge must be paid. UK innovator visa application fees are paid by credit card during the online application.

The UK innovator visa costs for all expenses, including the application fee, immigration health surcharge, sworn translation, online document upload and consultancy fee, amount to 3,840 euros in 2024.

How Long Does It Take to Grant a UK Innovator Visa?

When a work permit is obtained in the UK with a UK innovator visa or when the visa is converted to another type after entering the UK with a UK innovator visa, the right to stay in the UK for 3 years is granted.

How Many Years Can the UK Innovator Visa Be Extended?

After the UK innovator visa expires, an application can be made to extend it for a further 3 years. The fee required to extend the UK innovator period is £1,292 and there is no limit to the number of applications for extension of the UK innovator visa.

Frequently Asked Questions

The most frequently asked questions and answers to our center regarding the UK innovator visa and investing in the UK are given below.

Can I Work in EU Countries with a UK Innovator Visa?

No, the UK innovator visa only allows the applicant to live and work in the UK.

Can Investment Made for Innovator Visa in UK Be Sold?

The UK innovator visa holder is free to withdraw or sell their investments in the UK at any time while the visa is still valid, but once the investments are withdrawn or sold, the UK innovator visa applicant will no longer be considered an investor in the UK and will therefore lose their right to reside in the UK. Once you have entered the UK with a UK innovator visa and have gained permanent residence, investments in the UK can be freely sold or withdrawn.

How to Get a UK Investor Residence Permit with an Innovator Visa?

With the Innovator visa, the UK investor residence permit is granted upon application if the company established within 3 years of the visa is successful or if the workplace meets the minimum performance criteria for 5 years.

In order for a UK innovator visa holder to be granted an investor residence permit with a UK innovator visa, the applicant must have made their last investment in the innovator category, be proficient in English and living in the UK, not violate immigration laws, not fall within the rejection criteria, meet permanent residence requirements and be accepted by the UK Visa and Immigration Department.

In order to obtain a UK residence permit with a UK innovator visa, the business is expected to meet the success criteria. In order to obtain a residence permit with a UK innovator visa, the business must have at least 50,000 pounds of capital, the business must employ at least 5 local workers full-time with an annual salary of 25,000 pounds, the business must employ at least 10 full-time local workers, the number of customers of the business must have at least doubled in the last 3 years and have more customers than the average number of customers of UK businesses operating in similar fields, the business must have invested in research and development activities and have applied for protection of intellectual property rights in the UK.

Can I Get British Citizenship With an Innovator Visa?

In order to obtain British citizenship through a UK innovator visa, the applicant must meet the criteria set by the UK government.

UK innovator visa holders are eligible to apply for UK citizenship if they have lived in the UK for at least 5 years and have been a permanent resident of the UK for at least 1 year after meeting the language requirement and other mandatory criteria .

Can a UK Startup Visa Be Converted to an Innovator Visa?

Yes, UK startup visa holders can switch to a UK innovator visa if they meet the necessary conditions.

In order to convert a UK startup visa to an innovator visa, the business or business idea must be approved by an authorized body before applying for an innovator visa and a letter of approval must be sent to the applicant, the applicant must have English language proficiency and be at least 18 years old. In order for a UK startup visa holder to be able to convert to a UK innovator visa, they must have sufficient funds to meet their needs during their stay in the UK.