This visa type is for people with an excellent business idea who can’t raise the finance needed to fulfil it.

The reason that this visa exists is to allow people entry into the UK who have exceptional business ideas but no capital. There are certain restrictions surrounding this visa however, they are as follows:

• Your business idea must be new and innovative.
• You must bring exceptional economic benefit to the UK.
• You must have sufficient funding in place or agreed in principle.
• You must create employment for at least two people.
• You must have significant business experience.
• You must have at least a five percent ownership in the proposed business.

Your business idea needs to be one that will bring considerable economic benefit to the UK and should ideally be tailored to new industries especially in the information technology and telecommunications. This visa option is however open to other industries as well.

This visa is based on a points system and targets highly innovative businesses, which are creating new employment and bringing new skills and technology to the UK. Sadly not many people manage to gain sufficient points to make it in this category. Below is a list of the point’s categories and the amount needed for each one:

The first category is Personal Characteristics. This carries a minimum of 15 points

• Business or Management Experience: Maximum of 15 points
• Experience in proposed business area: 5 points for one year or more.
• Work or research experience in the chosen field: Up to 10 points.
• Experience in the UK or in exporting to the UK: Up to 5 points.
• Experience in starting up new businesses: Up to 15 points.
• Qualifications: Maximum of 10 points.
• Relevant Reference: 5 points

The second category is Business Plans and Capability. This category carries a maximum of 15 points.

• Start up capital available for the business: Up to 15 points.
• References from experts in area of business: Up to 10 points.
• Market research or contact with potential Clients: 5 points.
• Positive commercial reference from expert in relevant field: 5 points
• Positive technical reference from expert in relevant field: Up to 10 points
• Details of management team: 5 points
• Confirmation that you will own at least 5 percent of the proposed business.

The third category is Economic Benefit to the UK. This category carries a maximum of 30 points.

• Full-time jobs created in the first twelve months: Up to 25 points.
• Number of science/technology graduates who will be employed in the business: Up to 15 points.
• Introduction of new technology, processes or products to the UK or to a specific industry. 25 points
• Intellectual property rights to be used in the business: 25 points
• Investment in research and development in the first twelve months: Up to ten points for GBP100K.
• If the business is primarily internet based: 25 points.
• If the business will increase the level of e-commerce activity in the UK: 25 points.

As well as gaining the correct amount of points to apply for a Business Innovator Visa you also need to create a business plan that covers what you will be doing business wise for the next 18 months.

You also need to gather certain pieces of information such as your previous employer references, your registered accounts and trading records of business, copies of professional/academic certificates and evidence of network memberships as well as research output.

If you are successful with your Innovator business visa it will be granted to you for two years. You need to apply for this visa at the British Embassy within your country.

If you would like additional help with applying for a Business Innovator Visa then contact Immigration Consult today and we will help you in any way that we can.