Innovator Visa 

Introduced by the UK Home Office in March 2019, the Innovator Visa is a business immigration route formulated to encourage and attract experienced professionals (E.G.: entrepreneurs, academic researchers or international traders) to establish innovative businesses in the UK. To apply for this visa route, a minimum investment of £50,000 is required – upon approval, the applicant will be granted a 3-year visa, and is thereafter eligible for settlement in the UK.

Advantages:

• Low investment requirement (£50,000)

• No specific educational background needed

• Flexible fund management

• Fast approval – no worries!

• No limit on visa extension

• Can bring family (spouse / partners and children under 18)

• Opportunity to create an entrepreneurial team

• Individuals can settle in the UK after just three years – and apply for permanent citizenship after 5 years

Key Requirements for Application:

Minimum Investment Funds: £50,000

You will need a Bank Statement for more than 3 months showing the availability of minimum investment funds.

Language: CEFR B2 Equivalent (IELTS 5.5), Exemption may apply (if a degree is issued from a English-speaking country based on a course taught in English)

Business Plan: this is required to prove that the business is innovative, scalable and viable, in order to receive endorsement from an UKVI approved endorsing body

 

Innovation	Viability	Scalability
Does the applicant have a genuine, original business plan that meets new or existing market needs and/or creates a competitive advantage?	Does the applicant have, or are they actively developing, the necessary skills, knowledge, experience and market awareness to successfully run the business?	Is there evidence of structured planning and of potential for job creation and growth into national markets?

 

Business Experience: relevant work or business experience is preferable

Maintenance: minimum of £945

Application Process:

Fees:

For reference only. Fees below are charged by third-parties only, fees may vary depending on the applicant’s home country. 7Plan Business fee is not included.

Investment Projects:

–  Finetech
–  Healthcare
–  Cooking Technology
–  eCommerce
–  Education Technology
–  Al & Big Data Analytics
–  Event Management Solutions
–  HR Technology
–  Photography

Our partners are among the UK’s leading investors in the technology sector: they have deployed a good unique approach to investing in early-stage (but globally scalable) businesses, platforms, software as a service (SaaS) and trading technologies. For any business, our goal is to have a minimum of 10x return on initial investments, with the potential for 100x return at a later stage- however, we pay more attention to quality, not quantity!

Project Characteristics

 

There is Potential for 10 to 100 times Return on Investment:

–  Great for Start-ups
–  Minimum Viable Product
–  Assists in generating profit
–  Favoured by the market
–  Global scalability

Criteria for Selecting the early-stage business

 

Co-founder background must demonstrate:

–  Considerable achievements
–  Conscientiousness
–  Strengths and Weaknesses
–  That investment has been secured for the applicant company
–  A high level of knowledge/ Expertise in the sector

The applicant company must:

–  Be solution-focused – it should fill a gap in the market
–  Have potential for global scalability
–  Provide high-technology products and services
–  Have potential to gain significant intellectual property rights
–  Be capable of expanding to a global market, creating at least 10 new jobs and/or generating a minimum annual revenue of £1 million in the third year.

Forms of investment:

Project/application way	Investment amount	Notice
Completely independent/Set up your own company	£5000 invest + 3 years development money	The need for real operation and development of the company.
Partnership and joint venture Eg: one person has experience and another one no experience.	£5000 invest + 3 years development money	The need for real operation and development of the company.
Participate in co-incubation Plan A: project type (equity investment)	£20.000 invest in the enterprise (one time or 2 years invest) If you decide to exit the company after 3 years you can get all or a part of your money back, depending on the term of negotiated between the investor and the company.	To participate in the operation and development of the company, with flexibility, according to the individual situation of the investor.
Participate in co-incubation. Plan B: project type (equity + borrowing to invest)	Part of the purchase of equity. Part of the amount that has been borrowed in the form of investment. If you decide to exit the company after 3 years you can get all or a part of your money back, depending on the term of negotiated between the investor and the company.	To participate in the operation and development of the company, with flexibility, according to the individual situation.

 

Settlement Success Criteria:

Upon completion of 3 years of continuous lawful residence, the main applicant and his/her dependants may be qualified for permanent residence (also known as Indefinite Leave to Remain – ILR) in the UK. In addition, only TWO of the following need to be achieved:

Suggested Criterion for Applicant:

At least £50,000 has been invested into the business and actively spent furthering the business plan assessed in the applicant’s previous endorsement

plus ONE of the following:

1. the number of the business’ customers has at least doubled within the most recent 3 years and is currently higher than the mean number of customers for other UK businesses offering comparable main products or services

2. the business has engaged in significant research and development activity and has applied for intellectual property protection in the UK

3. the business has generated a minimum annual revenue of £1 million in the last full year covered by its accounts

4. the business is generating a minimum annual revenue of £500,000 in the last full year covered by its accounts, with at least £100,000 from exporting overseas

5. the business has created the equivalent of at least 10 full-time jobs for resident workers, OR

6. the business has created the equivalent of at least 5 full-time jobs for resident workers, which have an average salary of at least £25,000 a year (gross pay, excluding any expenses)

 Why choose us?

• Thoroughly evaluate your background in accordance with visa standards

• Answer all immigration-related questions

• Develop a bespoke immigration plan for you

• Guide you through the preparation for endorsement and visa applications

• Provide you with a professional covering letter – written by a qualified solicitor to UKVI – to ensure all eligibility requirements are met

• Match you with the innovative entrepreneur(s) relevant to your background

• Assist you in communicating and negotiating the agreement with the entrepreneurs/founders matched

• Provide a comprehensive entrepreneurship training course to prepare you for the endorsement application

We endeavour to help you start a new chapter in the UK smoothly. From airport pick-up to GP registration, we are at your service. To help you secure your settlement status after three years, we will plan ahead for you upon your first arrival in the UK: our post-visa care service is designed to ensure that your personal and business development is on the right track, in order to meet the requirements for the UK settlement or naturalisation.

 

Q&A

Q1: Who can apply for this visa?

This visa is suitable for people who want to start a business and live in Britain. You need to have 50,000 pounds to apply.

 

Q2: How much money do you need to apply?

To apply for endorsement: the proof of investment required for the visa is only £50,000. But the total investment to prepare is £200,000. Whether you will run your own business or set up a team of local British entrepreneurs, to start a company investment of 200,000 yuan is a must. Hiring a fresh graduate in the UK costs £20,000 a year on a basic salary, plus renting an office space and other marketing channels. £50,000 will not by any means be enough to start your business in England for three years. The same is true if you were to do business in China or any other country. 

 

Q3: What kind of paperwork I need to prepare for visa application?

You need to prepare: passport, endorsement letter from an immigration appointment, intermediate language score, living expenses, no criminal record, no tuberculosis certificate.

 

Q4: What are the applicant requirements?

For the applicant to be able to run a business in the UK, the business plan needs to be approved by the endorser. We can help our clients find a UK government-backed business project that matches your chosen industry and experience, and work with highly skilled experts to start a company with you and secure your endorsement.

Q5: What level of English language do I need to be accepted for a visa?

The required level is intermediate in listening, speaking, reading and writing (meets IELTS 5.5)

 

Q6. How long is the preparation period?

4 to 6 months

Q7: Who is the endorser?

The endorsement body is a British government-approved training ground for entrepreneurs, providing guidance to local entrepreneurs on how to run their businesses and helping young companies grow and become profitable. After getting accepted for endorsement by incubator or university, they will give professional guidance in business areas including team building, marketing, product development, marketing, financing, etc.

Q8. How long does the endorsement application take?

Usually 6-8 weeks.

Q9. Does the endorsement application process include an interview? Face-to-face or online?

Interviews are required, either online or over the phone

Q10. Is there an interview at the immigration office?

Generally speaking, no, unless there is a special reason. (e.g. : ordered to conduct spot checks, etc.)

Q11. How long will it take for me to get the back slip after I sign the contract with the endorsement body?

The whole process usually takes 10-12 weeks:

• 4 weeks: match the right investment to the client’s background

• 2 weeks: 1) we will host the tripartite meeting: after the client directly exchanges business ideas, investment projects and other matters with the endorser. 2) both parties consider all aspects and get to an agreement.

• 2-3 weeks: we help clients write business plans and submit them to endorsement bodies for approval.

• 1 week: endorsement letter from endorser

Specific situations can impact this timeframe, making the whole process a little bit longer or shorter. 

 

Q12. After receiving the endorsement, the lawyer can immediately submit the application to the immigration office on my behalf or do I need to deliver it myself in person?

The lawyer will review the visa application materials and complete the online application immediately after you get the endorsement. If you are in the UK on Tier2 visa, Tier 4 General (student) visa, or on a visitor visa, to apply for project funding (supported by an endorser), you may submit your papers in the UK. Otherwise, you need to submit the papers in your country.

 

Q13. If my company goes bankrupt within three years, are there any remedial measures I can take?

The endorser will assist the client on how to safely transfer to another project and will continue to support with business guidance.

 

Q14. In this case, do I still need to invest £200,000?

In this case it is not necessary. It is your own decision if you would like to invest in the new project. Some secondary investment projects are no more than 75,000 pounds, while some institutions require relatively higher investment funds if they have the advantages of high-income potential and low risk. Objectively speaking, that’s it.

 

Q15. What are the conditions to get permanent residence after three years?

Satisfy two out of the following seven requirements:

First, each applicant must meet this condition:

Invest £50,000 in the company and use the capital to develop the business according to the business plan reviewed by the endorsing body.

Each applicant must also satisfy one of the following requirements:

1. The company has research and development results and has applied for patents in the UK

2. The number of customers has doubled in the third year (when applying for permanent residence) and is slightly higher than the average number of customers per company in the same industry

3. The company’s turnover in the third year (when applying for permanent residence) reaches 1 million pounds

4. The company’s turnover in the third year (when applying for permanent residence) reaches 500,000 pounds, out of which 100,000 pounds is the income from export 

5. The company created 10 full-time paid jobs for local workers

Or,

1. In three years, the company has created five full-time paid jobs for local workers, each earning £25,000 a year

Q16. Can I renew my visa if I do not meet the requirements for permanent residence after three years?

If this happens, the immigration office will renew your visa for three years as long as you continue to operate the company. Under the laws of such visas, the number of renewals is unlimited.

Q17. Does the client require immigration supervision after receiving permanent residence?

If the customer wants to naturalize, he/she must enter the country every two years if he/she does not want to naturalize.

 

Q18. Can the successful applicant work to support themselves?

Innovators must work entierly on developing their business ventures and may not take on other employment outside of their business. This includes anything which effectively amounts to employment, such as using their own business to hire out their labour to another employer.