This post will lay out how different UK Innovator Visa is from Tier 1 Entrepreneur Visa and why Innovator Visa is a better option. So, let’s get started.
Why is Innovator Visa better than the Entrepreneur Visa?
- Amount of money required to fund the business
With the Tier 1 Entrepreneur Visa, you were required to invest £200,000 to start the business. With the Innovator Visa, you require just £50,000 worth of seed capital to start the business.
Benefit: This reduction in the investment amount has opened doors to excellent entrepreneurs who couldn’t start a business in the UK due to the huge amount of investment that was previously required.
- Introduction of an endorsement model
In the endorsement model, the business is accessed by accredited organisations capable enough to evaluate a business idea. The previous Tier 1 Entrepreneur Visa relied on Home Office staff to assess the viability and quality of a business idea.
Benefit: The risk of refusal is reduced.
Requirements of Innovator Visa
- £50,000 to £150,000 to invest in the business
- An endorsement from a Home Office approved endorsing body
- The maintenance funds for dependents
- English language skills
Benefits of Choosing the UK Innovator visa
- You receive permanent UK settlement in just 3 years.
- You can make the investment after your UK visa is approved.
- Your family is also eligible for UK visa approval.
- Access to free healthcare for you and your family.
- Access to free UK education for your children.
- With UK nationality and passport, you have the freedom to travel to 180 countries.
How can Nysa Global help?
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