Towards the end of March 2019, the UK government closed the Tier 1 Entrepreneur Visa to new applicants and replaced it with two new visas for overseas entrepreneurs who are looking to move to the UK to start a business. The aim of launching Innovator Visa was to attract more experienced business people who can invest £50,000 in an innovative business that is viable, with potential for growth. The Start-Up Visa was launched for the less experienced overseas entrepreneurs.
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.
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?
There are two main differences between the Tier 1 Entrepreneur Visa and the Innovator 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
To meet the criteria, you need to have:
- £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
The most significant benefits of the UK Innovator Visa are:
- 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?
Our team of dedicated experts have robust visa approval experience. From preparing your application documents to endorsement, and until you receive your UK passport and nationality – we’ll help you all the way.
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