What is the UK’s Innovator visa?

The Innovator visa targets individuals who are looking to establish or invest in an original, unique business in the UK. However, these must be endorsed by a Home Office approved endorsing body, so is it the best option? And is it the key to kickstarting your business overseas? We unpack how the visa works and the pros and cons.

What is the Innovator visa?

Following the closure of the Tier 1 Investor visa last February, the UK’s Innovator visa is now one of the most preferred options for South Africans looking to invest overseas.

The visa was created for individuals who want to establish an original business in the UK based on an innovative idea they have generated, or to which they have significantly contributed. This means that an applicant may have contributed to a UK startup looking for foreign investors, and therefore satisfies the new requirement which states that an investor cannot join a business that is already trading.

To qualify for the Innovator visa, your business must also be innovative and viable. Therefore, it must be an original business idea which is different from any other and it must have potential for growth.

What are the requirements?

The Innovator visa also requires that the business or business idea in question is endorsed by a Home Office approved endorsing body, and that while the company can be registered, it must not yet be trading.

The applicant must have £50,000 (R980,848) in investment funds and must be able to prove where they got these funds. They also need to be at least 18 years old, be able to meet the English language requirement, and must be able to prove that they have at least £1,270 (R24,914) in their personal savings to support themselves when they arrive in the UK.

The cost of the application process can vary depending on circumstance, but to apply from outside the UK, the current fee stands at £1,036 (R20,323).

Vital visa expertise

Amy Brown, visa consultant and director of Beyond Visas Immigration Services, shared her thoughts on the Innovator visa: ‘I would say that [it] is essential for anyone wanting to start a business in the UK who does not have any other route.

‘There is nothing stopping someone being in the UK on, for example, an ancestral or spousal visa starting a business. But, if someone had an idea for a business in the UK and had no other visa route then it [definitely] would be essential.

‘The UK has made obtaining a visa increasingly harder over the years so, with the Innovator visa, there are a number of boxes to tick in order to qualify for one.

‘The pros for this visa [include the fact that it is aimed at] those who are quite business focused, [so, for them], it’s a good visa option.

‘However, there are several hoops to jump through in order to apply and qualify – one being that [the applicant needs to have] £50,000 (R980,848) in investment funds. So, it’s not a cheap visa option either.

‘The Innovator visa [certainly] is not a visa that you can just apply for as an option because you don’t have any other way into the UK. There are a lot of requirements to meet, and I would say there are other visas that are an easier, simpler route to go on if at all possible.’