The UK innovator visa is a replacement for the UK Tier 1 visa. It is an immigrant visa for entrepreneurs and business people who want to migrate to the country. The innovator visa allows investors to start a unique business in the country and obtain residency in the UK. The visa category is for experienced business people who can invest at least £50,000 in an innovative business in the country.
The innovator visa must be endorsed by an approved endorsing body. It helps in assessing the business proposal, setting up the business, and keeping track of its progress. However, the UK innovator visa requirements demand that your business should be innovative, feasible, and scalable. The investor must have their own innovative business. They can't invest in an existing unique opportunity to obtain residency.
But what does the business plan for the UK innovator visa from India look like? This article will highlight the things that should be included in the UK innovator visa business plan. We will also address why more and more investors are hiring UK innovator visa consultants in India for immigration under this business visa category.
UK innovator visa business plan: What should it include?
A comprehensive business proposal is important to get the visa application approved. Even if you meet the eligibility criteria, without a good business proposal you will not be able to get the UK innovator visa easily. Here are things that investor should include in the business plan -
1. Showcase uniqueness
One of the most important UK innovator visa requirements is that the business idea should be unique. You need to showcase in your business plan that you have a genuine idea that does not match any existing business.
However, you can also present that you have achieved a competitive advantage with a similar product that is more cost-effective. Your business or products should feel an existing gap in the market. The business plan must have a clear statement of why your idea is new and different from other businesses.
2. Present viability
The next thing to include in your UK innovator visa business plan is to show that the idea is viable and feasible. You must showcase your skills, knowledge, and experience in running the business. When you hire someone for UK innovator visa guidance they can help you with all the details.
You need to display your professional background and skills for the smooth operation of the business. Viability also includes an explanation of the target audience that you propose to sell your product.
The UK innovator visa business plan must include evidence that your business is not only unique but scalable as well. It must have the potential for job creation and showcase how it will grow over the years in national and international markets. You must specify the market that you will target, including graphical location and customer base.
The business plan must include details about expansion and how you plan to fund its growth. You have to showcase whether the funds will be from your personal account or a third-party investor.
4. Financial details
To obtain the UK innovator visa from India, investors must provide clear evidence of the points that will be required to run the business. The minimum UK innovator visa requirements include at least £50,000 for business operations. You must showcase the source of funds and where they will be invested in the business.
If you are planning to start the business with a partner, then each person has to make at least £50,000 of investment in the business. Only after meeting the financial requirements, your application will have the necessary weightage it requires to get quick approval.
5. Endorsing information
Getting UK innovator visa guidance from an expert will help you with the endorsing details. Since your business should be endorsed by an approved endorsing body, you need to have details of the relevant authority. The endorsing body will go through the business proposal, check for innovation and viability, and then finally provide an endorsement letter.
If the authority is providing the investment funds, then the endorsement letter must confirm this. Otherwise, the investor has to provide evidence for the acquisition of funds apart from the endorsing body.
UK innovator visa: Indefinite leave to remain
One of the best advantages of applying for the UK innovator visa from India is that it can help you obtain indefinite leave to remain in the country. The innovator visa takes around 3 to 8 weeks in processing time, after which you can migrate as soon as you want to.
The total duration of the UK innovator visa is 3 years. However, you can extend it an unlimited number of times after 3 years. That is why most people who apply for the startup visa convert it into an innovator visa after their duration is over.
The innovator visa also includes your family of four members under a single application. They are free to live, travel, and work freely anywhere in the country. Indefinite leave to remain is an indirect form of permanent residency by investment in the UK.
The UK innovator visa is one of the best options for business people to migrate to the country. It doesn't require you to wait for years to obtain a residency in the UK. When it comes to migration under UK Tier 1, innovator visa is the best alternative that the government presents to investors for immigration.
If you are looking for the top UK innovator visa consultants in India, My Global Citizenship™ can help you. We are trusted by 100+ clients for UK immigration by investment requirements.
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