Eligibility criteria for the UK Innovator Visa
The prospective investor has to show a minimum of at £50,000 in investment funds if you want to set up a new business.
Other Requirements of the UK Innovator Visa
- The business plan of the investor must be endorsed by an approved body. An approved body is a government authorised endorsing body that can issue endorsements for Innovator visas.
- The investor should have at least £50,000 in investment funds to apply for an Innovator visa for setting up a new business. The funding can come from any source.
- The investor needs to have had at least £945 in his bank account for 90 consecutive days before submitting the application.
- The investor must also be above the age of 18 years and also has to fulfil the English language requirement.
- The application under the U.K. Innovator Visa must be made 3 months prior to setting up the business.
- The Visa is initially issued for a period of 3 years but can be indefinitely renewed after expiry of every 3 years.
Benefits of the U.K. Innovator Visa
This visa promotes entrepreneurial opportunities and growth for individuals who wish to expand themselves to U.K.
The U.K. Innovator Visa covers the family of the main investor as well.
The investor is allowed to set up one or several businesses as per his resources and convenience.
The investment fund required for the U.K. Innovator Visa is fixed at a low cost requirement of just £50,000.
The investor can work for his own business - this includes him being employed as a director, or being self-employed as a member of a business partnership.
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