Novator Visa is designed for experienced entrepreneurs seeking to open or grow their business in the UK.
To obtain a visa, applicants must offer an innovative, viable and scalable business idea that will receive the approval of an organization authorized by the Home Office.
In most cases, the applicant will also need to demonstrate the availability of at least £ 50,000 to invest in a future company. Applicants can form a team with other applicants for an innovator visa, each of which must have an amount of at least £ 50,000.
The initial visa is issued for 3 years. The visa holder can extend it for another 3 years or (subject to certain conditions) apply for permanent residence.
The key requirement for obtaining an innovator visa is a written confirmation from an organization (Endorsing Body) authorized by the Ministry of the Interior. The business ideas expressed in the applications must meet the criteria of innovation, vitality and scalability.
The conditions for applying for an innovator visa
- Applicant must be over 18 years old.
- A business (or business project) must receive approval from an authorized organization
- The approval of the authorized organization must be valid at the time of filing and consideration of the application.
- Applicants must have sufficient capital to live in the UK.
- Applicants must be proficient in English at least B2 on the CEFR (Common European Framework of Reference) scale.
Investment Requirements:
- When creating a new company, the applicant must have at least £ 50,000. The source of the funds does not matter.
- Applicants may form a team with other Novator visa applicants, but may not use the same investment. Each applicant must have an amount of at least £ 50,000.
Innovator Visa Extension Terms
- Still developing a business in the UK or striving to open a new one.
- Own a business that has already been approved as part of the Novator Visa.
- Have the opportunity to invest £ 50,000 – if the applicant seeks to open a new business in the UK, approved by an authorized organization.
- Have enough cash to support yourself without applying for public funding.
- Include all dependents mentioned in the application for a current visa in the application for its extension, including children who are over 18 years of age during their stay in the UK.
Holders of the Novator visa can apply for permanent residence after 5 years of residence in the country or after 3 years if their business is working especially well.
To do this, the business must demonstrate significant achievements within the framework of the business plan approved upon receipt of the initial visa.
One year after receiving permanent residence, the applicant can apply for citizenship, provided that the total period of his stay in the country is at least 5 years.
Conditions for obtaining a permanent residence permit (ILR)
- Stay in the UK for at least 3 years before applying.
- To be in the UK on an innovator visa.
- Demonstrate the necessary knowledge of the English language and pass the test “Life in the UK” (test for knowledge of the laws, history and social structure of the UK).