Innovator Visa replaces Tier 1 Entrepreneur visa, it is designed for an Entrepreneur to set up a business in the UK.
Innovator visa is initially granted three years and four months if you apply for it from outside of the UK and three years if you apply for it inside the UK. After three years later, you will be able to extend it and there is no limit of time for extension. You can apply for Indefinite Leave to Remain in the UK when you have been in the UK for five years.
Innovator visa requires you to have an endorsment letter from one of an approved body. Your business idea has to be
1. a new idea - you cannot join or invest in a business that is already trading
2. viable, with potential for growth
You need to have at least £50,000 as your investment funds if you want to set up a new business. Your funding can come from any source. You do not need any investment funds if your business is already established and has been endorsed for an earlier visa.
You also need to meet English language requirements by
1. passing an approved English language test with at least CEFR level B2 in reading, writing, speaking and listening
You need to have your business or business idea assessed by an approved body when you extend your visa.
Your application has to be made by online. You can apply for it at apply online.
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