Innovators
This is a scheme aimed at entrepreneurs with new and creative ideas who want to set up a business in the UK, especially in the areas of science and technology. The Home Office wish to attract and select entrepreneurs whose business proposals will lead to exceptional economic benefits for the UK.
Normally entry clearance (a visa) is expected, but there is a chance the Home Office will entertain an application in-country depending on that person's current status.
A successful application can result in leave to enter / remain being granted for 24 months. If the individual wishes to stay longer in the UK as an innovator, an extension application should be made just prior to the 24 month period expiring. If the requirements are satisfied, stay will be granted for up to 5 years, at which point 'indefinite leave to remain' (settlement status) could be applied for. Spouses and dependents (under the age of 18) can also enter with the correct entry clearance.
The innovator scheme is different from other business categories in that:
- a set amount of money is not needed to be invested;
- someone else can give the person applying money to set up the business; and
- the proposals must bring exceptional economic benefits to the UK
To qualify as an innovator a person must show that they have:
- entrepreneurial ability;
- technical skills; and
- a good business plan
Assessment is selective, but highly flexible.
The application is assessed as follows:
A person must first meet four requirements:
- The proposed business must create jobs - 2 full-time jobs must be created for people who are settled in the UK (or the equivalent part-time jobs);
- They must have shares in the company - the person must hold, in their name, at least 5% of the shares in the company and that company must be registered in the UK;
- They must be able to live in the UK without assistance from public funds;
- They must be able to finance their business for the first 6 months - the money needs to be available or agreed in principle.
If the person meets the above requirements, the Home Office will then assess the application with a points system. A person must score a minimum number of points in each of three different areas and reach an overall score (in excess of 100 - total is 300):
The individual scoring areas are as follows:
Personal
Work experience, entrepreneurial ability, qualifications & references
Business plan: general
Technical, commercial and financial plus viability, plans for management team creation
Business plan: economic benefits
Types & number of skilled jobs created, new and creative proposals & money spent on research and development
For further information or assistance, please contact us.
