Savory and Partners: The many Business Immigration routes to the UK: Innovator, … – Press Release

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DUBAI, UAE, June 10, 2023 /PRNewswire/ — The UK is home to the world’s fifth-largest economy and of the world’s most dynamic markets. It has a GDP of $2.67 trillion, and its economy has grown an impressive 7.6% and 4% in 2021 and 2022, respectively. It is no surprise, then, that various ambitious entrepreneurs throughout the globe put the UK on their business bucket lists.

 

Thankfully, for those entrepreneurs looking to establish or expand their business in the UK, the English-speaking nation has no shortage of enticing business immigration routes; namely, the UK Innovator, Start Up, and Expansion Worker visas. 

The UK Innovator Visa

The UK introduced its Innovator Visa in 2019 as a replacement for the now-closed Tier 1 Entrepreneur Visa to boost its private sector and elevate the country’s innovative start-up scene, which is already quite impressive as the UK ranks 4th on the Global Innovation Index.

The Innovator Visa allows investors with a new idea (new to the UK market) to apply for residence in the UK. The visa is quite popular due to its simplicity and the UK’s Small and Medium Enterprise (SME) positive environment.

SMEs account for a staggering 99.2% of the total business population in the UK and are responsible for 52% of the country’s total business turnover. Highlighting the government’s focus on nurturing smaller businesses, which makes it an excellent option for entrepreneurs looking to establish their companies. This is made even more accessible through the Innovator Visa.

The Innovator Visa’s requirements are simple, as an applicant must:

  • Have a clean criminal record
  • Have an innovative business idea
  • Obtain an endorsement from one of the many government-approved bodies
  • Have a level B2 English Language proficiency
  • Have access to £50,000 in funding
  • Have enough personal funds to support themselves and their families for the duration of their stay in the UK
  • Applicants can add their spouse and dependent children below 18 to their application

Successful applicants…

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