Towards the end of March 20219 the government of the UK introduced the new innovative
visa for the out of the country business men and shut down the category of tier
1 category for the new candidates.
The innovative visa is a classification for those people having experience in business and they are looking to build or start a business in the UK. For that many exceptions are applied i.e. you must have at least £50,000 that will be invested in the business or they have already been invested and you have to have an innovative practicable and accessible idea for the business that has to be sanctioned and maintained by an endorsing body.
People suitable to innovative visa
This classification for innovative visa is appropriate for the businesspersons who are experienced plus they are seeking to build a new setup of business in UK which is innovative accessible practical. The candidates are required to introduce a new idea for the business.
The candidates can work as a only founder or can be a part of a business team. The idea of the business can be linked to any sector only if the idea of the business is appropriately innovative accessible and practical.
Requirements for the innovative visa
Charges of innovative visa
The present home office application charges for an innovative visa is £1,021 when applied outside of UK and £1,277 if you are applying to switch into a classification inside the UK
Valid period for innovative visa
The valid period of this visa is 3 years either you have come on an innovative visa to uk or switched to this visa from another while living in uk. You can apply for settling in UK once you have completed 3 years of valid period
There is no limit on how many times you can extend this visa. You can easily apply to extend you staying for another 3 years when your innovative visa is about to expire.
Procedure to apply for innovative visa