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You can switch a start-up visa into innovator visa from inside the UK after making significant progress on your business. To be able to switch you you need to satisfy the requirements and meet the criteria of an innovator visa.
The innovator visa category is for more experienced business people seeking to establish a business in the UK relying on investment funds of £50,000. Applicants will have an innovative, viable and scalable business idea which is supported by an endorsing body. With some exceptions, applicants will have funding of £50,000 to invest in their business.
It is important that before you apply for switching into Innovator visa, you have applied for and obtained the endorsement letter from the relevant endorsement body.
If your application for switching into innovator is successful, you will be granted leave to remain for a period of 3 years. Upon completion of 3 years of residence in the UK as an innovator, you become eligible to apply for ILR. If you do not meet the eligibility criteria for ILR, you can apply for an extension/renewal of your innovator visa.
You can switch to an Innovator visa from inside the UK if you have permission to stay in the UK under any one of the following visa categories:
The requirements to be satisfied for an application for switching into an innovator visa from inside the UK include the following:
General Requirements:
An applicant endorsed for a new business may apply for leave to remain as an innovator migrant. An applicant is considered to be endorsed for a new business when either:
Applicants applying for an Innovator visa with a new business endorsement will need to demonstrate that they have either invested or have available at least £50,000 to invest in their new business.
The table below sets out how an applicant can demonstrate that they meet the funding requirements:
| Source Of Funds | Evidence Required |
| Endorsing body or other source where the endorsing body has verified the funds are available | Endorsement letter confirms available or prior investment of £50,000 |
| A UK organisation employing at least 10 people | All of the following:
A letter which contains a signed declaration confirming:
|
| An overseas organisation, a UK organisation which employs less than 10 people or an individual third party | All of the following:
1) A signed declaration which contains:
2) A letter from a legal representative (who is registered to practice legally in the country where the third party or the money is), confirming that the declaration and signature in the signed declaration is genuine. 3) A bank letter, confirming that the funds are held in a regulated financial institution(s). The letter must be dated no earlier than 1 month before the date of application. If the institution is outside the UK, the letter must also confirm that the funds are transferrable to the UK. |
| Funds held by applicant | Either
Bank statements, showing the funds are held in the UK in an institution regulated by the Financial Conduct Authority. The statements must cover a consecutive 3 months, ending no earlier than 1 month before the date of application. Or A bank letter, confirming that the funds are held in a regulated financial institution(s). The letter must be dated no earlier than 1 month before the date of application. If the institution is outside the UK, the letter must also confirm that the funds are transferrable to the UK. If these documents do not show that the applicant has held the funds for at least 3 months, the applicant must also provide all the evidence from the source of the funds as set out for an overseas organisation or a UK organisation which employs less than 10 people. |
| Funds already invested in business | Either of the following documents which must show the amount that has been invested:
Business accounts, showing the name of the accountant and the date they were produced. Or Business bank statements. |
Where evidence shows that funds are available to the applicant’s business rather than to the applicant themselves or that funds have already been invested in the business the applicant must provide a company’s house document showing their connection to the business. This document is not needed if the endorsement letter confirms the applicant’s connection to the business.
If the money is not held in the UK, all of the funds needed for the investment must be freely transferable to the UK and able to be converted to pounds sterling. Money held in an overseas account but in a financial institution regulated by the Financial Conduct Authority (FCA) will satisfy this requirement.
Money held overseas in an institution not regulated by the FCA must be transferrable to the UK. The applicant must provide evidence to confirm this, such as a document from the financial institution. Banks are not, however, required to guarantee that this money will be transferred.
The applicant must have a B2 level of English language ability, as defined in the Council of Europe’s common European framework (CEFR) for language and learning.
Adivis specialising in UK immigration. We help individuals with their UK immigration needs and can guide and support you through any Home Office process, including an application for switching to an innovator visa. If you have a question about the endorsement application, please call 0208 638 5532 or contact us online.
Disclaimer:
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Adivis and authors accept no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Adivis. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Adivis.
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