A Two-Year Pilot Programme which has been extended and is aimed at attracting potential entrepreneurs who lack significant assets but possess bright ideas, talent and the character required to create and maintain a business likely to confer “exceptional economic benefit” upon the United Kingdom.
Although the desired areas are science, technology and e-commerce, the option is open to anyone likely to create an expanding business in Britain.
The advantage of the Innovator Programme over either the Business Investor Programme or the Highly Skilled Migrant Programme is its flexibility. Applicants are not required to invest a specific amount nor even to possess personally the funds to be invested. The funds may be borrowed or have been a gift or an inheritance. In addition, this programme is open to the well-educated who lack business experience or to those with business experience but little formal education. The potential, not the past, is the operate factor. Those with bright ideas and the character to succeed are those whom this programme seeks to attract to the United Kingdom.
The initial work-permit is issued for eighteen months and, if its holder is on-track, will be extended for an additional 2½ years, after which it may be converted to
“leave to remain indefinitely;” i.e., permanent residence.
In order the retain the work-permit, its holder must:
have registered a company in the U.K.,
possess at least 5% of the U.K. firm’s shares;
provide two full-time jobs (or part-time equivalents) for ‘Britons’ and
be generating sufficient net income from the business to support the
the permit-holder and all accompanying dependants.
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Those seeking this visa apply first to the Croydon office, which generally renders its decision within two weeks, and then at the diplomatic mission governing their place of lawful residence or their home country for “entry clearance”.
SOUTH ENGLAND: Trebah, Cornwall
Successful applicants are required to:
demonstrate an entrepreneurial spirit,
possess relevant (technical) skills,
proffer a realistic business plan,
have access to the capital needed to open and operate
the proposed business for at least six months and
have reserve funds sufficient to be self-supporting.
Applicants for innovator work-permits, who are assessed in four broad areas, must receive passing scores in each area and an overall passing mark of 100. This approach allows those lacking in education to overcome that shortcoming if they have strong business experience, and vice versa.
The six areas of assessment are:
proven entrepreneurial ability,
business and work experience,
educational and professional qualifications,
viability of business plan and
economic benefit to the United Kingdom.
A well-conceived and supported business plan is a sine qua non for approval.
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