29. How to convert from UK Startup Visa to an Innovator visa
Innovator visa are valid for three years to grow your business and lead directly to permanent residency permits in the United Kingdom. Holders of the UK startup visa can extend their stay in the Innovator visa category at any time and achieve settlement after 5 years.
You can submit an application for a residency permit based on an innovator visa after two years of holding a startup visa or at any time that you meet the requirements below:
– Investment of 50k Pound on your business.
– Approval of the Endorsing body,
– proving that your product is an innovative product.
Requirements for applying for permanent residence through the Innovator visa
1. The endorsement letter must confirm both of the following Applicants have achieved notable achievements, as judged by their business plans from previous endorsement assessments.
2. The applicant’s business is registered with the Companies Registry and the applicant is listed as a director or member of the business.
3. The business is active and trading.
4. Based on its assets and projected revenue, weighed against its current and planned expenses, the business appears to be sustainable for at least the next 12 months.
5. The applicant has played an active key role in the day-to-day management and development of the business.
The applicant’s business meets at least two of the following requirements:
1- The business has at least £50,000 in investments that have been actively employed to promote the business plan that was evaluated in the applicant’s prior endorsement.
2- The company’s customer base has at least doubled over the past three years, and it is now larger than the average for UK companies providing equivalent high-end goods or services.
3- The company has applied for intellectual property protection in the UK and has carried out extensive research and development.
4- The company’s most recent full fiscal year, which is covered by its accounts, saw a minimum gross annual income of £1 million.
5- In the most recent full year covered by its report, the business had a minimum gross annual income of £500,000, of which at least £100,000 came from exports to other countries.
6- The company gives locals the equivalent of at least 10 full-time jobs.
7- The company has established at least five full-time positions for locals, each paying at least £25,000 annually (gross salary, excluding any expenses). These positions must adhere to all applicable UK laws and have been in operation for at least a year.
8- includes the in effect at the time National Minimum Wage Regulations and Hours of Work Regulations 1998. Each position must need at least 30 hours of paid work each week on average.
The company had a minimum gross yearly income of £500,000 in the most recent accounting period, of which at least £100,000 came from exports to other countries.
One full-time employment may be created by combining two or more part-time occupations that total no more than 30 hours per week and have each been held for at least 12 months. A full-time work that requires more than 30 hours a week does not, however, qualify as multiple full-time occupations.
Innovator visa | UK Startup Visa | Innovator visa
