28/09/2022
28 September 2022 – Just useful and interesting UK & EEA Immigration Law news and updates from the Legal Centre – Open 7 days a week - www.legalcentre.org - +44(0)3300010342, +44(0)7791145923 (WhatsApp/Viber)
>>> Upcoming changes to the Innovator visa route
From the Home Office conference on the Economic Migration
"The changes reform and expand the Innovator route to make provision for overseas nationals seeking entry for the purpose of establishing an innovative business (now referred to as Innovator Founders), and overseas nationals seeking entry for the purpose of professionally investing in innovative businesses in the UK (now referred to as Innovator Business Angels)
The changes remove the £50K minimum funds requirement currently applied to those coming to establish an innovative business in order to make more flexible provision for those with a genuine proposal for an innovative business and sufficient funds to deliver it.
The changes relax existing restrictions on Innovator migrants engaging in employment outside the running of their business, provided such secondary employment is in skilled roles (i.e., at least skilled to RQF Level 3).
The changes introduce new provision for Innovator Business Angels, which are intended to offer a route of entry and stay for experienced professional investors who intend to invest in innovative businesses in the UK. They will need to be assessed by an approved endorsing body and demonstrate that they:
a) are of good conduct as fit and proper business persons that have appropriate experience, whether as the founder of an innovative business overseas or as a professional investor in such businesses overseas;
b) have an investment plan that will deliver investment in innovative businesses in the UK as well meeting criteria for regional impact and job creation;
c) meet funding requirements which require the applicant to have £5m of their own funds and obtained from their own economic endeavours which have already been deposited in an account with a Financial Conduct Authority-regulated financial institution and have been subjected to relevant due diligence checks and know your customer checks in advance of the overseas national applying for an endorsement.
These changes specify that successful applicants under the arrangements for Innovator Business Angels will be required to be active as an investor on a day-to-day-basis and to have invested at least £2m in innovative businesses within 1 year of entry under these arrangements, and their progress in implementing their investment plan will be monitored through checkpoints administered by the endorsing bodies at 12 and 24 months.
These changes specify that settlement for Innovator Business Angels after 3 years will require the applicant to have invested at least £5m in line with their investment plan; to demonstrate that their investments have led to the creation of 20 full-time jobs; and to meet other specified criteria relating to economic performance of the businesses they have invested in.
These changes close the Start-up route to new initial applications, except where they are supported by endorsements issued before [entry into force date]. With the removal of the £50K minimum funds requirement for Innovator Founders under the Innovator route, is no longer necessary to retain a separate route for start-up entrepreneurs that do not have access to this level of funds.
Endorsement is STILL REQUIRED
Investments can be obtained from the Endorsing Body
