What is a good business idea?
Previously, Bosi shared with you the British Innovator Visa (click to view). Therefore, many friends left messages wanting to know clearly what counts as creative. Today Bosi will explain it in detail to everyone!
In order to qualify for the UK Innovator Visa you will need to have a business idea that is innovative, feasible and scalable. This is required at the initial endorsement stage; an endorsement of trust from an approved endorsement agency is required when applying for a visa. Once you receive your endorsement, you must apply for a visa within 3 months.
The Home Office will also assess these 3 factors during the visa application stage and may not award the necessary points if they are not satisfied with your business plan. If they think they need more information to make a decision, they may ask for it from you; you should show detailed market research. Appendix Innovator and Appendix Start-up do not provide detailed definitions of each factor. However, they do include four additional provisions that businesses must meet, which can serve as a guide to demonstrating compliance with the requirements.
What makes a Startup or Innovator Visa business idea innovative?
According to the Immigration Regulations:
"(a) The applicant must have a genuine and original business plan to meet a new or existing market need or create a competitive advantage."
The business must bring new ideas to the UK. This could be in the form of an entirely new product or service that does not exist on the UK market, or it could be a new approach to an existing product or service, for example related to new technology or data aggregation, which would give the business a competitive advantage. You should be able to clearly explain why your idea is different from any similar businesses that already exist.
In most cases, when applicants first apply for this type of visa, they should be setting up a new business. If the business is already registered with Companies House, it should not already be operating. The only exception is if the applicant has previously been granted a Start-up visa and now wishes to switch to the Innovator route – in this case, different rules will apply. The business must be original, so you must have your own idea or make a significant contribution to it as a key member of the founding team. You can't apply based on other people's ideas, and you shouldn't ask others to provide you with ideas if you don't have them yourself. If you work with another person who contributes to the development of the business idea, they may be eligible to apply for a visa as a member of your team.
What makes a Startup or Innovator Visa business idea viable?
According to the Immigration Regulations:
"(b) The applicant's business plan must be realistic and achievable and achievable within the applicant's available resources;"
Those applying for start-up endorsement do not need any investment funds, while innovators will need to show at least £50,000 of funding to apply.
However, an accredited body may assess how much investment capital your business needs to survive, for example if it requires expensive machinery or a large number of staff before the business breaks even. The amount required will depend on your financial budget. Investment funds can be held outside the UK but will be converted into pounds on the date of application and you may need to provide a letter confirming that the funds are with a regulated financial institution and can be transferred to the UK.
The Immigration Regulations continue to state:
"(c) The applicant must have or be actively developing the skills, knowledge, experience and market awareness required to successfully operate the business;"
The feasibility assessment focuses on whether you are a suitable person to run the business. You do not need to have prior experience running a business in the same field, or any experience is required, but you should be able to demonstrate that you have the skills required to run the intended business. This could be general management experience, or skills gained from courses and qualifications you have gained or from previous work in a similar business.
What makes a Startup or Innovator Visa business idea scalable?
It should be pointed out that this requirement is slightly different between the start-up route and the innovation route.This is most likely because the start-up visa has a maximum stay in the UK of only 2 years and does not have a permanent residence orientation, whereas innovators will be granted permission for up to 3 years and have a permanent residence orientation.
For the start-up route, the Immigration Rules provide:
"(d) There is evidence of structured planning and the potential to create jobs and enter national markets."
In contrast, for the innovator route, the rules provide that there must be evidence of access to domestic and international markets.
Then you should include information about possible growth in terms of your geography and customer base, and how you plan to achieve this, such as through marketing strategies and financial projections. Your aim should be to show the possibility of expansion over the next few years, especially if you wish to switch from the Start-up visa to the Innovator route.
Scalability is also particularly important when considering solutions on the Innovator route. To qualify after 3 years, your business must meet at least two of the following requirements:
● Invest at least £50,000 into the relevant business, and be actively invested in advancing the applicant's previously endorsed business plan
● The number of business customers has at least doubled in the last 3 years and is higher than the average number of customers for other UK businesses with similar offerings
● The business is engaged in significant research and development activity and has applied for intellectual property protection in the UK
● The financial statements of the business business reflect the company's revenue of at least 1 million pounds in the last year (full year)
● The financial statements of the business business reflect the company's revenue of at least 500,000 pounds in the last year (full year), of which at least 100,000 pounds came from overseas exports
● Created at least 10 full-time jobs for local residents
● Created at least 5 full-time jobs for local residents, with an average annual salary of at least 25,000 pounds
How can we help you
Bosi is a British consulting agency authorized by the British Home Office. It has a relatively accurate grasp of policies and can help you improve efficiency.
During your application for the British Innovator Visa, Booz can assist you in preparing a business plan that suits you and meets the requirements. Booz will contact the most suitable endorsement agency to help you obtain trust endorsement so that it is highly consistent with your business idea.
Today’s sharing also solves the doubts of many friends who are consulting about the innovator visa, and they clearly know what is considered an innovative business idea.
If you want to apply for an innovator visa, you can add our immigration consultant to consult for details! Our immigration consultants are authorized by the British Home Office (registration number: 201600096), so you can consult with confidence.
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