Alternatives to the Investor Visa
For high net worth individuals, the Investor Visa was a relatively straightforward visa application with the added advantage of accelerated settlement and a route to British citizenship. Since the Investor Visa route ended in 2022, our Immigration Solicitors have been advising on the alternatives.
UK Online and London-Based Immigration Solicitors and Sponsorship Licence Lawyers
For immigration advice call OTS Solicitors on 0203 959 9123 or contact us online.
What are the alternatives to the UK Investor Visa?
The advantage of the Investor Visa was its simplicity; if you had the cash and were willing to tie it up in authorised investments and comply with the investment rules, you got your visa and an option for accelerated settlement.
No alternative visa allows you to enter the UK and settle without an element of work or business unless you are eligible for a Family Visa, such as a Spouse Visa or Unmarried Partner Visa.
Many entrepreneurs and high net worth individuals rule out Business Visas and Work Visas as being too restrictive but our Business Immigration Solicitors say they are worth a look.
The alternatives to the Investor Visa include:
- The Innovator Founder Visa
- The UK Expansion Worker Visa
The Innovator Founder Visa
The Innovator Founder Visa targets entrepreneurs who want to set up a business in the UK. The business must be:
- Innovative
- Scalable
- Viable
The Innovator Founder Visa application process is in two stages:
- Business idea endorsement by an approved endorsing body
- Home Office approval of the visa application
Only Home Office approved endorsing bodies can approve your business idea and provide an endorsement letter. Business Immigration Solicitors can help you identify which endorsing body is the best one for your business idea and put you in touch with business advisors, consultants and accountants to help you progress your plans.
Unlike the Investor Visa, there is no requirement to put money into your business so there is no minimum investment figure. However, if you have funds to help your business in its start-up stage this may help show that your business is viable and scalable.
Many high net worth individuals question if the Innovator Founder Visa is the right route for them as they are ‘not Bill Gates.’ You don’t have to be. You also don’t need to have invented a replacement for the iPhone for your business to be considered innovative. At one point the Deliveroo concept was highly innovative even though it was harnessing existing tech to scale up food delivery. You may have several business ideas that you may discount as not being innovative. However, our Immigration Solicitors stress your idea does not have to be unique, just something a bit different.
With an Innovator Founder Visa, you can secure accelerated settlement by applying for Indefinite Leave to Remain after meeting the UK residence requirement for three years rather than the usual five. To achieve your Indefinite Leave to Remain status, your business will need further endorsement by an endorsing body.
To obtain business endorsement for your ILR application the business needs to be active and trading and able to demonstrate it has met strict growth criteria, such as:
- An investment of at least £50,000 into the business or
- The number of customers has at least doubled within the last three years and customer numbers are higher than the average number of customers for other comparable UK businesses or
- The business generated at least £1million in gross annual revenue in the last full accounting year or
- The business has conducted significant research and development activity and applied for IP protection in the UK or
- The business generated at least £500,000 in annual gross revenue in the last full accounting year, with at least £100,000 from exporting goods or services overseas or
- The business has created the equivalent of at least ten full-time jobs for settled workers or
- The business has created the equivalent of at least five full-time jobs for settled workers and each job has a mean salary of at least £25,000 gross per year
If you cannot meet any of these criteria it is possible to apply to extend your Innovator Founder Visa. The visa extension is for up to three years on each application. With each extension application, you must have an endorsement from an endorsing body.
The UK Expansion Worker Visa
The UK Expansion Worker Visa may be of interest if you are an entrepreneur in an overseas-based company looking to open a branch office or subsidiary company in the UK.
The overseas company must have been trading for at least three years. If it has been trading for over three years, a UK company can be set up as a branch office or subsidiary company. The UK base then applies for a sponsor licence to sponsor workers on the UK Expansion Worker Visa. Evidence of the overseas company and the planned expansion into the UK is required.
Once the UK company has secured a sponsor licence it can sponsor up to five employees on certificates of sponsorship. The sponsorship can cover a business owner with a shareholding in the overseas-based company provided their relocation to the UK is to help set up the UK company and expand the company into the UK.
Unlike the Innovator Founder Visa, the UK Expansion Worker Visa does not lead to UK settlement. The initial visa is for 12 months but can be extended for an extra 12 months. However, an application can be made by the UK company for a sponsor licence to sponsor Skilled Worker Visa applicants. Those in the UK on a UK Expansion Worker Visa can then move to the Skilled Worker Visa. This Work Visa does lead to UK settlement after the five-year residence requirement is met and if you meet the other ILR application criteria.
Immigration legal advice for entrepreneurs and high net worth individuals
At OTS Solicitors we are specialists in business and individual immigration law.
An application for a UK Expansion Worker Visa requires a sponsor licence application. Our Sponsorship Licence Lawyers can help with the preparation work, submit the application on your behalf and then manage the sponsor licence for you through our Sponsor Licence Management Service.
If you are interested in applying for an Innovator Founder Visa our specialist solicitors can guide you through the application process.
Whatever route you choose to secure UK entry clearance our Immigration Solicitors can continue to provide you with the expert immigration legal advice you need on matters such as Dependant Visas for family members, visa extension applications, Indefinite Leave to Remain applications and obtaining British citizenship.
UK Online and London-Based Immigration Solicitors and Sponsorship Licence Lawyers
For immigration advice call OTS Solicitors on 0203 959 9123 or contact us online.
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