UK innovator visas off to a disastrous start with only four applications received since opening the visa route since April 2019, according to recent home office statistics. The Home office announced new innovator and startup visas replacing the entrepreneur visa route as a part of new reforms in 2019.
UK innovator visa requires only reduced £50,000 with a path to PR settlement status, whereas startup visas do not lead to settlement.
Startup visas performed better receiving 32 applications of which 25 already approved. Tier1 investor visa routes has received whopping 87 applications for £2m investments, performed much better than all.
No visas were refused for innovators whereas two startup applications turned down including one dependent.
The decline in applications indicates the lack of interest in innovator route and critics have questioned the design of the route.
The innovator visa has also several flaws and restrictions
- Issues include the frequent need to participate in a business accelerator programme to secure endorsement
- having to give up equity in the start-up;
- and the “extremely high” bar for getting settlement
Over 400 plus entrepreneur visas were issued the previous quarter before it was replaced by Innovator/startup visas.
The Startup and innovator visas was launched by Home office effective from 29 March 2019.
