As the UK continues to open its doors to people from all parts of the world, new immigration routes are introduced to the system. One of such is the Isle of Man Innovator Visa. Sounds strange, doesn’t it?
The Isle of Man Innovator Visa is an exceptional opportunity for entrepreneurs like you to grow and expand their businesses in the UK. This visa is valid for three years and is for individuals who want to build profitable businesses in the UK. Do you have an innovative business idea you want to introduce to the UK market? It could be a sole proprietorship or a company you co-own. Asides from owning a business, you could also be part of an entrepreneurial team. If you fall into these categories, you can migrate to the UK with the Isle of Man Innovator Visa.
Now, we bet you are interested.
Keep reading to get the full gist.
READ: How to Migrate to the UK
Eligibility Requirements for the Isle of Man Innovator Visa
If you want to migrate to the UK with the Isle of Man Innovator Visa, you must meet all the visa requirements. To qualify, you must:
- Be at least 18 years old and above.
- Have an innovative, viable, and scalable business idea approved by an endorsing body.
- Have at least £50,000 funds at hand or already invested into your business.
- Be able to communicate fluently in the English language.
Let’s go into detail.
Innovative and Viable Business Idea
As an applicant for the Isle of Man Innovator Visa, you must prove to the UK government that your business idea is innovative, viable, and scalable. Anyone can come up with a business idea, but the question is: what makes yours unique? Can your idea disrupt the UK market? Does it have the potential to grow and generate profits in the UK? Your idea may be great, but you must ensure this is the right environment for it.
Sufficient Business Capital
Do you have at least £50,000 to invest in your business? It could be from your personal funds, grants, or a venture capitalist. Whichever way, the UK government wants to ensure you have enough funds to run your business in the UK.
Endorsement
Before you can migrate to the UK with the Isle of Man Innovator Visa, a UK endorsing body must verify and approve your business. It is crucial as it validates your business idea and confirms that you meet the eligibility requirements. It also ensures that your claims are valid and that your intentions for migrating to the UK are true. Anyone can pretend to own a business and try to migrate to the UK with the Isle of Man under that disguise. That is why these stringent measures are put in place to checkmate such.
One of the UK-approved endorsing bodies is the Department of Enterprise. The Department will thoroughly evaluate your business to ensure it meets the accepted standard for endorsement. If your business ticks all the boxes, you receive a valid endorsement letter. Whatever you do, ensure your business is endorsed at least three months before your visa application. Once you’ve received your endorsement letter, the Department will stay in touch with you at different checkpoints for a maximum of 6 months. What if it’s a new business you’re planning to launch? Of course, there is provision for new businesses too.
READ: How to Migrate to the UK with a Start-up Visa
Endorsement Criteria
If you want to migrate to start a new business venture in the UK with the Isle of Man Innovator Visa, you must have the following for easy endorsement:
- An original business plan that meets new or existing market needs and creates a competitive advantage.
- Proof of all necessary registrations, approvals, and permissions as required.
- Evidence of structured business planning and potential for job creation and growth.
- Proof of having the skills, knowledge, experience, and market awareness to run the business.
- Your business plan must show that you will employ at least three full-time staff with one permanent staff on the island within the first 12 months of receiving the endorsement letter.
- The job(s) you create must comply with all relevant Isle of Man legislation and involve at least 30 hours of paid work per week. You can create part-time roles to make up the hours.
- Most importantly, your business must comply with all obligations to the Isle of Man Government concerning Income Tax, National Insurance, and Value Added Tax.
English Language Proficiency
It goes without saying that you must have a good command of the English language. This requirement is consistent with all migration routes to the UK. You can demonstrate your English proficiency by passing the standardised English language test. Alternatively, you must show proof of having a university degree taught in English and equivalent to a UK bachelor’s degree.
Maintenance Funds
To migrate to the UK with the Isles of Man Innovator Visa, you must provide evidence of having sufficient funds to support yourself and your dependents in the UK. You are expected to have at least £945 personal savings and £630 for each dependant. These funds must be held in your bank account for a consecutive 90 days before the date of your visa application.
Steps to Migrate to the UK with the Isle of Man Innovator Visa
Now you know the eligibility requirements, here are steps you can take to migrate to the UK with the Isle of Man Innovator Visa.
1. Conduct a Feasibility Study
The first step you must take before making any major business decision is to conduct a feasibility study. A feasibility study thoroughly analyses your proposed business idea’s strengths, weaknesses, opportunities, threats, and potential. It helps you determine the probability of business success or failure. Taking that honest look into your business idea will help you know if it is fit for the UK market.
2. Create a Detailed Business Plan
The next step is to create a detailed and comprehensive business plan. It is a manual that will guide for execution of the business idea. It contains your:
- Executive Summary
- Business Description
- Value Proposition
- Brand Offering
- Market Analysis
- Competitive Advantage
- Management Overview
- Operational Plan
- Marketing Strategy
- Financial Plan
- Exit Strategy
- Brand Exhibits
With this, you can strategically launch into the market and create tactics to mitigate risks.
READ: How to Migrate to the UK with a Skilled Worker Visa
3. Secure Endorsement
Now your business blueprint is ready, the next step is to secure your endorsement from a UK-approved endorsing body. The endorsing body could be an approved business accelerator, incubator, governmental organisation, or university. We’ve already detailed the endorsement process above. However, you must note that the endorsing body will assess your business plan to gain insights into your feasibility and growth potential. Are you still looking for a reason to create your business plan? Now, you have it! In addition to that, make sure you meet the other requirements listed above.
4. Apply for the Isle of Man Innovator Visa
Congratulations on getting your endorsement! Now, it’s time to get into the migration proper. It’s time to apply for your Isle of Man Innovator Visa! You can apply online through the official UK government website. First, complete the visa application form and upload all necessary documents. Then, you will be requested to pay a visa application fee of £1,036.
5. Attend the Biometric Data Collection
Once you’ve completed the application form and paid the fee, you may be required to schedule an appointment for your biometric data collection. During the biometric appointment, they will enrol your fingerprints and photograph in their system for verification and storage. The need for this process is to confirm your identity.
6. Wait for the Decision
After completing all the necessary steps and submitting your visa application, the waiting game begins. This is the part many applicants dislike, but it is unavoidable. Some say it is the rite of passage every immigrant must experience. Ideally, the processing time for the Isle of Man Innovator Visa is at least 3-8 weeks. We advise you to be patient and wait it out. Once your application is approved, you will receive an email to that effect.
7. Travel to the UK and Register with the Authorities
“Congratulations! Your visa has been approved!” Once you receive this message, it’s time to travel to the UK and start your business. On arrival in the UK, ensure you register with the local authorities to obtain a National Insurance Number (NIN) and open a business bank account. Ensure you pay your taxes as and when due. Also, remember you are not allowed to work as an employee with the Isle of Man Visa. In fact, your business will be subject to period reviews to ensure you do not breach any terms of your visa.
Conclusion
We know you are excited to start and expand your business into the UK market, and we hope this article provides the information you need to make that dream come true. However, you must understand that owning a business in the UK is not an automatic ticket to success. Like every other business in any part of the world, it requires hard work and commitment. You will face challenges along the way, but you must be resilient and determined to succeed. With the right skills and mindset, you will make your dream of building a successful business in the UK come true.