How important is the business plan to apply for a UK Innovator visa? smartmove2uk.com/business-plan-to-apply-for-a-uk-innovator-visa
by UK Business Visa Expert in India
“Without a plan, even the most brilliant business can get lost”. The Home Office introduced the UK Innovator visa in March 2019 to replace the Tier 1 Entrepreneur visa. This visa category is aimed at entrepreneurs who will need an innovative business plan to apply for a UK Innovator visa, with a minimum investment of £50,000 and who wish to bring a new inventive business into the UK’s market. It is obligatory that a government-authorised Endorsing Body endorses the applicant’s business idea for them to be considered for a UK Innovator visa. And for this, a great business plan is essential for completing the Innovator visa application procedure, impressing the endorsing authority, and obtaining the Leave to Enter in the UK.
A great business plan must strongly demonstrate these 3 characteristics 1. Innovation An original business plan that meets new or existing market needs and/or creates a competitive advantage. The business idea must truly be unique and not just a variation of an existing business concept. However, gaining a competitive edge by producing a similar product in a more cost-effective method could be considered an innovative company idea. The applicant can include the following: In what ways is the business concept novel and unheard of? What market void will this business concept fill? What makes this particular business distinct from other similar businesses?
2. Viable The business owner must take an active part in developing the business and must possess the necessary skills, knowledge, experience, and market awareness to run the business successfully. This does not necessarily imply that the applicant has previously run the same or similar type of business, but they should have transferable skills from previous employment or education that are applicable to the current business plan.
The applicant can include the following
1/3