To get a UK visa, there is a route for those who have unique business ideas. They can apply through an innovator business visa. However, you need to be specific and include a perfect innovator business plan while applying for an innovator visa or your application might be rejected.
What is an innovator business plan?
An innovator business plan means that you have a unique business idea that proposes to give something new and different to customers. A more solid plan means there are better chances to win a visa. While submitting your visa application, make sure that your innovator business plan has it all!
A good innovator business plan must be innovative, viable, and scalable.
Innovative means that your business idea should be unique. If there is already the same business, your idea must have a competitive advantage over others. Also, there must be potential customers of that business.
By viable, it means that your plan must be practical. An idea that can’t be implemented in real life is meaningless. Try to include realistic ideas with realistic details in your application.
Scalable means that the business you are proposing should have bright chances of growth in the future. This is important because setting up a business may be the first step. If a business has no chance to grow and expand in the future, one needs to think about starting up. A potentially successful business will not only increase its profit margins but will also play part in boosting the economy and creating employment.
What must be included in the application while applying for an innovator business visa?
Most of the UK visa applications for innovator visas got rejected because the content is unsatisfactory. One must have to include a detailed innovator business plan to eliminate the risk of rejection. Your application must address all the queries and points that can be asked regarding your business idea.
Here is what you should include in your UK innovator visa business plan:-
- In terms of innovation, explain in detail how your business is different and new in the market.
- What is your target audience for the business and how will you segment that audience?
- If you are having a competitive advantage, how do you explain your uniqueness?
- Also, implementation is an actual real thing so try to address everything regarding the practicality of your idea. This might include
- How you are equipped to handle and implement this idea. What are your qualifications, experience, and your knowledge in the field?
- Include a brief explanation of how you suggest implementing the idea and after implementation how it will work?
- Who are your customers and what is your sales pitch? How do you think you will sell your business to customers?
- You are applying based on being unique and having a competitive advantage. So include how you will handle your competition after implementation.
- Address the finances. When your business will reach the break-even point and when it will start generating profit.
- How you will advertise the business and bring potential customers.
- In terms of expansion, include in your application how you will grow your business.
- How it will be good for the economy and how much employment it will generate.
- Also mention the expected financial growth. Address how you will generate the revenue, what will be your investment plan and how funds will be used within the business.
For a UK innovator visa, you need to have ?50,000 if you want to set up a business in the UK. Once you have submitted your application, and the business plan is realistic and meets the criteria you will get the visa. The visa allows businessmen to work in the UK for 5 years. After 5 years, one can apply for PR.
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