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The innovator visa endorsement criteria

When the tier-1 entrepreneur category was closed in March 2019, The government of the UK has launched the Innovator visa for overseas entrepreneurs. The aim of the Innovator Visa category is aimed at business people who are experienced and have a minimum of £50,000 available to invest in their respective businesses. An innovator needs to seek endorsement from an approved endorsing body for their business recommendation.
The endorsing bodies have the marketable insight and entrepreneurial experience which furnishes them to examine an applicant’s business recommendation. So what are the endorsing bodies peering for in a decent business plan for an Innovator visa?
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Innovator visa endorsement criteria 
Your Innovator visa business plan will require setting out a particular business idea, that too in a clear and well-structured proposal. In expansion, the idea will require to fulfill the endorsement criteria. These criteria are to be set out in paragraph W6.3 of Appendix W of the Immigration Rules. The applicant for the innovator visa should meet with all of the following criteria in providing their Innovator visa business plan:
  • Innovative – The applicant has a genuine and fully original business plan that satisfies new or existing market requirements or builds a competitive benefit.

  • Scalable – There is an indication of potential job achievement and structured planning and development into national and worldwide markets.

  • Viable – The applicant’s business proposal is logical and feasible founded on the resources of the applicant. The applicant has the necessary skills, market awareness, knowledge, and experience to successfully run a business.

A strong business notion in and of itself will not be adequate. The most innovative business in the world will not fulfil the criteria if it is not something that can be measured to national and international demands. Furthermore, a relatively achievable business will not meet the criteria if it is not creative. In addition, the applicant must be being sure of their Innovator visa business plan. They must have developed the notions in the strategy and must be accountable for committing the plan. This does not prevent teams from about the basis of a similar plan, but each team partner must be a founding partner of the team.
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