I heard the success rate for this VISA is really low, why is that?
“The Tier 1 VISA has a bit of a bad name when it comes to approval rights. Like with all UK Immigration VISAs, the Tier 1 VISA requires for the applicants to be genuine. If you are applying for a student VISA but you are not going to study, then you will not be granted your VISA. The same theory applies to the innovator VISA.
This is not to say that high failure rates are all due to a lack of serious desire to invest in the UK. A lack of education and understanding means that thousands of people apply for their VISAs without knowing the full details of the requirements, and their applications are subsequently refused.
Ultimately, the success rate of your application will depend on two things.
1 - The information and knowledge you have in making your application. (This can be supported by using a professional advisory firm).
2 - The genuine interest in UK business. If you do not have the £200k funds required, or are not serious about investing it in a UK business or in your own venture, then you are not going to pass the genuine innovator test.
Other factors that can have a direct impact on your application are as follows.
1 - Your Idea.
If you planning to start your own business in the UK, you will need to show evidence that your idea will work in the UK, and that you have the right skills and qualifications to make success possible.
Those who do not have an idea may benefit from our business opportunity services.
2 - Your business plan.
The home office introduced the requirement to include a business plan with your application in order to further investigate the seriousness of the applicant to invest.
The theory behind this is simple, if you are really going to spend £200,000 on a UK venture because you are serious about business, you will want to know the market, the competitors, the tax implications, etc.
No serious innovator goes into business without investigating their market. - That's the theory, and it's true.
If you are a genuine innovator who wants to invest their money in the UK, if you have £200,000 that you can invest or to use in starting your own business, then we would love to work with you. ”