Frequently Asked Questions

The new rules are welcome news for entrepreneurs, as a lower threshold of investment is required, compared with the £200,000 required by Tier 1 (Entrepreneur). There is also the introduction of the role of the Endorsing Body, which helps to control the quality of the business and can significantly de-risk the investment. Approved by the Home Office, Endorsing Bodies include UK education institutions which meet specific requirements and organisations with proven track record of supporting UK entrepreneurs. One significant point to note is the quota concept. The Home Office normally allocates 25 endorsement places per year to each Endorsing Body. Although it could apply for more, it is subject to approval. In theory, there is therefore a cap on the number of endorsements that could be handed out in a given period.

The Endorsing Bodies are approved by the Home Office. In essence, they help to control the quality of the business and can therefore significantly de-risk the investment. There are two types of Endorsing Bodies: 1. Business Endorsing Bodies: organisations with proven track record of supporting UK entrepreneurs 2. Higher Education Endorsing Bodies: UK education institutions which meet specific requirements Below are links for the full Endorsing Bodies lists on the Home Office website: 1. For Innovator visa(https://www.gov.uk/government/publications/endorsing-bodies-innovator) 2. For Start-up visa(https://www.gov.uk/government/publications/endorsing-bodies-start-up)

1. At least £50,000 has been invested into the business and actively spent furthering the business plan assessed in the applicant’s previous endorsement. 2. The number of the business’s customers has at least doubled within the most recent 3 years and is currently higher than the mean number of customers for other UK businesses offering comparable main products or services. 3. The business has engaged in significant research and development activity and has applied for intellectual property protection in the UK. 4. The business has generated a minimum annual gross revenue of £1 million in the last full year covered by its accounts. 5. The business is generating a minimum annual gross revenue of £500,000 in the last full year covered by its accounts, with at least £100,000 from exporting overseas. 6. The business has created the equivalent of at least 10 full-time jobs for resident workers. 7. The business has created the equivalent of at least 5 full-time jobs for resident workers, which have an average salary of at least £25,000 a year (gross pay, excluding any expenses).