In this video, we are going to discuss how you can demonstrate that you have applied for intellectual property protection for your business/service/product in order to receive settlement in the UK through your Innovator visa. This will also discuss a strategy on how to have a successful application for Intellectual Property rights for your business /service.
In order to receive settlement within the UK, you must have continually resided in the UK for a minimum of 3 years. You must complete the three-year requirement before you make your application for settlement. In order to fulfil this requirement, you are not allowed to have over 180 days of absences from the UK in any consecutive 12 month period.
For your application for settlement in the UK, you must;
Provide an endorsement letter, which states the following;
- the name of your endorsing body;
- your endorsement reference number;
- the date of which the letter is issued;
- You cannot send this letter any earlier than 3 months before the date of your application;
- your details such as; name, date of birth, nationality & passport number;
- a short description of your business & the products or services your business provides to customers;
- You will also need to retrieve the name & contact details of an individual who works at the endorsing body and is able to verify the contents of the letter to the Home Office;
- demonstrate significant achievements which should be judged against your business plan (the one that was assessed in your previous endorsement;
- your business should be registered with Companies House & be listed as a director or member of that business;
- your business should be active & trading;
- your business should appear to be sustainable for at least the following 12 months based on its assets & expected income, which will be weighted against its current & planned expenses;
- you need to demonstrate that you have had an active and key role in the day to day management & development of your business.
Endorsing bodies for your business will also write an endorsement letter, which will confirm that you &s your business have achieved at least two of the following criteria;
- at least £50,000 has been invested into your business & that it has been actively spent on furthering the business plan;
- the number of customers you have received for your business has at least doubled within the most recent 3 years & is currently higher than the mean number of customers for other UK businesses offering comparable main products or services;
- your business has engaged in significant research & development activity & has applied for intellectual property protection in the UK;
- your business has generated a minimum annual revenue of £1 million in the last full year covered by its accounts;
- your business is generating a minimum annual revenue of £500,000 in the last full year covered by its accounts, with at least £100,000 from exporting overseas;
- your business has created the equivalent of at least 10 full-time jobs for resident workers;
- your 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).