The Key To Getting Your Business Idea Endorsed Visaaccelerace March 15, 2022
The Key To Getting Your Business Idea Endorsed

Whether you are applying for a Start-up or an Innovator visa, both routes will require that you receive a letter of endorsement from a Government-approved endorsing body.

The Home Office has published lists of approved endorsing bodies, that can be found on the GOV.uk website.

Authorised Start-up endorsing bodies

Authorised Innovator endorsing bodies

In order to receive your letter of endorsement, proving that your business idea has been approved, you must first have an idea that the endorsing body deems to be unique and have the potential for success.

The key to this is to satisfy the three main criteria InnovationViability and Scalability.

Innovation

Is your business idea unique? Does it address a market need?

If your business idea is similar to others on the market, it must create a competitive advantage that significantly sets it apart from its competitors.

Viability

Is your business idea realistic, and do you have the necessary skills, knowledge and experience to execute it?

While this does not necessarily mean that you must have run a similar business previously, you should have transferable skills and knowledge that will help you fulfill your business idea.

Scalability

Is there evidence of structured planning in regards to your business? Is there potential for growth into national and international markets?

Scalability relates to your business idea’s likelihood of being successful and expandable in the long term.

Creating your business proposal

The government aims to attract applicants who will bring innovation to the UK market, as well as contribute to economic growth.

As a result, your idea is more likely to be endorsed if, rather than being generic, it exhibits a clear social purpose and philosophy.

Before assembling your business plan, you should first have conducted in-depth research and market analysis, to discover potential gaps in the market, and assess possible competitors.

While every endorsing body will consider the previous criteria when assessing your proposal, each will have their own approach to how they will consider your business, and what information you should include in your proposal, so it is important to follow the relevant process for the individual endorsing body.

It should also be noted that the criteria of Innovation, Viability and Scalability are not defined in great detail in the immigration rules, meaning a lot of discretion is given to the endorsing bodies, and how they may interpret these criteria.

You should be clear, and thorough in your business plan, so as to satisfy these important criteria and receive your endorsement.

You must apply for your visa no more than 3 months after receiving your endorsement, otherwise it will not be valid, and you will need to apply for a new letter of endorsement.

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