Business Migrant - Innovator Visa

Overview

If you are interested in establishing or operating a business in the Isle of Man and meet the necessary eligibility criteria, you can apply for an Innovator visa. To qualify for this visa, you must meet the following requirements:

  • You have a desire to set up or manage a business in the Isle of Man.Innovator Visa
  • You meet all other eligibility criteria.
  • Your business idea or existing business has received endorsement from the Department for Enterprise of the Isle of Man Government.

If you intend to establish a new business, you must possess a minimum of £50,000 in investment funds. However, if your business is already established and has previously been endorsed for a visa, you may not need additional funds.

Endorsement Process

The Department for Enterprise is the sole endorsing body in the Isle of Man for the Business Migrant route, as specified in Appendix X of the Isle of Man Immigration Rules. They are responsible for providing the Letter of Endorsement that is necessary to support your visa application.

Processing Time

Processing times do vary, so please contact us for an up-to-date estimate of the applications processing time.

Duration of Stay

Upon receiving an Innovator visa, you are allowed to stay in the Isle of Man for a period of three years. After residing in the Isle of Man for three years, you may be eligible to apply for settlement, known as 'indefinite leave to remain.'

Endorsement Withdrawal

It is important to note that if your endorsement from the Department of Enterprise is withdrawn, your visa may be shortened. To continue your stay, you must reapply with a new endorsement before your current visa expires.

Permitted and Restricted Activities

With an Innovator visa, you are permitted to:

  • Establish one or more businesses.
  • Work for your business, including employment as a director or self-employment in a business partnership.
  • Bring family members with you.

However, there are restrictions on activities you cannot engage in, such as:

Engaging in work outside of your business, including employment with another business.

  • Working as a doctor or dentist in training.
  • Pursuing a career as a professional sportsperson, like a sports coach.
  • Accessing public funds.

Eligibility

Before applying for the Innovator visa, your business or business idea must undergo an evaluation by the Department for Enterprise. If your business is deemed viable, scaleable and innovative they will provide you with an endorsement letter.

You must also meet the following criteria:

  • Meet the English language proficiency requirement.
  • Be at least 18 years old.
  • Be able to demonstrate sufficient personal savings to support yourself during your stay in the Isle of Man.
  • Be able to invest a minimum of £50,000.

Setting Up a New Business

If your intention is to establish a new business, you must possess a minimum of £50,000 in investment funds to be eligible for an Innovator visa. However, if your business is already established and has been previously endorsed for a visa, you may not need additional investment funds.

Shared Investment Funds

While forming a team with other Innovator applicants is permissible, you cannot share the same investment funds. Each Innovator applicant must have access to £50,000 in investment funds. For instance, if there are two Innovator applicants, the team must collectively possess £100,000 to invest.

Financial Requirements

To support your application, you need to demonstrate that you have maintained at least £945 in your bank account for a continuous 90-day period before applying. It is not acceptable to use funds from your investment or income earned from illegal work in the Isle of Man or the UK.

* Immigration requirements are subject to constant change so the above information should be used as a guideline. Please schedule a complimentary consultation with us for accurate up to date information and to access your eligibility. 

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