Business Plans for
Innovator and Start-up Visas
The UK Home Office introduced the new Innovator and Start-up visas after the closure of the Tier 1 (Entrepreneur) in March 2019. As an applicant, you now have to receive confirmation from an ‘endorsing body’ that your business will be ‘innovative, viable and scaleable’. Generally, this assessment is based on your presentation of the business idea, a detailed business plan and a pitch deck, so it is important to be prepared and ensure that the information is presented professionally and that all the figures are correct!
Your business plan can make or break your Innovator or Start-up visa application, so it is important that it is detailed, professional and that you are very familiar with it.
We can assess and advise on a plan you already have, or start working with you on it from scratch. This will include local market research and financial forecasting which not only increases your chances of a successful application, but also your chances of running a successful and profitable ongoing business in the future.
What is included in the business plan?
In general, your business plan should include an Executive Summary, with a succinct overview of the business, the industry and some information about what makes you qualified to start the business. Other important aspects include Sales and Marketing Methods, Market Research and Competitor Research. And most importantly of all, your financial forecasts for the first 3-5 years, in particular Revenue Forecast, P&L Forecast, Cash Flow Forecast and Balance Sheet Forecast.
We follow a format that includes a detailed written section and a comprehensive financial summary, emphasising the innovative aspects of your business idea as well as the viability and scalability throughout the plan. Your plan will include as standard:-
- Executive Summary
- Sales & marketing methods
- Staff profile/HR strategy
- Investment strategy
- Products & services
- SWOT analysis
- Market analysis
- Competitor analysis
- Innovation, viability & scalability
- Cash flow forecast
- Revenue forecast
- Annual P&L forecast
- Balance sheet forecast
- Forecasted stock levels (if applicable)
- Forecasted advertising/marketing expenditure
- Forecasted fixed asset schedule
- Forecasted staff costs
We also work with you to tailor an individual approach. We realise that everyone’s business is personal and we aim to understand and include every facet of your business idea in order to create a unique result.
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How long does it take to complete?
In our experience, a business plan will generally take around 4 weeks to complete. We try to make the process as collaborative as possible and involve you in the process as much as possible to ensure that you are familiar with the plan. We are also available subsequently if you have follow up questions or need support submitting your application to the right endorsing body.
We also offer expedited services of 1 & 2 weeks if your application is time-sensitive.
What else do you need?
Endorsing Body Support
We have contacts and experience working with endorsing bodies. We can introduce you and make recommendations depending on the nature of your business to increase your chance of a successful application.
We have a large network of UK immigration lawyers and can make recommendations and connect you with a reliable lawyer based on your budget and language requirements, at no extra cost.
Business set-up and compliance
Once you’ve successfully got the visa, we can help you incorporate the company and assist with any ongoing compliance questions relating to tax and accounting.
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