Eligibility Criteria for Isle of Man Innovator Visa

  

If you are planning to set up a business in the Isle of Man as a business migrant, then read this blog to know about the Isle of Man Innovator Visa.

Here, we will tell you the necessary things related to this visa.

You can apply for the Isle of Man Innovator visa if you:

·        Want to establish or run a business in the Isle of Man.

·        Fulfill the other eligibility needs.

·        Your business idea or business has been endorsed by the Department for Enterprise of the Isle of Man Government.

You need to have a minimum of £50,000 in investment funds if you wish to establish a new business. You are not required to have funds if your business is already established and has been endorsed for an earlier visa.

Eligibility criteria for Isle of Man Innovator visa:

Before applying for the visa, you need to have your business or business idea evaluated by the Department of Enterprise.

They will give you an endorsement letter if finding your business viable.

You also need to:

·        Satisfy the English language requirements.

·        Be 18 at least.

·        Be able to prove that you have sufficient personal savings to keep yourself while you are in the Isle of Man.

You need to read the specific eligibility criteria for the Isle of Man Innovator Visa in the Isle of Man Immigration Rules before you apply for it.

Documents you need to provide:

While applying, you need to give a Letter of Endorsement that is issued by the Department for Enterprise of the Isle of Man Government.

Apart from that, you also need to provide the following:

·        A current passport or other acceptable travel identification.

·        Bank statements that show you have had a minimum of £945 in savings in your bank account for 90 continuous days before you apply (this is the proof showing that you can keep yourself, and it must be separate from the money from your investment fund).

·        Evidence that you fulfill the English language requirements.

·        Proof of your investment funds (if setting up a new business).

·        Your tuberculosis test results you are coming from a country where this test this compulsory for you.

You must have a blank page in your passport for your visa.

You will be required to give a certified translation of any documents that are not in English.

You may be required to offer extra documents that depend on your circumstances.

Isle of Man immigration rules:

New Isle of Man Immigration Rules has come into effect on 23 February 2022. The changes that have been made are to close the Tier 1 (Investor) Migrant visa route to new candidates. Current holders of Tier 1 (Investor) Migrant visas may continue to apply on this route through to settlement.

The United Kingdom has closed its foreign investor route because of security reasons regarding the source of funds that have been utilized in some applications. The investment types allowed under the route were also found not to be beneficial for the economy as thought. The route closure in the United Kingdom was made with immediate effect from 17 February 2022 so that a surge in late applications can be prevented.

The Isle of Man Tier 1 visa route has also closed with immediate effect from this date. The people who are current holders of a Tier 1 visa may continue to apply on this visa through to settlement.

A replacement for the investor route will have its introduction in the future.