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Isle of Man Innovator Visa for entrepreneurs – the key to a beautiful new life….

By June 8, 2023July 11th, 2024No Comments

The Isle of Man Innovator Visa is one of the most popular routes for those wishing to move to the Island on an Isle of Man Visa. For more information about other Isle of Man immigration routes visit our immigration.im website and for more general information about starting an amazing new life in the Isle of Man visit relocation.im.

Who is the Isle of Man Innovator Visa for ?

The Isle of Man Business Migrant – Innovator Visa is a popular route for individuals seeking to relocate to the island. It is intended to encourage entrepreneurs who are wealth creators to move to the Island – this visa provides opportunities for business-minded individuals wishing to relocate to establish and run their ventures on the Isle of Man.

Why relocate to the Isle of Man ?

The scenery is stunning and we enjoy the lowest crime rate in the British Isles and the highest quality of life. See our article “Relocate to the Isle of Man – because you will love it” to learn more.

Eligibility and Endorsement:

To qualify for the Innovator visa, applicants must meet specific criteria:-

  • Have a desire to set up or manage a business in the Isle of Man.
  • Fulfill other eligibility requirements, including English language proficiency and being at least 18 years old.
  • Obtain endorsement from the Department for Enterprise of the Isle of Man Government. This endorsement serves as validation for the business or business idea and is necessary to support the visa application.

Investment Funds:

For those planning to set up a new business or invest and participate in an existing business, a minimum investment of £50,000 is required. 

Endorsement Process:

The Isle of Man Department for Enterprise is the sole endorsing body for the Business Migrant route in the Isle of Man. They issue the crucial Letter of Endorsement, which supports the visa application. Detailed information about obtaining the Letter of Endorsement, including the Department’s Endorsement Policy, can be found here.

The Isle of Man Innovator visa programme has several advantages over its UK counterpart:-

  • The Isle of Man Government’s Department for Enterprise is the sole endorsing body – no fees are payable to it and it also has responsibility for encouraging  inward investment and migration to the Island.
  • Under the Isle of Man scheme the applicant may be a member of an entrepreneurial team rather than a sole founder.
  • The Isle of Man enjoys a business friendly enterprise culture.

Visa Application and Processing Time:

Applications can be made up to 3 months before the intended travel date. For those applying from outside the Isle of Man and the UK, a decision is typically made within 6 weeks. This timeframe includes the necessary processes and checks carried out by the UKVI and the Isle of Man Immigration Service.

Duration of Stay and Extensions:

Upon approval, the initial Innovator visa allows a stay of 3 years. This visa can be extended for an additional 3 years when it is due to expire, with no limit on the number of extensions. After residing in the Isle of Man for 3 years, individuals may be eligible to apply for settlement, also known as ‘indefinite leave to remain.’

Responsibilities and Limitations:

Holders of the Innovator visa have certain privileges and responsibilities:

  • They can establish and operate one or multiple businesses.
  • Working for their business is permitted, including employment as a director or self-employment as a member of a business partnership.
  • Family members can also accompany the visa holder to the Isle of Man.
  • Public funds are not accessible under this visa.

Conclusion:

The Innovator visa provides an attractive pathway for individuals with entrepreneurial aspirations to establish and develop their businesses on the Isle of Man by establishing a qualifying business here. 

Other conditions for the Isle of Man innovator visa at a glance:-

  • Can my family members join me ? Yes
  • Is an English test required ? Yes
  • NHS Surcharge payable ? – No – this does not apply in the Isle of Man.
  • Does the visa confer rights to live in the UK ?  Yes
  • Is a Criminal record certificate required ? – No, a certificate is not required..
  • Can this path lead to Indefinite Leave to Remain  / British citizenship ? – Yes

If you would like to learn more about Katz & Co. Isle of Man immigration services or you require assistance relocating to the Isle of Man please contact Martin Katz who will be pleased to assist you.