Individuals with some business industry experience, who wish to start a business on this island, are primarily eligible for the Isle of Man Innovator Visa. However, the candidates do not have to be the sole founder of the company; the candidate could be a part of the entrepreneur team. Each interested individual must have been minimum of 50,000 Euros in the available fund. Those interested in applying for the Innovator visa should be approved through the Department of Enterprise besides receiving a Letter of Endorsement, which is majorly required for supporting the visa application. However, the applicant should meet the following factors.

●       Having a special business plan and operation, which could address the future and current market needs and would give a much competitive edge

●       Have to develop experience, skill, and knowledge besides the market awareness fir running the business effectively.

●       Minimum three full-time or permanent employees within the island, for further applicant’s employment.

Dos and don’ts

When the candidate’s Isle of Man Innovator Visa will expire, he or she could apply for a three-year extension besides there are certain factors that the candidate should have to follows some aspects and be allowed to do, Such as the candidate could be allowed for starting any kind of business besides working as a director or self-employed. On the other hand, the candidate is not allowed for doing any kind of job outside the business work, such as a dentist or doctor during training, work as a professional athlete, or receive public funds.

Eligibility

The first and foremost factor for meeting the eligibility is a solid and proper business plan. The candidate has to evaluate their business idea or plan through the department of enterprise even before applying. Apart from this, there are other kinds of requirements that a candidate must have to meet for achieving their innovator visa which is

·         The candidate should have the ability of English language proficiency

·         The age should be 18 or above for applying for the visa

The candidate should be able for elaborating, that they have enough savings to support themselves.