The ordered (1×2) monolayer of Bi on the InAs(110) surface is studied by means of angle-resolved high-resolution ultra-violet photoemission at room temperature. Four bands of Bi-induced surface states are singled out and their dispersion is mapped along the high-symmetry directions of the surface Brillouin zone. The highest occupied state S^I lies inside the InAs(110) energy gap at 0.2 eV binding energy and spreads across the Fermi level, determining the semimetallic character of the system. The second-highest occupied state S^II is located at 0.83 eV binding energy (at ), while states S^III and S^IV are located near the internal gap edge at 2.57 eV and 3.3 eV binding energy, and present band dispersions along of ~340 meV and 300 meV, respectively. The Bi-induced bands of the (1×2) phase are shifted in energy relative to the corresponding bands of the (1×1)-Bi/InAs(110) phase and their width is reduced. These differences are discussed in the light of the geometric structure of the two phases.