As an overseas entrepreneur with eyes set on the British Isles, a promising pathway has unfolded in the form of the new Innovator Founder Visa.
Initiated in April 2023, this fresh avenue has streamlined the process for non-UK residents aspiring to launch a business in the nation.
This article unpacks the essentials of the Innovator Founder Visa, from eligibility to application procedures, to help you embark on your entrepreneurial journey in the UK.
Understanding the Innovator Founder Route
Replacing the former Innovator and Start-up Visas, the Innovator Founder Visa offers a number of appealing features for overseas entrepreneurs:
- No obligation for a minimum investment of £50,000
- Fewer mandatory ‘check-ins’ with the endorsing body (down to two from three)
- Permission for secondary employment under certain conditions
- A direct path to permanent residency in the UK, with time spent under this route contributing to the required residence period for indefinite leave to remain.
The linchpin of eligibility for this visa is securing an endorsement for your business by demonstrating an innovative, viable, and scalable concept that you have either conceived or contributed to significantly.
The Potential of the Innovator Founder Visa
Obtaining the Innovator Founder Visa opens a door to turning your business ideas into reality on UK soil.
As a holder of this visa, you can work for the business you’ve established and undertake additional employment as long as the role requires a skill level equivalent to or above UK A Levels.
The Innovator Founder Visa initially grants permission to live and work in the UK for up to three years.
After this period, meeting the relevant requirements opens up the opportunity to apply for indefinite leave to remain, also known as settlement.
This visa also allows your immediate family members to accompany you or join you later in the UK under a dependent visa.
Eligibility Criteria for the Innovator Founder Visa
Securing the Innovator Founder Visa requires a total of 70 points, with 50 points earned under the new or same business criteria and the remaining 20 points awarded for meeting English language and financial requirements.
The criteria differ for new businesses and established businesses, each with a distinct points system.
For new businesses, points are granted for a realistic and innovative business plan and demonstrable skills, knowledge, experience, and market awareness to successfully run the business.
For those with existing businesses, points are awarded for significant progress against the business plan, active involvement in the day-to-day management of the business, and more.
Cost Implications of the Innovator Founder Visa
Applying for the Innovator Founder Visa incurs a base cost of £1,036, followed by another £1,036 for each of the applicant’s dependents.
If you’re applying from within the UK to switch or extend your status, the fee shifts to £1,292, with further £1,292 per dependent.
Additionally, each applicant will be due to cover an immigration health surcharge of £624 per year.
Application Process for the Innovator Founder Visa
The application process for the Innovator Founder Visa closely mirrors the procedures of the Start-up and Innovator routes.
Key steps include securing an endorsement letter from an authorised body, completing an online application, and submitting the necessary documentation.
Importantly, the endorsement letter must validate that your business idea or business complies with the new requirements, including a statement affirming the legitimacy of the source of your funds.
Securing an Innovator Founder Endorsement
The first crucial step towards applying for the Innovator Founder Visa is obtaining endorsement from an authorised body, as identified by the Home Office.
This includes organisations such as Innovator International, Envestors Limited, UK Endorsing Services, and The Global Entrepreneurs Programme (GEP).
Legacy endorsing bodies from the previous Innovator route can continue endorsing applicants who entered the Innovator Visa scheme before 13 April 2023, but only for the same business idea used in a prior application.
Pathway to Indefinite Leave to Remain (ILR)
Holders of the Innovator Founder Visa are eligible to apply for ILR after a minimum of three years in the UK.
Meeting certain criteria, such as generating a certain amount of income or creating jobs, could expedite this process.
Summary
The Innovator Founder Visa offers a vibrant opportunity for international entrepreneurs looking to launch or grow their business ventures in the UK.
With a clear understanding of its processes and potential advantages, you could be on your way to becoming part of the UK’s thriving entrepreneurial ecosystem.
As with all immigration matters, it’s advisable to seek professional guidance to navigate the intricacies of the application process and increase your chances of success.
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