The UK Innovator Founder Visa: Your Ticket to Entrepreneurial Success
13 September 2024 | United Kingdom
The UK Innovator Founder Visa: Your Ticket to Entrepreneurial Success
The Innovator visa has been replaced by the Innovator Founder visa last 2023, which has different eligibility and benefits.
International entrepreneurs who are interested in investing in a business in the UK can apply for an Innovator Founder Visa.
What is UK Innovator Founder Visa?
In replace of the Tier 1 Entrepreneur Visa, the UK Innovator Visa was created in April 2019. Then, in 2023 the Innovator visa was replaced by the Innovator Founder visa. The Innovator Founder Visa route is designed for experienced businesspeople who seek to start a business in the UK. Through this option, the £50,000 minimum investment is waived, but funding, residency in the UK, and endorsements are still required for launch.
Eligibility Criteria for UK Innovator Founder Visa
There are requirements that must be accomplished in order for anyone to start a business in the UK using an innovator founder visa.
For the Innovator Founder Visa to be granted to you, you have to:
- Be at least 18-years-old
- Meet certain personal financial requirements
- Meet the English language requirement
- Be from outside the EEA and Switzerland
- Have a business plan/idea which has been endorsed by an approved body. (The endorsement must not have been withdrawn prior to the Home Office’s consideration of the application)
Multiple applicants can apply for endorsement to be co-directors of the same company.
What are the Innovator Founder Visa Requirements?
In order for an applicant for Innovator Founder Visa to have their application approved, they must meet a number of requirements.
Business Proposal
Your business proposal will need to meet the following requirements:
- Viable: The candidate must demonstrate that they possess the skill set, knowledge, and awareness of the market required to successfully manage the company.
- Innovative: The applicant must be able to show that they have a genuine, unique business idea that will help the British workforce and economy while also satisfying a need in the market. (A applicant is not allowed to work for or invest in an existing company.)
- Scalable: The candidate must demonstrate the possibility of creating employment and innovation.
Business Endorsement
The requirement that your new or existing innovative business idea be certified by a UK-authorized endorsing body is perhaps the most significant part of applying for an innovator founder visa in the UK. The following organizations are able to recommend applicants for Innovator Founder Visas:
- Envestors, Limited
- UK Endorsement Services
- Innovator International
- The Global Entrepreneurs Programme (GEP)
After reviewing the application, endorsement organizations decide if it satisfies the three aforementioned essential standards for business proposals.
An endorsement letter containing comprehensive details about the applicant and their business proposal will be written and forwarded to the Home Office in the event that the business proposal is approved by the endorsing body.
What are the Financial Requirements?
In addition to fulfilling the investment fund requirements, applicants must apply for the Innovator Founder Visa with at least £1,191 if they are applying from outside the UK and £1,486 if they are applying to extend or switch from within the UK for 90 consecutive days.
What is the English Language Requirement?
Any application for an innovator founder visa must demonstrate that their English proficiency meets the Common European Framework of References for Languages (CEFR) B2 level. Keep in mind that these criteria will not apply to inhabitants of the majority of native English-speaking countries.
There are no English language requirements that you must meet if you:
- Hold a degree or higher qualification that was taught in English and is accepted by the UK NARIC
- Currently possess a reading, writing, speaking, and listening CEFR B2 level certificate.
How Long Does It Take to Process an Innovator Founder Visa?
The Home Office will make a decision on your application for the Innovator Founder Visa within three weeks if you are applying from outside of the United Kingdom. Submissions from within the United Kingdom may require up to eight weeks. Applications for dependents will also be completed in eight weeks.
In the event that the Home Office has any concerns regarding your application, the processing time may increase. For example, you could be required to have specific supporting documentation verified.
Extension of Innovator Founder Visa
You will have up to three years of permission to stay in the UK and launch your proposed firm if your Innovator founder visa is granted. If you intend to stay after this three-year period, you will be eligible to apply for an extension. Additionally, there is no cap on extensions.
As long as: You will not encounter any issues in renewing your Innovator founder visa.
Prior to its expiration, you seek to renew your visa.
- You continue to fulfill the prerequisites for eligibility that you did when you were first given an Innovator visa.
- You intend to open a new business or you are still operating yours in the UK.
Frequently Asked Questions
If your application is approved, you can stay in the UK for three years.
At the end of the three years you will be able to extend your visa if you still meet the eligibility requirements and are still running a business in the UK, or want to start a new one.
As an innovator founder visa holder it is possible to bring your family members (partner and dependant children) with you to the UK. Each family member has to make a separate online application before travelling to the UK.
You can set up one or more businesses as an innovator founder visa holder. The Home Office permits endorsed innovator founder visa holders to establish additional businesses which are not necessarily related to the main business idea, and, where this is the case, the endorsing body has no role in the monitoring of those businesses.
An endorsing body is an organization approved by the UK government to assess and endorse business ideas for the Innovator Founder Visa. These bodies typically include business incubators, accelerators, and other organizations with experience in supporting startups and innovation.
Unlike some other visa categories, the Innovator Founder Visa does not have a fixed minimum investment requirement. However, you must demonstrate that you have sufficient funds to establish and grow your business in the UK.
The Innovator Founder Visa is specifically for entrepreneurs actively involved in running their businesses. While you may undertake some activities related to your business, the primary focus must remain on developing and managing your endorsed business. You are generally not allowed to take up other employment outside your business.
For more details & questions, Kindly contact us and one of our Immigration Consultants & Immigration Lawyers will respond to you.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
