On April 13, 2023, the UK Government launched the Innovator Founder route, which supersedes both the Innovator and Start-Up visas. It serves as the main visa option for international entrepreneurs intending to establish businesses in the UK. This article aims to offer an extensive examination of the UK Innovator Founder Visa
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Is it Difficult to Get an Innovator Founder Visa?
Let's not mince words: the Innovator Founder Visa is highly demanding, with formidable entry hurdles. The application process, as outlined below, is lengthy and demands thorough preparation. Obtaining an endorsement is often challenging, and even with one, success isn't assured. For those aspiring to launch a Global Business Mobility in the UK, we advocate for the Self-Sponsorship route. We've assisted numerous individuals in establishing or expanding their ventures in the UK through this visa pathway.
Eligibility and Requirements
The applicant must fulfill various criteria and accrue points based on meeting the relevant standards. Points are assigned for both individual qualifications and the applicant's business plan, with a total of 70 points required for a successful application.
Individual Eligibility Requirements
- Meet the English language requirement (CEFR Level B2).
- Be at least 18 years old at the time of application.
- Demonstrate sufficient personal savings in their bank account for 28 days to support themselves in the UK (£1,270 for the applicant, £285 for a dependent partner, £315 for the first child, and £200 for each additional child) if their stay in the UK is less than 12 months.
- Avoid falling under the general grounds for refusal, which include certain criminal offenses.
The applicant earns 10 points for meeting the English language requirement and another 10 points for meeting the financial criteria.
Business Idea Requirements
- The business idea must align. An endorsement letter from an authorized endorsing body must be issued within three months before the application date.
- The endorsing body must acknowledge the applicant's significant contribution to the business plan and their day-to-day involvement in running the business.
- At least two contact point meetings with the endorsing body are required during the permission period.
- The business plan has to be regarded as distinct, innovative, workable, and expandable.
- The business should be new, creative, profitable, and scalable, with evidence of job creation and room to grow both domestically and globally.
The company's distinctive, workable, and scalable qualities are worth 20 points, while the business strategy is worth thirty.
If the applicant's new firm satisfies the requirements of their prior UK Innovator Founder visa application, they do not need to present it while moving from a previous Innovator or Start-up visa. Additionally, they could get funding from established institutions that no longer grant new Innovator Founder visas. Points are provided based on the applicant's past application success, corporate performance, and current management participation.
Who is a Suitable Candidate for the Innovator Founder Visa?
The Innovator Founder Visa caters best to entrepreneurs eager to bring their business ideas to life in the UK. Securing an endorsement requires demonstrating the innovation, viability, and scalability of your business concept.
Key steps for endorsement:
- Innovative, viable, and scalable business idea. Your business idea should showcase innovation, viability, and scalability.
- Robust business plan. A well-crafted business plan is essential for securing endorsement.
- Significant contribution. You must demonstrate a substantial contribution to the development of the business plan.
If you seek endorsement to join a registered but non-trading company, you must showcase your contribution to the business plan's development.
Consider alternatives:
- Expansion worker visa. If you already run a business elsewhere and aim to expand into the UK market.
- Skilled worker route. Suitable if you plan to join an existing company rather than establish your venture.
Advantages of the Visa for Innovative Founders
There are several benefits to the Innovator Founder visa path, such as:
❖ Allowing candidates to bring their families along.
❖ Applicants may go overseas and return to the UK.
❖ Providing the ability to seek permanent residence in the UK via an Indefinite Leave to Remain (ILR) application, which was not available with the Start-Up visa.
❖ The minimum investment criterion has been eliminated, as opposed to the former Innovator visa, which required a £50,000 investment.
❖ The Innovator visa does not allow candidates to work in other specialized fields while running their firm.
An increasingly popular choice for foreign entrepreneurs wishing to establish businesses in the UK is the UK Innovator Founder visa. It permits them to go abroad, relocate to the UK with their dependents, and finally live there. However, meeting its requirements — in particular, getting approval — might be difficult. For foreign entrepreneurs wishing to establish enterprises in the UK, the Self-Sponsorship option provides an alternative, considering the difficulties associated with obtaining an Innovator Founder visa. Before filing a visa application, you must thoroughly weigh your options and speak with legal counsel.
