INNOVATOR FOUNDER VISA
The Innovator Founder Visa
The UK Innovator Founder Visa is a unique visa that allows start-up entrepreneurs and experienced businesspersons to establish a business in the UK without the need for a significant investment. It is a highly attractive option for foreign entrepreneurs who want to launch their businesses in one of the world’s most vibrant and innovative economies.
What are the benefits of the UK Innovator Founder Visa?
• No minimum investment requirement: Unlike other business visas, the UK Innovator Founder Visa does not have a minimum investment requirement. This makes it accessible to entrepreneurs from all backgrounds, regardless of their financial resources.
• Focus on innovation: The UK Innovator Founder Visa is designed to attract innovative and entrepreneurial individuals to the UK. Applicants must have a viable and scalable business idea that has been approved by an endorsing body. This ensures that only the most promising businesses are granted visas.
• Path to permanent residency: Innovator Founder visas are valid for 3 years and can lead directly to indefinite leave to remain in the UK at the end of this period. This means that successful entrepreneurs can build a life for themselves and their families in the UK.
Who is eligible for the UK Innovator Founder Visa?
To be eligible for the UK Innovator Founder Visa, you must:
• Have an innovative, viable, and scalable business idea that has been approved by an endorsing body.
• Have generated, or have significantly contributed to, your business idea.
• Intend to have a key role in the day-to-day management and development of your business.
• Meet the English language requirement.
• Be at least 18 years old.
• Be able to prove that you have enough personal savings to support yourself while you are in the UK.
How to apply for the UK Innovator Founder Visa ?
To apply for the UK Innovator Founder Visa, you must first get your business idea approved by an endorsing body. There are a number of endorsing bodies in the UK, including universities, incubators, and accelerators. Once you have your business idea approved, you can start the visa application process.
The visa application process is online and straightforward. You will need to provide information about your business, your personal background, and your financial resources. You will also need to submit a business plan and a letter of support from your endorsing body.
Once you have submitted your application, it will be processed by the UK Visa and Immigration Department. If your application is successful, you will be granted a UK Innovator Founder Visa.
Requirements for a UK Innovator Founder Visa
To qualify for a UK Innovator Founder Visa, you must satisfy UK Visas and Immigration that you meet the following requirements:
• You are at least 18 years old.
• You have an endorsement letter from an approved UK endorsing body.
• You have a business plan and you either generated or made a significant contribution to the ideas in that business plan.
• You will have a day-to-day role in carrying out the business plan.
• You will have at least two contact point meetings with the endorsing body at regular intervals.
• You are either the sole founder or an instrumental member of the founding team.
• You have an innovative, viable and scalable business venture.
• Your endorsement letter was issued not more than 3 months before the date of your Innovator visa application.
• You are competent in the English language to at least CEFR Level B2 (equivalent to IELTS 5.5 in reading, writing, listening and speaking).
If you are outside the UK or have been in the UK for less than 12 months, you have at least £1270 to support yourself, plus £285 for a dependent partner, £315 for a first child and £200 for each additional child.
• Your application does not fall for refusal on general grounds for refusal.
• You have provided a TB test certificate, if required.
Tips for Meeting the UK Innovator Founder Visa Requirements
Here are some tips for meeting the UK Innovator Founder Visa requirements:
• Start planning early. The visa application process can take several weeks, so it is important to start planning early.
• Gather all of the required documentation. The required documentation includes your endorsement letter, business plan, contact point meeting minutes, and proof of funds.
• Make sure your business plan is comprehensive and well-written. Your business plan should clearly outline your business idea, target market, and financial projections.
• Be prepared to answer questions about your business. During the visa application process, you may be asked questions about your business idea, target market, and financial projections.
• Seek professional advice. If you have any questions about the UK Innovator Founder Visa requirements or the visa application process, you should seek professional advice from an immigration solicitor.
The UK Innovator Founder Visa: Ideal for Ambitious Entrepreneurs
The UK Innovator Founder Visa provides an excellent opportunity for talented entrepreneurs worldwide to launch an innovative new business in the thriving UK market. But who exactly is this exciting visa aimed at?
This route is well-suited to both first-time startup founders as well as experienced entrepreneurs looking to establish and scale an innovative commercial venture in the UK. Some key applicant profiles include:
Startup Solo Founders
Budding entrepreneurs worldwide who have devised an innovative, commercially viable business idea can apply as solo startup founders. You don’t need a founding team or existing business experience to qualify. However, your business plan will require thorough detail on executing the idea sustainably in the UK.
Startup Founding Teams
Groups of skilled professionals jointly forming a founding team behind a promising startup idea can also utilise this visa pathway. As an instrumental member of the founding team, you must play a clearly defined role with assigned responsibilities. Evidence of collaboration on the business plan is required.
Experienced Entrepreneurs
For seasoned entrepreneurs seeking to launch new innovative ventures in the UK leveraging their prior startup or business management expertise, this visa provides an accelerated route. Your prior entrepreneurial accomplishments and network will bolster the application.
International Tech Talent
Overseas tech professionals who have conceived a scalable, commercially viable technological innovation can apply as founder-directors of UK startups in sectors like fintech, cybersecurity, AI, IoT, clean energy etc. Technical co-founder roles are permissible.
Business Visionaries
Founders with innovative concepts spanning any lawful business sector – from e-commerce to biotech to consumer goods – can utilise this visa. The key requisites are an innovative, viable idea and scalable business model with strong commercial potential.
Joining a Pre-Registered Business
It is possible for founders to join a business already registered in the UK, provided it is very early-stage and has not started trading. Evidence must verify you had a key role in devising the business plan.
Bridging from Student to Founder
International students in the UK who crafted promising business ideas during their studies can avoid having to leave the UK when applying for this visa within 12 months of graduation.
Provided you meet all criteria regarding an innovative, investable business plan, this visa offers an excellent pathway to remain in the UK as an entrepreneur.
UK Innovator Founder Visa Investment Funds Requirement: What You Need to Know
The UK Innovator Founder Visa is a unique visa that allows start-up entrepreneurs and experienced businesspersons to establish a business in the UK without the need for a significant investment. However, while there is no specific minimum investment requirement, applicants must still demonstrate that they have access to a level of investment funds that is sufficient to set up and grow their business.
What is the Investment Funds Requirement for a UK Innovator Founder Visa?
The investment funds requirement for a UK Innovator Founder Visa is a flexible provision that is capable of being satisfied by anyone with a genuine proposal for an innovative business and an appropriate level of funds to deliver it, based on the specific financial needs of their business.
In other words, there is no one-size-fits-all answer to the question of how much investment funds you need to qualify for a UK Innovator Founder Visa. The amount of investment funds required will vary depending on the specific needs of your business.
How to Demonstrate that You Meet the Investment Funds Requirement
There are a number of ways to demonstrate that you meet the investment funds requirement for a UK Innovator Founder Visa. These include:
Providing evidence of personal savings or other financial assets.
Securing investment from third parties, such as venture capitalists or angel investors.
Demonstrating that you have access to a line of credit or other form of financing.
Having a business plan that clearly outlines your projected financial needs and how you plan to meet them.
It is important to note that you do not need to have all of the investment funds required to set up and grow your business in place at the time you apply for a UK Innovator Founder Visa. However, you must be able to demonstrate that you have a credible plan for securing the necessary investment funds.
Tips for Meeting the Investment Funds Requirement
Here are some tips for meeting the investment funds requirement for a UK Innovator Founder Visa:
Make sure your business plan is comprehensive and well-written. Your business plan should clearly outline your projected financial needs and how you plan to meet them.
Start networking with potential investors early on. The earlier you start networking with potential investors, the better your chances of securing the investment funds you need.
Consider crowdfunding. Crowdfunding can be a great way to raise capital for your business, especially if you are a start-up with no prior track record.
Seek professional advice. If you have any questions about the investment funds requirement for a UK Innovator Founder Visa, you should seek professional advice from an our immigration solicitors
UK Innovator Founder Visa Endorsement Criteria
To be eligible for an Innovator Founder Visa, you must have your business idea endorsed by an approved UK endorsing body.
New Business Endorsement Criteria
To meet the new business endorsement criteria, you must:
• Be a fit and proper person to receive endorsement.
• Have a business plan that is innovative, viable, and scalable.
• Make a significant contribution to the ideas in your business plan.
• Have a day-to-day role in carrying out your business plan.
• Have at least two contact point meetings with your endorsing body at regular intervals.
• Be either the sole founder or an instrumental member of the founding team.
Same Business Endorsement Criteria
If you are applying for an endorsement to continue running the same business as in a previous endorsement application, you must:
• Be registered with Companies House and listed as a director or member of the business.
• Have an active, trading, and sustainable business.
• Have made significant progress against your business plan.
• Be active in the day-to-day management and development of your business.
How to Meet the Endorsement Criteria
Here are some tips for meeting the endorsement criteria for a UK Innovator Founder Visa:
Start planning early. The endorsement process can take several weeks, so it is important to start planning early.
Gather all of the required documentation. The required documentation includes your business plan, CV, and supporting evidence of your experience and skills.
Make sure your business plan is comprehensive and well-written. Your business plan should clearly outline your business idea, target market, financial projections, and how you plan to meet the endorsement criteria.
Be prepared to answer questions about your business. During the endorsement process, you may be asked questions about your business idea, target market, financial projections, and how you plan to meet the endorsement criteria.
Seek professional advice. If you have any questions about the endorsement criteria or the endorsement process, you should seek professional advice from an immigration lawyer.
List of Approved UK Innovator Founder Visa Endorsing Bodies
Current Endorsing Bodies
Envestors Limited
UK Endorsement Services
Innovator International
The Global Entrepreneurs Programme (GEP) (GEP can only endorse applicants who have already been invited to participate on their programme)
Legacy Endorsing Bodies
Accelerate Her
Bethnal Green Ventures
Bristol SETsquared Centre
Cambridge Enterprise
Capital Enterprise
Durham University Business School
Edinburgh University
FuseBox
Glasgow Caledonian University
Imperial College London Enterprise
INSEAD Business School, Fontainebleau Campus
Keiretsu Forum
Minerva Business Angels
NatWest Accelerator
NetZero North
Northern Powerhouse Investment Fund
Oxford University Innovation
Royal Academy of Engineering Enterprise Hub
Sheffield Hallam University
Swansea University
Tech Nation
UCL Innovation
University College Birmingham
University of East Anglia
University of Liverpool
University of Manchester
University of Nottingham
University of Southampton
University of St Andrews
University of Surrey
University of the West of England
University of York
Welsh ICE
Please note that this list is subject to change and it is always best to check the Home Office website for the latest information.
UK Innovator Founder Visa Language,Financial and Other Requirements
English language requirement: Innovator Founder Visa applicants must show English language ability on the Common European Framework of Reference for Languages in all 4 components (reading, writing, speaking, and listening) of at least level B2.
Financial requirement: An applicant who is applying for entry clearance as an Innovator Founder will need to show that they have at least £1,270 in personal funds held for a 28-day period prior to the date of application.
Other requirements:
• You do not need to be the sole founder of your business, but you must be an instrumental member of the founding team.
• You can apply for a UK Innovator Founder Visa from outside the UK or from within the UK, provided you do not have certain types of permission.
• The current Home Office application fee for a UK Innovator Founder Visa is £1,036 if applying from outside the UK or £1,292 if applying to switch into the category from within the UK.
• Innovator Founder Visa applicants also need to pay a £1,000 (ex. VAT) endorsement fee to the relevant endorsing body.
• Your initial UK Innovator Founder Visa will be valid for 3 years and can be extended for periods of 3 years at a time.
• You will be able to apply for indefinite leave to remain (settlement) as an Innovator Founder after spending 3 years in the Innovator Founder Visa category.
Conditions of stay:
• You will need to work for the business or businesses that you have established.
• You will be allowed to engage in employment outside the running of your business, provided any such secondary employment is in a skilled role.
• You will need to have at least two contact point meetings with your endorsing body at regular intervals during your period of permission as an Innovator Founder.
Please note that this is just a summary of the requirements for more details please call Advantage Solicitors
If you’re an Innovator Founder who has been granted a UK Innovator Founder Visa, you may be eligible to apply for indefinite leave to remain (ILR) after three years. ILR is a type of permanent residency that allows you to live and work in the UK without restrictions.
To qualify for ILR as an Innovator Founder, you must meet the following requirements:
• You have been endorsed by an approved UK endorsing body and have shown significant achievements judged against the business plan assessed in your previous endorsement.
• Your business is active, trading, and appears sustainable for at least the following 12 months.
• You have had an active key role in the day-to-day management and development of your business.
• You satisfy at least two of the following criteria:
• You have invested at least £50,000 into your business and actively spent it furthering your business.
• Your business has created the equivalent of at least 5 full-time jobs for settled workers, with an average salary of at least £25,000 a year.
• Your business has created the equivalent of at least 10 full-time jobs for resident workers, with no average salary requirement.
The number of customers for your business has at least doubled within the most recent 3 years and is currently higher than the mean number of customers for other UK businesses offering comparable main products or services.
• Your business has engaged in significant research and development activity and has applied for intellectual property protection in the UK.
• Your business has generated a minimum annual gross revenue of £1 million in the last full year covered by its accounts.
• Your business has generated a minimum annual gross revenue of £500,000 in the last full year covered by its accounts, with at least £100,000 from exporting overseas.
• You have spent no more than 180 days outside the UK in any rolling 12-month