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UK Innovator Founder Visa

Launch Your Dream Business in the UK

Foreign entrepreneurs can come to the UK to start a new innovative business with the Innovator Founder Visa.

Starting in 2023, a new visa called the Innovator Founder will take its place, with distinct qualifications and perks. For more information, get in touch with our team today.

An Innovator Founder Visa UK is available to foreign entrepreneurs who wish to invest in a company in the UK.

To get instant support and guidance with the Innovator Founder Visa, dial 02033844389. In-person, over the phone, or online assistance is available from our immigration experts.

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What is Innovator Founder Visa UK?

In April 2019, the Tier 1 Entrepreneur Visa was replaced by the UK Innovator Visa. Later, in 2023, the Innovator visa was changed to the Innovator Founder visa. For seasoned entrepreneurs looking to launch a new venture in the UK, there is the Innovator Founder Visa option. 

Even though the £50,000 minimum investment is waived through this option, you will still require launch money, UK residency, and an endorsement. Now, innovator founders can balance jobs and school (up to A-level) without letting it affect their company.

The initial validity period of the Innovator Founder Visa is three years, with an additional three-year extension possible. After only three years of lawful presence in the UK, holders of Innovator Founder Visas may be entitled to apply for Indefinite Leave to Remain status.

What are Innovator Visa UK Requirements?

It is necessary to meet the following conditions to be eligible for a UK Innovator startup visa:

  • 18 years or older
  • You want to start and run a creative business in the UK.
  • Have an endorsement for their firm or business idea.
  • Meet the standards for English language skills
  • Make sure you have enough money to live in the UK.

Business plan

If you want to get an endorsement (which is explained below), you have to carefully write up a full business plan for your new or current innovative business.

Your business plan needs to show that your idea is:

Creative: You will have to give an original and honest business plan that shows how you will meet a need in the market, give yourself an edge over other businesses, or both.

Viable: The plan needs to show that you have a good chance of making the business work. Showing that you have the experience, market understanding, business skills, and experience to make this happen is part of this.

Large-scale: Proof that there is real ability to grow the business, create jobs, and enter new markets in the US and other countries will have to be at the core of your business plan.

Business Endorsement

If you want to apply for an Innovator founder visa in the UK, one of the most important things is that your innovative business or new business idea must be backed by a recognised UK endorsing group. The following groups can approve Innovator Founder Visas:

  • Envestors Limited
  • Endorsement Services in the UK
  • International Innovator
  • The GEP stands for the Global Entrepreneurs Program.

The endorsing body might think about the following when choosing whether to give an endorsement:

  • Does the UK need the business?
  • What new does the business offer customers that already exist?
  • Has the individual looked into the market enough?
  • Are the product goals attainable and long-lasting?
  • Does the business have a long-term plan?
  • Will the company get enough “traction” in the market?
  • Is there room for growth in the UK?

You need an endorsement before you can apply. This makes sure that only businesses that are likely to succeed can move on to the next step, which is the application. Speaking to your endorsing body will give you information on how to apply for endorsement and explain their method. You will get a letter of endorsement if your application for endorsement is approved. You can then use this letter to apply for your Innovator startup visa.

English Language Requirement

If you want to get an Innovator founder visa, you will need to show that you can speak and write English well. This includes you.

  • If you can read, write, speak, and understand English at a level B2 on the Common European Framework of Reference for Languages (CEFR) scale, you must show proof of having taken an English language test, or
  • You have a degree that was taught in English, or
  • Your home country is one of the ones that doesn’t have to pay. These are Antigua and Barbuda, Australia, the Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Jamaica, Malta, New Zealand, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad and Tobago, and the United States.

Sufficient Support Funds

Additionally, you must demonstrate that you possess sufficient funds to sustain your stay in the UK. To meet this requirement, you must exhibit that you have £1,270 in your bank account 28 days before your application.

For more detailed and up-to-date information, it’s recommended to consult the official UK government website or call 02033844389.

Our experienced UK immigration Solicitors can help you with your immigration process.

Financial Requirements For Innovator Founder Visa UK

Not only do candidates need to meet the investment fund requirements, but they must also have a minimum of £1,191 when applying from outside the UK and £1,486 when applying to extend or switch from within the UK for 90 consecutive days prior to applying for the Innovator Founder Visa.

You can’t use money from investments or illegal work in the UK to show that you meet this requirement.

There is a £1,035 annual healthcare surcharge fee that applicants must pay. There are also endorsement fees of £1,000 plus VAT and review meeting fees of £500 per meeting with an approving body.

The English language test, TB tests (if needed), and biometric registration fees may cost extra.

These fees are subject to change, and applicants should verify the latest costs on the official UK government website. Call 02033844389.

Our experienced UK immigration Solicitors can help you with your immigration process.