UK Innovator Founder Visa

The UK Innovator Visa was created in April 2019, replacing the Tier 1 Entrepreneur Visa. The Innovator Visa route is designed for experienced businesspeople who seek to start a business in the UK. Applicants need to invest in the business, and their business proposal must be endorsed by an endorsing body. The Innovator Founder Visa lasts for three years and can be extended for a further three years. In some cases, Innovator Visa holders will be eligible to apply for Indefinite Leave to Remain status after just three years of lawful residency in the UK.

Eligibility

Anyone who wishes to start a business in the UK under an Innovator Visa will need to meet certain requirements.

1. Be from outside the EEA and Switzerland

2. Be at least 18-years-old

3. Have at least £50,000 to invest if you want set up a new business

4. Have a business 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 (The endorsement must not have been withdrawn prior to the Home Office’s consideration of the application)

5. Meet the English language requirement

6. Meet certain personal financial requirements

Multiple applicants can apply for endorsement to be co-directors of the same company, but each applicant still needs to be able to demonstrate that they have sufficient money to invest.

How do you apply for an Innovator Founder Visa?

To apply for this visa, applicants must first secure an endorsement from an approved endorsing body. Several approved endorsing bodies offer different types of support.

UK Endorsing Services requires a video pitch and offers help with business incubation, sales, and product development. Innovator International is known for its fast application process, allowing applicants to apply in under five minutes if they have all the necessary documents. Envestors Limited focuses on investment opportunities, providing access to angel investors and offering fundraising advisory services. The Global Entrepreneurs Programme (GEP), a government initiative, targets tech entrepreneurs and helps scale businesses with a UK headquarters.

Qualifications for UK Innovator Founder Visa

To qualify for this visa, your business idea must be innovative, scalable, and viable. This means that your proposed business should bring something new to the UK market, have potential for growth, and be a feasible venture. Unlike the previous Innovator Visa, there is no specific funding requirement for the Innovator Founder Visa, but you must demonstrate that your business is well-planned and capable of making a positive impact on the UK economy.

The business you propose must offer prospective benefits to the British economy and workforce. Additionally, your business plan needs to show a clear potential for growth and job creation in the UK.

Business Proposal

Your business proposal will need to meet the following requirements:

• Innovation. The applicant must be able to demonstrate that they have a genuine and original business plan which meets a new or existing market need, and will provide benefit to the British economy and workforce. (An applicant cannot join or invest in a business which is already trading)
• Viability. The applicant needs to prove they have the necessary skills, knowledge and market awareness to successfully run the business
• Scalability. The applicant will need to show that there is potential for job creation and growth

English Language Requirement

Applicant will need to prove they meet a B2 level of English as set out by the Common European Framework of References for Languages (CEFR). You will not need to fulfil any English language requirements if you:

• Hold a degree or higher qualification taught in English which is recognised by the UK NARIC
• Already hold a CEFR B2 level certificate in reading, writing, speaking and listening

Also, citizens of the following countries will not need to fulfil this requirement:

• Antigua and Barbuda
• Australia
• The Bahamas
• Barbados
• Belize
• Canada
• Dominican Republic
• Grenada
• Guyana
• Jamaica
• New Zealand
• St. Kitts and Nevis
• St. Lucia
• St. Vincent and the Grenadines
• Trinidad and Tobago
• USA

How Long Does it Take to Process an Innovator Founder Visa?

The processing time for an Innovator Visa (or Founder Visa) can vary significantly depending on the country where you are applying and the specific circumstances of your application. Generally, the processing time can range from a few weeks to several months. Below are estimated processing times for some countries known for their Innovator Visa programs:

• Initial Decision: Usually within 3 weeks if applying from outside the UK.
• Super Priority Service: Decision usually within 24 hours (additional fee applies).

How Long Can I Stay in the UK Under an Innovator Visa?

Under the Innovator Visa in the UK, you can stay for up to 3 years. After this initial period, you may be able to extend your visa for another 3 years if you meet the extension requirements. There is no maximum limit on the total time you can spend in the UK on an Innovator founder Visa.

Benefits of UK Innovator Founder Visa

General summary of the benefits commonly associated with an Innovator or Founder Visa:

• Enables entrepreneurs to establish and operate a business in the host country.
• Path to Permanent Residency:
• Opportunity to access and tap into the local markets, including customers, suppliers, and networks.
• Support and Mentorship
• Family Benefits: Eligibility to bring family members, including spouses and children, to the host country.
• Freedom to Travel: Allows for unrestricted travel in and out of the host country during the visa's validity.
• Flexibility to Work:
• No Minimum Education Requirement:
• Entrepreneurs with diverse educational backgrounds can apply.