Innovator Founder Visa UK launched on 13 April 2023, this innovative immigration route is tailored for entrepreneurs eager to establish a business in the UK based on their unique ideas or significant contributions. The Innovator Founder visa replaces the previous innovator and start-up visa routes, streamlining the process for foreign entrepreneurs. This visa stands out for its flexibility and reduced financial barriers, as applicants no longer need to secure a specific level of investment. Instead, a robust business plan demonstrating self-sustainability is the key requirement.
What are the key benefits of the Innovator Founder Visa?
- No fixed investment requirement: Unlike the previous £50,000 requirement, applicants can focus on showcasing a viable business plan without the pressure of securing a large investment.
- Opportunity for additional employment: Visa holders can engage in additional employment alongside their business venture, provided the role is at least at RQF level 3 or higher.
- Accelerated path to permanent residence: The Innovator Founder visa offers a three-year route to ‘indefinite leave to remain’, a faster track compared to other categories.
How do I apply for the UK Innovator Founder Visa?
The application for the Innovator Founder visa involves two main stages:
- Endorsement: Applicants must secure an endorsement from one of the three approved bodies – Envestors Limited, Innovator International, or UK Endorsements Services. Each body has unique criteria, assessing the applicant’s business idea, skills, and potential success in the UK. Endorsement also involves verifying the applicant’s credibility and the legitimacy of their funds.
- Visa application: Following endorsement, applicants have three months to apply for the visa. The application includes a comprehensive business plan with financial projections. A total of 70 points are needed, with 50 points awarded based on the business plan.
The Innovator Founder visa is a game-changer for entrepreneurs worldwide, offering a flexible, fast track to establishing a business in the UK and eventually gaining permanent residence. Its unique features cater to the needs of modern entrepreneurs, making it a highly attractive option for those looking to bring their innovative ideas to the UK market. While the process of pursuing the Innovator Founder Visa can seem complicated, advice from expert immigration lawyers can greatly ease the burden.
Get in touch: For a comprehensive understanding of your options or queries on UK immigration matters, reach out to GigaLegal at 02074067654 or click here to book a no-obligation consultation with an immigration expert.