The Innovator Founder Visa is a UK visa designed for entrepreneurs looking to establish innovative, scalable businesses in the UK. Replacing the old Innovator and Start-up visas, it targets individuals with original business ideas endorsed by an approved UK endorsing body. Applicants must demonstrate innovation, viability, and scalability. Unlike previous routes, there’s no minimum investment requirement. The visa leads to settlement after three years, making it an attractive option for global entrepreneurs seeking to build businesses and settle in the UK.
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 a minimum of £50,000 to invest in the business, and their business proposal must be endorsed by an endorsing body.
The Innovator 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.
Anyone who wishes to start a business in the UK under an Innovator Visa will need to meet certain requirements.
To be eligible for the Innovator Visa, you must:
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 £50,000 to invest.
The Start Up Visa is another type of visa for entrepreneurs. However, this visa is for less experienced entrepreneurs who are classed as high potential.
As alluded to above, there are a number of requirements which an Innovator Visa applicant will need to fulfil in order for their application to be accepted.
Your business proposal will need to meet the following requirements:
Start Up Visa | Innovator Visa |
Applicants do not need funds to invest in their business | Applicants need at least £50,000 to invest in their business |
Must not have previously set up a business in the UK | Eligible if set up business in the UK in the past |
Successful applicants can stay in the UK for two years | Successful applicants can stay in the UK for three years |
Can bring family members | Can bring family members |
Can take on work outside of their business to support themselves | Cannot undertake any work outside of business ventures |
Visa cannot be extended | Visa can be extended |
One of the key Innovator Visa requirements is to have your business idea approved by an endorsing body. Before you start your Innovator Visa application, you must have an endorsement letter from an approved endorsement body.
Endorsement bodies review the applicant’s business proposal and determine whether it meets the three key business proposal requirements, as mentioned above.
If the endorsement body approves the business proposal, an endorsement letter will be written and sent to the Home Office, with detailed information about the applicant and their business proposal.
Endorsing bodies must be able to demonstrate a proven track record of supporting UK entrepreneurs (unless a new organisation is set up by another body which has its own proven track record).
The endorsing body must explain in the letter whether they are providing the investment funds, or whether the applicant has the investment funds available to them and is ready to invest in the business (or has already done so).
A full list of business endorsing bodies can be found here. For more information on the business proposal endorsement, call us now on +9714-584-9553.