The UK government introduced a new Innovator Founder visa on 13th April 2023 which is aimed at foreign nationals who want to set up and run a new and innovative business. The business idea must first be approved by an endorsing body which will establish if the business is viable, innovative, and scalable.
The Innovator Founder visa allows people to set up one or multiple businesses in the UK. Successful visa applicants can work for the business as self-employed, employed, or as a director of the company and can also do work outside of the business for another company, providing it is classed as skilled work.
In order to be eligible for this visa, applicants must meet the following requirements:
Endorsement: Visa applicants must be endorsed by one of the following approved bodies.
- Envestors Limited
- UK Endorsing Services
- Innovator International
- The Global Entrepreneurs Programme (GEP)
As part of the application process, the individual must show that their business idea is original and different from anything else on the market. It must have the potential to grow and create jobs.
Applicants will have to prove that they have sufficient funds to set up and support the business. There is no specific amount that individuals will need to hold as this is subjective depending on the type of business and how much is reasonably needed to help it grow. The endorsing body will decide whether the available funds are enough to maintain the business venture.
Financial support: Applicants will need to show that they can support themselves in the UK without accessing public funds. As such, they will need to prove that they have at least £1270 in their bank account which they have held for 28 days. If applicants have dependants, they will need to provide extra proof of resources including the following:
- £285 for their partner
- £315 for one child
- £200 for each additional child
English language: Unless individuals come from a majority English-speaking country, they will need to show that they have level B2 English language level in writing, reading, and speaking. They can also meet the requirement in other ways such as having a degree taught in English.
How Long Can You Stay In The UK On The Innovator Founder Visa?
The initial visa is granted for 3 years, but one condition is that visa holders must meet with their endorsing body after 12 months and 24 months to demonstrate that they are progressing with the business. The visa may also be stopped if the endorsing body withdraws its endorsement.
The Innovator Founder visa can be extended for a further 3 years. However, after 3 years of continuous residence on this visa, providing the individual meets certain requirements, they may be eligible for Indefinite Leave to Remain (ILR) or settlement which allows them to stay in the UK permanently.
Can You Bring Your Partner and Children?
Yes, the Innovator Founder visa allows people to bring their dependants such as their partner or dependant children.
How Do You Apply for The Innovator Founder Visa?
Applications must be submitted online and as part of the process, applicants must prove their identity by either taking fingerprints and a photograph at a nearby visa application centre or by using the Home Office online ID checking service depending on where the individual is applying from. Applicants will be required to submit their supporting documents along with their application.
Usually, it takes around 3 weeks to get a decision on the visa for those applying outside of the UK after the documents have been provided and once identity has been proven. Those applying inside the UK should receive a decision in around 8 weeks. Applicants will need to pay the application fee and the healthcare surcharge amount.
