In the UK, a new option called the Innovator Founder Visa was introduced on 13 April 2023. This route has combined the previous Innovator and Start-up categories into one. Not everyone can qualify for this route.
Requirements
Firstly, applicants must be approved by a Home Office-approved body. Dealing with the Home Office involves submitting a range of documents. It is crucial to have all required documentation in order, ensuring accuracy, completeness, and adherence to specific guidelines. Failure to provide accurate information can lead to delays, rejections, or potential legal complications. Double-check all forms, supporting evidence, and personal details, seeking professional assistance when necessary.
Businessmen must have a unique and promising business plan that covers the needs of the UK’s people. It is also mandatory for applicants to show progress in their business by meeting with their endorsing body after one and two years and they have to know English at the Upper Intermediate level. Meeting financial requirements is also necessary. Entrepreneurs can be evaluated on one of two scales — as a new business or as an already established one.
One important change is that entrepreneurs no longer need to have a minimum of £50,000 in funds, and they are also allowed to engage in other employment. These changes have been made to regularize the previous two routes and make the programme more accessible in general.
The applicant must be a key person in his/her company. His partner can also apply for a visa but as a dependent person.
Who can endorse?
To submit an application for the Innovator Founder route, approval from an endorsing body is crucial. The bodies are UK Endorsement Services, Envestors Limited, The Global Entrepreneurs Programme, and Innovator International, which only provides visa endorsements for founders invited to participate in its program. Those applicants who have previously obtained a permit under one of the old programmes can, subject to certain conditions, expect to be approved by the Legacy Endorsing Body.
How much to pay?
The application fee is £1,036 for people applying from other countries and £1,292 for those applying domestically. Additionally, applicants must pay a fee of £1,000 to the relevant approval authority. It is important to note that these fees do not include legal fees and the immigration medical allowance, which is presently £624 per head annually.
How long is the permit issued for?
The Innovator Founder programme permit is issued for a maximum of three years and can be renewed in the future. Applicants can include their family members in their applications. This way all family members can get educated, work and live in the UK. Settlement under the new route is also possible after three years of continuous residence in the UK.
Possibility of applying under the old routes
For those who were planning to apply under the old pre-existing routes, please note that these routes are no longer available to new applicants. All previous applications approved before 13 April were reviewed by the 13 July deadline.
This is a convenient and quick option for any entrepreneur. Make sure your proposition is truly unique and unrivaled. If you are considering becoming an applicant, it is important to research all requirements in advance as they are subject to change. Only if you meet all current regulations will you be able to obtain a new Innovator Founder Visa.
