Introduction
Introduced by the UK Government on 13 April 2023, the UK Innovator Founder Visa marks a significant shift in the immigration landscape for foreign entrepreneurs.
This visa merges the earlier Innovator and Start-Up visas, creating a streamlined pathway for those aiming to launch unique and innovative businesses in the UK.
It’s an avenue tailored for business ideas that are distinct and different from existing market offerings, enabling foreign entrepreneurs to contribute to the UK’s economic landscape with fresh and original business concepts.
Eligibility and Requirements
The visa stipulates a set of personal and business criteria for eligibility. Applicants must demonstrate their proficiency in the English language, meeting the CEFR Level B2 standard. Age is also a factor, requiring applicants to be at least 18 years old.
Financial stability is crucial, as applicants need to show sufficient personal savings to support themselves and any dependents in the UK. This includes having £1,270 for the applicant, additional funds for a dependent partner, and specific amounts for each child.
Moreover, applicants must have a clean criminal record and adhere to general grounds for refusal to ensure their eligibility.
On the business front, the applicant’s business idea must be original, innovative, and different from anything else in the market. The business plan should exhibit viability with potential for growth and scalability, including plans for job creation and expansion into national and international markets.
An essential element of the business criteria is obtaining an endorsement from an authorised body. This involves at least two contact point meetings during the visa period to assess and validate the business idea.
Application Process
The application for the Innovator Founder Visa is an online process. The process differs depending on the applicant’s location — whether they apply outside or within the UK. The application requires various documents, including an endorsement letter, a valid passport or another identity document, and bank statements proving financial stability.
Applicants must also provide proof of their English language proficiency and, if applicable, tuberculosis test results from countries where this is a requirement. For any documents not in English or Welsh, certified translations are mandatory. The decision-making timeframe for the visa application typically spans around three weeks for applications made from outside the UK and eight weeks for those within the UK. However, for updated timetables, consult with an Immigration Lawyer.
Fees
The application fee varies based on the applicant’s location. For those applying from outside the UK, the fee is £1,191, while for extensions or switches within the UK, it’s £1,486.
Additionally, applicants must pay a healthcare surcharge as part of their application, which varies based on the duration of their visa.
Visa Duration and Extension
Initially, the Innovator Founder Visa is granted for three years, whether the applicant is entering the UK on this visa or switching to it from another visa category while in the UK. There are mandatory meetings with the endorsing body after 12 and 24 months to demonstrate progress with the business.
The visa can be extended for another three years, and there is no limit to the number of times an applicant can extend their stay. Furthermore, applicants may be eligible to apply for settlement after living in the UK for three years, provided they meet other eligibility requirements.
Benefits
The visa offers several advantages. It allows the entrepreneur to set up and operate one or more businesses in the UK, work for their business, and undertake additional skilled work.
There is also the opportunity to bring family members as dependents, travel abroad, and return to the UK. One significant benefit is the possibility of applying for Indefinite Leave to Remain in the UK after three years.
Downsides
Despite its advantages, the Innovator Founder Visa poses particular challenges. The major downside is the complexity and time required to obtain an endorsement from a Home Office-authorised body.
This process involves a stringent assessment of the business venture to ensure it meets the innovative, viable, and scalable criteria.
Additionally, if the endorsing body withdraws its endorsement, it could lead to the termination of the Innovator Founder visa, potentially necessitating the applicant’s departure from the UK.
Alternative: Self-Sponsorship Route
The Self-Sponsorship route is an alternative for entrepreneurs seeking a more straightforward path. This approach involves setting up a UK company and applying for a Skilled Worker visa, circumventing the need for an endorsement letter.
This route is generally less demanding than the Innovator Founder route and does not require the business to meet the innovative, viable, and scalable thresholds.
Conclusion
The UK Innovator Founder Visa presents a significant opportunity for foreign entrepreneurs to establish a business in the UK. While it offers numerous benefits, the complexities involved in obtaining an endorsement and other requirements make it a challenging route.
Consequently, prospective applicants should weigh all options carefully and consider consulting with immigration services like Safebridge Immigration Services for comprehensive guidance and assistance navigating the visa application process.
Contact Us
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- Email: info@safebridgeimmigration.co.uk
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