The Innovator Founder Visa

The Innovator Founder visa is now one of the faster routes to settlement in the UK. It’s designed for start-ups as well as experienced entrepreneurs who want to establish a UK business. It replaced  the Innovator and Start up visa and was introduced to attract entrepreneurial talent. It is not the same as the Skilled Worker Visa under self-sponsorship which provides an alternative route to the UK.

To successfully apply under the Innovator Founder visa, you do need a business idea that is innovative and viable, and you’ll need a business plan that has been approved  by an endorsing body but you do not need to meet any specified minimum fund criteria.

Eligibility

You must be able to show that your business idea is:

• new – you cannot join a business that is already trading
• innovative – you must have an original business idea which is different from anything else on the market
• viable and with potential for growth
• scalable – you must give evidence of planning that includes creating jobs and growing into national and international markets

This means that first and foremost, applicants will need a well thought out and viable business plan. They will then need to get endorsement of the plan from an approved body. There is a government list of authorised organisations which can endorse a business plan and beyond providing endorsement, this body will also monitor the development of the business.

Applicants will need to meet with their endorsing body after 12 months and 24 months to show the progress of the business. There is an initial £1,000 fee for endorsement from an approved endorsing body and thereafter a fee of £500 each time there is a meeting with the endorsing body.

Once the business plan has been endorsed, applicants can apply for their visa via the Home Office. To be successful, the applicant must secure 70 points (50 under the new or same business criteria, but not both, 20 for English language and financial requirements – see below).

Additional requirements

You must be able to speak, read, write and understand English. You must also be 18 or over and be able to prove that you have enough personal savings to support yourself while you’re in the UK.

Financial requirements

Applicants need to prove to the endorsing body that they have enough funding. That means they must have £1,270 in their  bank account for 28 consecutive days before they either apply for or apply to extend their visa. This money cannot come from either the investment funds or illegal UK earnings.

Terms of the visa

If successful, applicants are allowed to work for the business as well as do other, additional work provided that work is in a role that requires a skill level of not less than RQF Level 3, equivalent to UK A Levels.

Innovator Founder visas are initially granted for a maximum of 3 years, but thereafter, applicants can apply for indefinite leave to remain provided they meet the relevant requirements. If granted an Innovator Founder visa, the applicant’s immediate relatives can also live with them in the UK under a dependant visa.

Even if granted an Innovator Founder visa, applicants cannot apply for most benefits or work as a professional sportsperson. There is a full list of what is and isn’t allowed which is provided by the Home Office.

How to apply

You apply online. However, the application process will depend on whether you are applying from outside the UK, or inside the UK and either extending or changing from a current visa.

How long it takes

Applicants should allow sufficient time before their application to prepare their business plan. This will normally take anything up to three months. Thereafter, the application for endorsement could also take another one or two months.

Once in a position to apply for a visa, applicants will need to prove their identity and provide the required documentation. Processing of the application to get a decision should take:

• 3 weeks, if you’re outside the UK
• 8 weeks, if you’re inside the UK

Applicants may be able to pay for an expedited process.

Fees

There are of course application fees which are:

• £1,274 per person applying from outside the UK
• £1,590 per person applying  to extend or switch a visa in the UK

Applicants also have to pay the healthcare surcharge as part of the application which is £1,035 per year for all other visa and immigration applications, for example £3,105 for a 3-year visa.

The Innovator Founder visa can be a quick and effective route to the UK for entrepreneurs. If you would like to discuss the above, please call 020 3988 0170 or contact us via our website.

The legal content provided by RSW Law Limited is for information purposes only and should not be relied on in any specific case without legal or other professional advice.

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