Overview
The Innovator Founder Visa UK route is a pathway designed for individuals who want to establish and run an innovative business in the UK. This visa replaced the Tier 1 (Entrepreneur) visa and is geared towards those with a groundbreaking business idea. Here’s a detailed overview of the Innovator Founder Visa:
Eligibility Criteria
Business Idea:
- Your business idea must be innovative, viable, and scalable.
- It should be endorsed by an approved endorsing body (a recognized organization that assesses and supports innovative business ideas).
Endorsement:
- You need to secure an endorsement letter from an approved endorsing body. This letter must confirm that your business idea is innovative, viable, and scalable, and that it has been thoroughly assessed.
- The endorsing body must also assess the progress of your business after the visa is granted.
Financial Requirements:
- You must have at least £50,000 in investment funds if you are setting up a new business. If you have already invested this amount in your business, you do not need to show this amount separately.
- You need to demonstrate that you have sufficient personal funds to support yourself without relying on public funds.
English Language:
- You need to prove your English language proficiency at least at the CEFR level B2.
Maintenance Funds:
- You must have enough money to support yourself during your stay in the UK. This requirement is usually set at a specific amount per month and depends on your location in the UK.
Application Process:
Obtain Endorsement:
- Apply to an approved endorsing body for endorsement. If you receive endorsement, you will get an endorsement letter required for your visa application.
Apply for the Visa:
- Submit your visa application online through the UK government’s official immigration website.
- Provide biometric information (photo and fingerprints) as part of the application.
- Pay the visa application fee and the healthcare surcharge.
Documents Required:
- Endorsement letter from an approved body.
- Proof of funds to support yourself and/or investment funds.
- Proof of English language proficiency.
- A current passport or travel document.
- Additional documents might include proof of your business idea, previous business experience, and details of your financial situation.
Visa Duration:
- The Innovator Founder Visa is usually granted for up to 3 years.
- You can apply to extend the visa if you want to continue running your business in the UK.
- There is no cap on the number of extensions you can apply for, provided you meet the eligibility criteria.
Work Rights:
You can work on your business, and you may also be employed in other roles, provided they do not interfere with the running of your business.
Family Members:
You can bring your dependents (such as a spouse or children) with you, but you will need to prove that you can support them financially.
Settlement
- After 3 years, you may be eligible to apply for Indefinite Leave to Remain (ILR) in the UK, provided you meet the residency and other requirements.
Switching to Innovator Founder Visa:
- If you are already in the UK under a different visa category, you may be able to switch to the Innovator Founder Visa, but you must meet the specific requirements of the Innovator Founder route and obtain endorsement before applying.
The Innovator Founder Visa aims to support entrepreneurs with innovative and ambitious business ideas, providing a structured pathway for establishing and growing a business in the UK.
FAQ (Frequently asked questions):
The Innovator Founder Visa allows individuals to come to the UK to establish and run an innovative, viable, and scalable business. This visa replaced the Tier 1 (Entrepreneur) visa and is aimed at those with groundbreaking business ideas.
- Endorsement: You must obtain an endorsement from an approved endorsing body.
- Business Idea: Your business idea must be innovative, viable, and scalable.
- Investment Funds: You need at least £50,000 in investment funds unless you have already invested this amount in your business.
- English Language: You must meet at least CEFR level B2 in English.
- Maintenance Funds: You need to show you can support yourself financially.
Apply to an approved endorsing body. They will assess your business idea and, if it meets their criteria, provide you with an endorsement letter.
- Application Fees
- Applying from outside the UK: £1,191 per person.
- Extending or switching from inside the UK: £1,486 per person.
Endorsement Fees
- Endorsement consideration: £1,000 (payable to the endorsing body, excluding VAT).
- Checkpoint assessments at 12 and 24 months (about 2 years): £500 each (payable to the endorsing body, excluding VAT)
Immigration Health Surcharge (IHS)
- £624 per year
The visa is typically granted for up to 3 years. You can apply for an extension or for Indefinite Leave to Remain (ILR) if you meet the requirements.
Yes, you can apply to extend your visa for another 3 years if your business is still running and meeting the requirements.
Yes, you can bring your spouse, partner, and children as dependents, provided you can support them financially.
You can work on your business and take on other employment as long as it does not interfere with running your business.
To qualify for ILR, you generally need to have lived in the UK for 3 years on this visa, meet the residence requirements, and continue to meet the criteria for your business.
Yes, you can switch to this visa from another visa category, but you must meet all the Innovator Founder Visa requirements and obtain endorsement before applying.
- Get Endorsed: Secure an endorsement from an approved body.
- Apply Online: Submit your visa application online, provide biometric information, and pay the required fees.
- Provide Documents: Submit required documents, including the endorsement letter, proof of funds, proof of English proficiency, and any additional supporting documents.
Visa rules and fees are subject to change. Always check the UK government’s official immigration website or consult with an immigration advisor for the most current information.
Visit the UK Government’s official Immigration website for the latest updates, detailed guidelines, and application instructions.
Processing times can vary, but it usually takes around 8 weeks (about 2 months) from the date of your application. If you’re applying from outside the UK, processing times might differ.
For Expert legal advice and assistance, reach out to Imran & Co Solicitors today.
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