The Innovator Founder Visa is a pathway for ambitious entrepreneurs looking to establish and scale an innovative business in the UK. Designed to replace the previous Innovator Visa and Start-Up Visa, this scheme provides a streamlined process for business founders with high-growth potential.
In this guide, we break down the Innovator Founder Visa requirements, application process, costs, processing time, and legal considerations. If you’re considering applying, having a well-prepared Innovator Founder Visa business plan is crucial to securing an endorsement.
What is the Innovator Founder Visa?
The Innovator Founder Visa is designed for non-UK entrepreneurs who wish to launch a business that is:
- Innovative – A new and original business idea that introduces a unique product, service, or approach not currently available in the UK market, demonstrating clear differentiation and competitive advantage.
- Viable – A sustainable and scalable business model that demonstrates clear financial feasibility, a defined revenue stream, and the ability to sustain operations long-term while adapting to market demands and challenges.
- Scalable – The potential to grow and contribute to the UK economy by expanding market reach, increasing revenue streams, creating jobs, and fostering innovation. The business should have a clear strategy for long-term growth, including partnerships, funding opportunities, and the ability to enter new markets.
Unlike other visa routes, applicants do not need a specific investment threshold, but they must demonstrate sufficient funds to support their business start-up and run it at least for the first 12 months without relying on income or other external funding/loan.
Eligibility Criteria for Innovator Founder Visa
To qualify for the UK Innovator Founder Visa, you must:
- Be at least 18 years old.
- Have an endorsed business idea that meets the innovation, viability, and scalability criteria.
- Prove English language proficiency (CEFR level B2).
- Show sufficient personal funds (£1,270 in savings for at least 28 days before applying).
- Intend to work solely on your endorsed business.
Application Process for Eligibility Criteria for Innovator Founder Visa
The application process is completed in 4 steps:
- Prepare Documentation – Create a comprehensive business plan, financial statements, identity documents, and proof of funds.
- Secure Endorsement – Obtain approval from an endorsing body that will assess your business plan and its viability. Normally takes 2-4 weeks to get a decision.
- Apply for the Visa – Complete your online application through the UK government portal and pay the relevant fees.
- Await a Decision – Typically takes 3 weeks (outside the UK) or 8 weeks (within the UK).
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Endorsing Bodies and Business Plan Requirements
Endorsing bodies play a critical role in the Innovator Founder Visa UK process. They evaluate:
- The uniqueness of your idea – Your business must offer a distinct and innovative solution that is not currently available in the UK market. This could be a new product, service, or technological advancement that disrupts existing industries or improves efficiencies.
- Market potential and financial projections – You must demonstrate that your business has a strong market opportunity, with clear demand for your product or service. Your financial projections should outline expected revenue growth, potential profitability, and a well-defined funding strategy if needed.
- Your ability to execute the business plan – The endorsing body will assess whether you have the necessary skills, experience, and resources to successfully implement and grow your business. This includes evaluating your track record, industry knowledge, and your ability to attract talent or investment.
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Costs Associated with the Innovator Founder Visa
The Innovator Founder Visa route typically involves incurring the following costs:
- Application Fee: £1,191 (outside the UK) / £1,486 (inside the UK) per applicant.
- Endorsement Fee: £1,000 (paid to the endorsing body).
- Healthcare Surcharge: £1,035 per applicant per year.
- Additional Costs: Business planning, legal consultation (if needed), translation, and travel.
Post Visa Approval Obligations
Once the Innovator Founder Visa is granted, you shall ensure full compliance with the following:
- Submit annual progress report: Attend progress checkpoints at 12 and 24 months with your endorsing body.
- Show satisfactory growth: Show measurable business growth, such as increased revenue, expanding customer base, securing investment, hiring new employees, launching new product lines, or entering new markets.
- Only take-up permitted full-time jobs: Work only for other businesses that offer Level 3 or higher job.
Failure to meet these requirements could lead to visa cancellation.
Extending Innovator Founder Visa or Apply for UK Settlement (ILR)
The Innovator Founder Visa is valid for 3 years, offering a clear path for entrepreneurs to establish their businesses in the UK. Below are the critical points for those looking to extend their visa or apply for Indefinite Leave to Remain (ILR):
- Visa Extension: You can apply for an extension if your business meets the required growth benchmarks, such as demonstrating consistent performance and progress in line with your business plan. Extensions are granted for another 3 years without a limit on the number of renewals, provided your business remains viable and scalable.
- Eligibility for Indefinite Leave to Remain (ILR): After 3 years, you may be eligible for ILR if you can show continued business success. Your business must have achieved at least 2 of the following milestones:
- Investment: You must have received and spent at least £50,000 on developing the business.
- Intellectual Property: Applied for intellectual property protection in the UK (e.g., patents, trademarks).
- Customer Growth: Doubled the number of customers over the last 3 years, with a customer base exceeding the average for similar businesses.
- Revenue-based Milestone Achievements:
- Generated at least £1 million in revenue during the last full year covered by accounts.
- Alternatively, achieved at least £500,000 in revenue, with £100,000 of this from exports in the same period.
- Job-based Milestone Achievements:
- Created 10 full-time job equivalents, each existing for a minimum of 12 months.
- Alternatively, created 5 full-time job equivalents for 12 months, with an average salary of £25,000 per year.
Conclusion
The UK Innovator Founder Visa is an excellent opportunity for global entrepreneurs. With careful planning, strong business fundamentals, and expert guidance, you can successfully establish your business in the UK.
For assistance with your application and business plan, get in touch with our team today.