What is the Innovator Founder Visa?
The Innovator Founder Visa facilitates the entry of international entrepreneurs into the UK for the purpose of establishing an innovative business. It is designed specifically for individuals aspiring to create and manage ventures that distinguish themselves from existing market offerings.
Previously identified as the “Innovator Visa,” this visa took over from the Tier 1 (Entrepreneur) Visa in March 2019. The key, formerly referred to as the “Innovator Visa,” took over from the Tier 1 (Entrepreneur) Visa in March 2019. Effective April 13, 2023, the Innovator Founder Visa no longer mandates a minimum investment of GBP 50,000. However, if you intend to launch a new business, you must still demonstrate to the endorsing body that you possess adequate funding and a reliable source of financial support.
This visa permits a stay of up to three years, with the option to apply for a subsequent three-year extension. A notable advantage of the Innovator Founder Visa is that, after three years, individuals may secure permanent settlements in the UK. This duration is shorter than the standard five years typically required for indefinite leave to remain (ILR).
Requirements for the Innovator Founder Visa in 2024
For a successful UK Innovator Founder Visa application, candidates must meet the following criteria:
| Requirement | Details |
|---|---|
| Age | 18 years old or older |
| Business Intent | Intention to establish and operate an innovative business in the UK |
| Endorsement | Obtain endorsement for the business or business idea |
| English Language Proficiency | Satisfy the English language proficiency requirements |
| Financial Capacity | Possess sufficient funds to sustain themselves in the UK |
1.Business Plan
To secure endorsement, a comprehensive business plan is essential for your existing innovative business or new business idea. The project should convincingly demonstrate that your concept is:
- Innovative: Present an original business plan detailing how you address a new or existing market need or create a competitive advantage.
- Viable: Show a realistic chance of business success, highlighting your experience, market knowledge, business skills, and ability to execute the plan.
- Scalable: Emphasize the potential for business growth, job creation, and expansion into domestic and international markets.
2.Business Endorsement
Critical to obtaining an Innovator Founder Visa is the endorsement of your existing innovative business or new business idea by an approved endorsing body in the UK. Organizations authorized to issue approvals include:
- Investors Limited
- UK Endorsement Services
- Innovator International
The Global Entrepreneurs Program (GEP)
- Endorsing bodies evaluate factors such as the business’s need in the UK, novelty in existing markets, thorough market research, realistic product goals, long-term planning, market “traction,” and growth potential.
- Endorsement is a prerequisite before applying, ensuring that only promising businesses advance. If endorsed, you will receive a letter that supports your Innovator Founder Visa application.
1.English Language Requirements
To qualify for the Innovator Founder Visa, meeting English language requirements is crucial. This entails:
- Displaying competence in English, encompassing reading, writing, speaking, and comprehension skills at the B2 level on the CEFR scale.
- Providing evidence of an English language test, having a degree taught in English, or being from an exempt country.
2.Sufficient Support Funds
Proof of adequate financial support, with a minimum of £1,270 in your bank account 28 days before applying, is necessary.
How to Apply for an Innovator Founder Visa in 2024
Application Stages:
| Application Stages | Details |
|---|---|
| Prepare your business plan. | Ensure your business plan is comprehensive and aligns with the Innovator Founder Visa requirements. |
| Apply for endorsement from an approved endorsing body. | Seek approval from an authorized endorsing body to validate and support your business or business idea. |
| Complete the online application form on the Home Office website, depending on your location. | Submit your application through the Home Office website, adjusting the process based on your current location (inside or outside the UK). |
| Prove your identity through fingerprinting or the “UK Immigration: ID Check” app. | Verify your identity using fingerprinting or the designated “UK Immigration: ID Check” app, following the specified procedures. |
| Pay the application fee and immigration healthcare surcharge. | Fulfill the financial requirements by paying the stipulated application fee and immigration healthcare surcharge as applicable. |
Innovator Founder Visa Extension
If approved, you receive up to 3 years to start your business. Extension criteria include applying before expiry, meeting initial eligibility, and remaining active in your industry.
Innovator Founder Visa to Indefinite Leave to Remain (ILR)
This visa offers a clear pathway to settlement in the UK. To qualify for ILR, you must:
- Reside in the UK for three years on your Innovator Founder Visa.
- Not exceed 180 days outside the UK in any one year.
- Gain a new endorsement showcasing business growth.
- Complete the Life in the UK Test.
- Apply for ILR 28 days before eligibility.
- The application fee for ILR is £2,885, with decisions typically made within six months.
Advantages of the UK Innovator Founder Visa:
| Advantages of the UK Innovator Founder Visa: | Details |
|---|---|
| Flexible Investment Requirement | The investment needed varies based on the business concept, with no set minimum requirement. |
| Family Residency for 3 Years | You and your family can reside in the UK for a period of three years. |
| Visa Extension for 2 Years | Extend your visa for an additional two years, providing continued support for your business endeavors. |
| Access to UK Healthcare and Education | Enjoy benefits such as access to the UK’s healthcare and education facilities, enhancing your quality of life. |
| Efficient and Swift Processing | The application process is streamlined for ease and promptness, ensuring a smooth and efficient experience for applicants. |
Fast Global Migration Success Stories for Innovator Founder Visa:
Experience unparalleled success with Fast Global Migration’s UK Innovator Founder program, boasting a remarkable 100% success rate. Join over 100 individuals who have realized their dreams of entrepreneurship in the UK through our tailored solutions. Our proven track record exemplifies our commitment to ensuring a seamless and successful UK founder visa application process. Trust Fast Global Migration to be your gateway to a thriving entrepreneurial journey in the UK, where success is promised and consistently delivered.
Why Should You Choose Fast Global Migration For the UK Founder Visa Program?
Choosing Fast Global Migration for your UK Founder Visa Program has distinct advantages, ensuring a seamless and successful immigration journey. Here’s why you should consider this service:
1.100% Success Ratio: Fast Global Migration prides itself on maintaining a stellar 100% success ratio for clients participating in the UK Founder Visa Program. This remarkable achievement underscores the service’s commitment to delivering positive outcomes for entrepreneurs seeking to establish their startups in the UK. With a proven track record of success, you can trust Fast Global Migration to navigate the complexities of the UK Founder Visa process with precision and efficiency.
2.5000+ Clients Stories: The service brings a wealth of experience, backed by over 5000 success stories from clients who have successfully embarked on their startup ventures in the UK through the UK Founder Program. These diverse stories highlight the service’s ability to cater to various entrepreneurial backgrounds and aspirations. The extensive portfolio of success stories is a testament to the service’s effectiveness in supporting entrepreneurs in realising their UK business dreams.
3.CICC & MARA Registered: Fast Global Migration is registered with the Immigration Consultants of Canada Regulatory Council (CICC) and the Migration Agents Registration Authority (MARA). This dual registration ensures that the service adheres to the highest standards of professionalism and ethics in providing migration assistance. Choosing a CICC and MARA registered service instils confidence that your UK Innovator Visa application will be handled by qualified and accredited professionals, enhancing the likelihood of a smooth and successful immigration process.
FAQs for Innovator Founder Visa (2024)
| FAQs for Innovator Founder Visa (2024) | Answers |
|---|---|
| Q1: What are the latest requirements for the Innovator Founder Visa in 2024? | Documents Required for a Successful UK Innovator Visa Application. Ensure submission of the following documents: |
| 1. Letter of Endorsement 2. Identity Document 3. Financial Documentation 4. English Language Proficiency Proof | |
| 5. Investment Funds Evidence 6. Tuberculosis Test Result | |
| Q2: Has the minimum investment requirement changed for the Innovator Founder Visa? | The current fee for an Innovator Founder Visa application is £1,292. Additional fees apply for extensions and applications from outside the UK. Pay the healthcare surcharge along with your application. |
| Q3: How crucial is the business plan in the application process? | The business plan is essential for gaining endorsement. It must be innovative, viable, and scalable, showcasing a clear strategy to meet market needs and create a competitive advantage. |
| Q4: How can I prove English language proficiency? | Demonstrate proficiency by scoring at least level B2 on the CEFR scale in a language test. IELTS coaching is available through Fast Global Migration with an IELTS-certified trainer. |
| Q5: What is the minimum amount required in my bank account to satisfy the support funds? | Show £1,270 in your bank account 28 days before applying to meet the support funds requirement. |
| Q6: Can my partner and children reside in the UK if I have an Innovator Visa? | Yes, family members can accompany you, but they must submit individual online applications before traveling to the UK. |
| Q7: Can I establish multiple businesses as an Innovator Business Founder? | Yes, as an Innovator Founder Visa holder, you can establish one or more businesses. The Home Office allows endorsed Innovator Founder Visa holders to create additional companies, not directly related to the primary business idea |
