What is the UK Innovator Founder Visa?
The UK Innovator Founder Visa is a visa category designed to attract global talent and create a favorable environment for start-ups and scale-ups. Introduced in 2019, this visa aims to draw experienced entrepreneurs and business professionals to the UK, enabling them to develop, launch, and scale innovative enterprises.
Overview: The Purpose of the UK Innovator Founder Visa
The UK Innovator Founder Visa is designed for those with original, viable, and scalable business ideas that will bring significant economic growth and job opportunities to the country. By offering an immigration route tailored to the needs of international entrepreneurs, the UK government is fostering a thriving ecosystem that supports innovation and business growth.
Eligibility Criteria for the UK Innovator Founder Visa
To qualify for the Innovator Founder visa, you must:
- Aim to Establish and Manage a Groundbreaking UK-Based Business: Your business idea must be new, innovative, and distinct from anything else on the market.
- Obtain Endorsement for Your Venture or Business Concept: You must get your business idea endorsed by a recognized institution, commonly referred to as an endorsing body.
- Fulfill All Additional Necessary Criteria: You must meet the English language requirement, be at least 18 years old, and have enough personal savings to support yourself while in the UK.
Key Requirements for the UK Innovator Founder Visa
- Business Idea: Your business idea must be new, innovative, and viable, with potential for growth and scalability.
- Endorsement: You must obtain endorsement from an approved endorsing body.
- Personal Savings: You need to have at least £1,270 in your bank account for 28 consecutive days before applying.
- English Language: You must be able to speak, read, write, and understand English.
- Age: You must be at least 18 years old.
Application Process for the UK Innovator Founder Visa
To apply for the Innovator Founder visa, you must:
- Apply Online: You must apply online and provide all required documents.
- Prove Your Identity: You may need to attend an appointment at a visa application centre to provide your biometric information.
- Supply Supporting Documents: You must provide all necessary documents, including your endorsement letter, passport, and bank statements.
Timeline for the UK Innovator Founder Visa
- Decision Time: You will usually get a decision on your visa within 3 weeks if you apply from outside the UK.
- Stay Duration: You can stay in the UK for up to 3 years under an Innovator Founder visa.
- Extension: You can apply to extend your stay for another 3 years when your visa is due to expire.
Fees for the UK Innovator Founder Visa
- Application Fee: The application fee is £1,191 per person if you apply outside the UK.
- Healthcare Surcharge: You will also need to pay the healthcare surcharge as part of your application.
What You Can and Cannot Do with an Innovator Founder Visa
- Set Up a Business: You can set up a business or several businesses.
- Work for Your Business: You can work for your business, including being employed as a director or self-employed as a member of a business partnership.
- Do Skilled Work: You can do work outside your business, as long as it’s skilled work.
- Bring Dependents: You can bring your partner and children with you as your dependents, if they’re eligible.
- Travel Abroad: You can travel abroad and return to the UK.
- Apply for Settlement: You can apply to settle permanently in the UK if you’ve lived in the UK for 3 years and meet the other eligibility requirements.
You cannot:
- Work as a Professional Sportsperson: You cannot work as a professional sportsperson, for example, a sports coach.
- Apply for Most Benefits: You cannot apply for most benefits (public funds), or the State Pension.
By understanding the UK Innovator Founder Visa, entrepreneurs can take advantage of this opportunity to establish and grow their innovative businesses in the UK.
