7. Eligibility criteria for UK Innovator Founder Visa
Eligibility Criteria for UK Innovator Founder Visa Application
The UK Innovator Founder Visa is designed for entrepreneurs and businesspeople who want to set up and run an innovative business in the UK. Before applying, it is essential to confirm that an endorsing body assesses your business or idea. If deemed eligible, they will provide an endorsement letter.
Key Eligibility Criteria
To qualify for an Innovator Founder Visa, you must meet the following criteria:
- Age Requirement: You must be at least 18 years old.
- English Language Requirement: You must meet the English language requirement, which includes speaking, reading, writing, and understanding English.
- Personal Savings: You must show adequate personal savings to support yourself in the UK. You need to have at least £1,270 in your bank account for 28 consecutive days before applying for, extending, or switching to an Innovator Founder visa if you have been in the UK for under a year.
- Business Idea: Your business idea must be innovative, viable, and scalable. It must be supported by a business plan and endorsed by an approved endorsing body.
- Investment Funds: You do not need to show any specific amount of funds to invest in your proposed business. However, you must demonstrate that you have access to sufficient funds to set up and grow your business.
Additional Requirements for New Businesses
If you are planning to start a new business, you need to submit proof of required funding and its origin to your endorsing body. Investment funds are unnecessary if:
- Your business already exists and received endorsement for a prior visa.
- You have altered your business and obtained consent from your endorsing body.
Supporting Yourself
You cannot use the following to support yourself:
- Money from your investment sources.
- Earnings acquired via unauthorized work in the UK.
Endorsement Criteria
The endorsing body will need to confirm that:
- You are a fit and proper person to receive endorsement under the Innovator Founder route.
- The endorsing body has no concerns over the source of any funds invested into your business.
- The endorsing body has no reason to believe that you or your business may be the beneficiary of illicit or unexplained wealth.
Application Process
You must apply online for the Innovator Founder Visa. The cost of an Innovator Founder Visa is £1,191 per person if you apply outside the UK and £1,486 per person if you apply to extend or switch your visa in the UK. You will also need to pay the healthcare surcharge as part of your application.
Conclusion
The UK Innovator Founder Visa offers a great opportunity for entrepreneurs and businesspeople to establish innovative businesses in the UK. By understanding the eligibility criteria and requirements, you can ensure a successful application. If you do not qualify for an Innovator Founder visa, you might be eligible for a different kind of visa to work in the UK.
References: Immigration Lawyers London. (n.d.). Innovator Founder Visa Requirements and Application Guide. Retrieved from https://immigrationlawyers-london.com/uk-work-visas/innovator-visa.php Immigration Barrister. (n.d.). Innovator Founder Visa. Retrieved from https://immigrationbarrister.co.uk/personal-immigration/business-visas/innovator-founder-visa/ GOV.UK. (n.d.). Innovator Founder visa: Eligibility. Retrieved from https://www.gov.uk/innovator-founder-visa/eligibility GOV.UK. (n.d.). Innovator Founder visa: Overview. Retrieved from https://www.gov.uk/innovator-founder-visa IAS. (2023). UK Innovator Visa for Americans. Retrieved from https://us.iasservices.org.uk/uk-innovator-visa/