What is the Innovator Founder Visa?

The Innovator Founder Visa allows international entrepreneurs to establish an innovative business in the UK. This route is designed for those looking to set up and operate a business that offers something unique and different from existing market offerings.

This visa, formerly known as the “Innovator Visa,” replaced the Tier 1 (Entrepreneur) Visa in March 2019. As of 13 April 2023, applicants are no longer required to demonstrate a minimum investment of £50,000 GBP. However, individuals planning to establish a new business must still prove to an endorsing body that they have adequate funding and a stable financial source.

The Innovator Founder Visa allows holders to stay in the UK for up to three years, with the possibility of extending for another three years. A key benefit of this visa is that after three years, applicants may be eligible for Indefinite Leave to Remain (ILR), which is a shorter timeframe than the usual five-year requirement for permanent settlement.

Innovator Founder Visa Requirements

To apply for an Innovator Founder Visa, applicants must meet the following criteria:

• Be at least 18 years old
• Plan to establish and run an innovative business in the UK
• Have endorsement for their business or business idea
• Meet the English language proficiency requirements
• Have sufficient funds to support themselves in the UK

1. Business Plan

To obtain endorsement (as explained below), applicants must submit a detailed business plan for either an existing innovative business or a new business idea.

The business plan must demonstrate that the idea is:

• Innovative: The plan must introduce a unique and genuine concept that either addresses an existing market need or provides a competitive advantage.
• Viable: The proposal should reflect a realistic and achievable strategy for success, backed by industry knowledge, business experience, and skills.
• Scalable: The plan must show growth potential, including the ability to create jobs and expand domestically and internationally.

2. Business Endorsement

A crucial part of the Innovator Founder Visa application is obtaining endorsement from an approved endorsing body in the UK. The endorsing bodies include:

• Envestors Limited
• UK Endorsement Services
• Innovator International
• The Global Entrepreneurs Programme (GEP)

The endorsing body will evaluate the business proposal based on factors such as:

• Whether the business meets a genuine need in the UK market
• Whether the idea introduces something new compared to existing businesses
• The depth of market research conducted
• The presence of clear and sustainable objectives
• The long-term vision for the business
• Whether the business has the potential to gain market traction
• Growth prospects for expansion and job creation

Once an endorsing body approves the business idea, the applicant will receive an endorsement letter, which is required for the Innovator Founder Visa application.

3. English Language Requirement

Applicants must meet the English language proficiency requirement. This can be achieved by:

• Passing an approved English language test at CEFR level B2 in reading, writing, speaking, and listening
• Holding a degree taught in English
• Being a national of an exempt country, which includes:
  • Antigua and Barbuda, Australia, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Jamaica, Malta, New Zealand, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Trinidad and Tobago, and the USA

4. Financial Requirements

Applicants must demonstrate that they have sufficient funds to support themselves while in the UK. This includes holding at least £1,270 in a bank account for at least 28 consecutive days before submitting their visa application.

Application Process for an Innovator Founder Visa

The process for applying for an Innovator Founder Visa includes the following steps:

1. Prepare a Business Plan
2. Obtain Endorsement from an approved body
3. Complete the Online Application Form on the Home Office website
4. Verify Identity (you will be instructed on the method required):
   • Attend a visa application centre to submit biometric data (fingerprints & photograph) for a biometric residence permit (BRP)
   • Use the “UK Immigration: ID Check” app to scan an identity document
5. Pay the application fee:
   • £1,191 (if applying from outside the UK)
   • £1,486 (if applying from inside the UK)
   • Fees for dependant family members are the same
6. Pay the Immigration Healthcare Surcharge (£1,035 per year per person)

Applications are typically processed within 3 weeks, but processing may take longer if additional documents or an interview is required.

Extending the Innovator Founder Visa

If the visa is approved, applicants are granted up to 3 years to establish their business in the UK. Before the visa expires, they can apply for an extension. There is no limit to the number of extensions allowed.

To extend the Innovator Founder Visa, applicants must:

• Apply before the current visa expires
• Continue to meet the eligibility requirements
• Remain actively running their UK business or plan to start a new one

To apply for an Innovator Founder Visa extension, applicants must:

1. Complete the Online Application Form
2. Provide Proof of Identity
3. Pay the application fee of £1,486
4. Submit any additional requested documents

Visa extension applications are typically processed within 8 weeks. Applicants can continue running their business while waiting for a decision.

Pathway to Indefinite Leave to Remain (ILR)

A significant advantage of the Innovator Founder Visa is that it offers a direct route to Indefinite Leave to Remain (ILR) after three years.

To qualify for ILR, applicants must:

• Reside in the UK for 3 years under the Innovator Founder Visa
• Have spent no more than 180 days outside the UK in any 12-month period
• Obtain a new endorsement confirming their business has successfully grown
• Pass the Life in the UK Test
• Apply for ILR 28 days before meeting eligibility requirements
• Pay an ILR application fee of £2,885 per person

ILR applications typically take six months for processing. Once ILR is granted, individuals can apply for British citizenship after an additional 12 months.