What is the Innovator Founder Visa?

The Innovator Founder Visa is a UK-based visa that replaced the Innovator Visa and the Startup Visa in April 2023. The Innovator Founder Visa allows foreign entrepreneurs to come to the UK to create innovative businesses. It is specifically designed for those who want to set up and run a business that is different from anything else in the UK market.

To be eligible for an Innovator Founder Visa, you must:

Here are some of the benefits of the Innovator Founder Visa:

Here are some of the requirements for the Innovator Founder Visa:

How to Apply for an Innovator Founder Visa

To apply for an Innovator Founder Visa, you must first submit your documents to an approving authority. The application form can be found on the UK government website. It is important to note that the approval of the endorsement bodies is not yet a guarantee of the issuance of a visa and the Home Office (UK Home Office) reserves the right to refuse to issue a visa if it considers the grounds insufficient.
The supporting documents you will need to provide include:

To be eligible for the Innovator Founder Visa, you must have enough personal savings to support yourself and your family while you are in the UK. The amount of savings you need depends on the size of your family. For a single person, you must have at least £1,270 in personal savings. For a couple, you must have +£285 in personal savings. For each child, you must have at least +£315 of personal savings. In total, for a family with one child, you need to show £1,870 in savings.

Personal savings must be kept in a bank account in your name. Money cannot come from investments or money you have earned by working illegally in the UK. The money must be available to you at least 28 days before you apply for a visa.

You can use your personal savings to cover living expenses in the UK such as rent, meals and transport. You can also use personal savings to invest in your business.

If you don’t have enough personal savings, you can get a loan from a bank or other financial institution. However, you will need to prove that you can repay the loan.

Cost of the Innovator Founder Visa
The cost of the Innovator Founder Visa is £1,036 per family member. This fee is payable when applying for a visa.
In addition to the visa fee, you also need to pay insurance. The cost depends on many factors, and so, for example, for a citizen of Ukraine on this visa, the cost will be £1872. Depends on the country, age, type of visa and other factors.

Consideration period:

Next steps
After the visa is issued, it will be necessary to meet with the approval authority after 12 months and after 24 months, respectively, to show that the business is working and the business plan is being implemented.
The validity of a visa may be reduced by the approving authority if it is determined that the business does not meet the stated plans.
After a 3-year period, you can extend the visa. The number of renewal times is not limited. Also, you can apply for a permanent residence permit.
Over the course of 3 years there will be at least 2 checkpoints with the UK government, which will check how well you are doing with the implementation of your business plan. The first one will be appointed 12 months after the visa is issued and the next ones, most likely in another 24 months. The Innovator Founder Visa is a new visa and rules are still subject to change.
It is important that your business plan is feasible. Do not build sky-high goals just to get a visa. If there is no progress on the business plan, then the validity of the visa may be reduced.

Criteria that must be met in order to pass checkpoints and subsequently apply for permanent residence in the UK (Indefinite Leave to Remain):

To successfully pass the test, it is enough to fulfill only two of any of the criteria listed.
If your goal is not only to pass the checkpoint but also to apply for permanent residence, then you also need to have your presence in the UK for the last 3 years at least 180 days within 12 months.

Conclusion:
At first glance, it may seem that the Innovator Founder Visa is a very complex and confusing process, in which it is extremely difficult to achieve success, but in fact, it is not. The UK is interested in attracting innovative businesses to their country that will work successfully, pay taxes, and create jobs. It is enough to correctly submit your idea, draw up a business plan, and all the necessary documents. It is very difficult to do this on your own, so we recommend that you contact our company. White and partners specialists will help you follow the path of the founder-innovator and get permanent residence in the UK.

Copyright ©2023 All rights reserved.