On April 13, 2023, the Innovator Founder path was introduced. It takes the place of the Innovator visa and the Start-Up visa. The first Innovator Founder visa is valid for three years and can be extended. It allows applicants who want to move to the UK to bring their children and partners with them.
Cost for an Innovator Founder to Get Endorsed:
The application to be an Innovator Founder costs £1,000, plus VAT if applicable. If endorsed, you have to go to two meetings with the endorsing body which cost £500 each.
Key Attributes Required by Innovator Founder Visa Endorsing Bodies:
- Innovation: The business plan should focus on what makes the business new and different. It should consider the uniqueness of the product or service.
- Research: The business plan should explain how the business meets a need in the market. It is very important to do market research, whether it is qualitative or quantitative. In the business plan, there should be a list of competitors and an analysis of how successful they are compared to the suggested business.
- Evidence: As much as you can, use proof to back up your business plan. This is integral, particularly in the areas of development and research.
- The Individual: You need to explain why you are the ideal individual to establish the business in the United Kingdom. Consider your professional experience, credentials, and specialty disciplines. It may be necessary to outline your direct involvement in the process, particularly if some aspects are outsourced.
- Investment: Although the Immigration Rules do not specify a minimum quantity of funds required to establish a business, you must still demonstrate the business’s financial viability.
- Growth: The business plan should include a growth strategy, which may include financial/sales projections, a hierarchy chart, and plans for hiring additional employees. It should be explicit about its expansion goals within the United Kingdom.
Subsequent Steps After Receiving Innovator Founder Endorsement:
After being endorsed as an Innovator Founder, you will receive a letter of endorsement. This is followed by the submission of immigration application for an Innovator Founder visa. The Immigration Rules stipulate stringent requirements for the evidence that must be submitted in support of an Innovator Founder Visa application.
Eligibility Criteria for Applying for an Innovator Founder Visa:
- The visa application fee is £1,036 for an applicant applying from outside the UK (plus £1,036 per dependent) and £1,292 for an applicant applying in the UK to extend or transfer their visa (plus £1,292 per dependent).
- The standard processing period for an Innovator Founder visa application from outside the United Kingdom is three weeks. It may take up to eight weeks if you register from within the United Kingdom. These are subject to change, and there may be priority services available.
Is Indefinite Leave to Remain (Settlement) Possible for Innovator Founders?
Innovator Founder is on a three-year path to indefinite leave to remain. However, the settlement threshold is high.
Conditions for Indefinite Leave to Remain (Settlement) Application:
- Invested at least £50,000 actively into the business.
- Doubled the number of customers within the last 3 years, surpassing the mean customer count for comparable UK businesses.
- Last year’s minimum gross revenue was £1 million generated by businesses.
- Generated a minimum annual gross revenue of £500,000 in the last full year, with at least £100,000 from overseas exports.
- The business has created 10 full-time established settled workers
- Created at least 5 full-time positions for settled workers with a mean gross salary of £25,000 (excluding allowances) per year.
If you are concerned about your eligibility for Obtaining Innovator Founder Visa Endorsement, contact us at Morgan Smith Immigration on 0203 959 3335 and our team of specialists will provide you with all the information you required.
