INNOVATOR FOUNDER VISA
INNOVATOR FOUNDER VISA
The Innovator Founder Visa is for start-up entrepreneurs and experienced businesspersons seeking to establish a business in the UK. Applicants do not need to have any specific level of funds to invest in their proposed business, but must have an innovative, viable and scalable business idea, supported by a business plan, which has been approved by an endorsing body.
Applicants for an Innovator Founder Visa must have generated, or have significantly contributed to, their business idea. Innovator Founders must also intend to have a key role in the day-to-day management and development of their business.
Innovator Founder visas are valid for 3 years and can lead directly to indefinite leave to remain in the UK at the end of this period. Innovator Founder Visa applicants can bring their partner and any children under the age of 18 to the UK.
Requirements for an Innovator Founder Visa
In order to qualify for an Innovator Founder Visa you will need to satisfy UK Visas and Immigration that:
- You are at least 18 years old;
- You have an endorsement letter from an approved UK endorsing body that confirms 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;
- You have a business plan and you either generated or made a significant contribution to the ideas in that business plan;
- You will have a day-to-day role in carrying out the business plan;
- You will have at least two Contact point meetings with the endorsing body at regular intervals;
- You are either the sole founder or an instrumental member of the founding team; and
- You have an innovative, viable and scalable business venture;
- Your endorsement letter was issued not more than 3 months before the date of your Innovator visa application;
- You are competent in the English language to at least CEFR Level B2 (equivalent to IELTS 5.5 in reading, writing, listening and speaking);
- If you are outside the UK or have been in the UK for less than 12 months, you have at least £1270 to support yourself, plus £285 for a dependent partner, £315 for a first child and £200 for each additional child;
- Your application does not fall for refusal on general grounds for refusal;
- You have provided a TB test certificate, if required.
The exact requirements you will need to satisfy may vary depending on the circumstances of your case. You may want to speak to an immigration lawyer for expert advice.
Endorsement Criteria for a UK Innovator Founder Visa
New Business Endorsement Criteria
In order for your new business proposal to be endorsed by a Home Office approved endorsing body, and an Innovator Founder endorsement letter issued, the endorsing body will need to be satisfied that you meet various requirements:
Innovator Founder Visa General Requirements
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.
Innovator Founder Visa Business Plan Requirement
In order to satisfy the Innovator Founder business plan requirement, you will need to have a business plan and have either generated or made a significant contribution to the ideas in that business plan.
You will also need to demonstrate that you will have a day-to-day role in carrying out the business plan and confirm that you will have at least two Contact point meetings with your endorsing body at regular intervals during your period of permission.
You will also need to be either the sole founder or an instrumental member of the founding team.
Innovator Founder Visa Application Fee
The current Home Office application fee for an Innovator Founder Visa is £1,036 if applying from outside the UK or £1,292 if applying to switch into the category from within the UK.
Innovator Founder Visa applicants also need to pay a £1,000 (ex. VAT) endorsement fee to the relevant endorsing body.
Stages to Obtaining an Innovator Founder Visa
Our Innovator Founder Visa application preparation and submission service is divided into 8 discrete stages:
Stage 1 – Complete our Innovator Founder Visa enquiry form
To receive a free initial assessment of your suitability for an Innovator Founder visa, complete our Innovator Founder Visa Enquiry Form. A barrister will review your responses. We aim to respond within 24 hours.
Stage 2 – Eligibility Assessment
All endorsing bodies require that applicants have checked that they are eligible as an individual for an Innovator Founder Visa before they are contacted for endorsement. If Stage 1 is completed successfully, we will have an initial consultation meeting where we will check that you are able to satisfy the general eligibility requirements of the Immigration Rules for an Innovator Founder visa.
Stage 3 – Concept Assessment
All endorsing bodies require applicants to demonstrate that they have an innovative, viable and scalable business idea. We will have an initial consultation meeting where we will listen to your concept and advise as to whether it is appropriate to take forward to an endorsing body. This stage can run concurrently with Stage 1.
Stage 4 – Introduction to Endorsing Bodies
Having successfully completed stages 1 and 2, we will formally introduce you and your business plan to up to one or more Home Office approved endorsing bodies. As a trusted introducer, Richmond Chambers can ensure direct contact with investment panel members as well as transparent, timely decision-making.
Stage 5 – Concept and Business Plan Approval
The endorsing body will have an initial consultation where you can pitch your concept and business plan. If the endorsing body feels that it is appropriate to take the proposal forward then they will spend time with you to fully understand your model, the cashflows, and other requirements they deem necessary to make sure your concept has the best prospect of being endorsed.
Stage 6 – Full KYC and Due diligence
The endorsing body will need to know everything about you and the source of your funds. This process will normally run concurrently with Stage 4.
Stage 7 – Innovator Founder Visa Application
Having successfully passed stages 4 and 5 and secured an endorsement, we will prepare your Innovator Founder Visa application and submit it to the Home Office. The Immigration Rules contain strict requirements in terms of the evidence that must be provided in support of an Innovator Founder Visa application. We will ensure that your Innovator Founder Visa application is professionally presented, technically correct and approved first time.
Stage 8 – Approval & Mentoring
Once your Innovator Founder Visa application has been approved by the Home Office, you will be able to enter the UK to start deploying your investment funds and developing your business concept. We will continue to support you until ILR is achieved after 3 years. Via our trusted partners, we can also provide full wealth, tax management and education consultancy services for UK schools and universities, if these services are desired.
