Innovator Founder Visa Guide: Establish and Grow Your Business in the UK

Overview on Innovator Founder Visa

The UK's Innovator Founder Visa is designed for experienced entrepreneurs from around the world who are ready to establish innovative businesses on UK soil. Launched in April 2023, it merges the benefits of the earlier Startup and Innovator visas into a single, streamlined category. This visa is tailored for individuals with a solid track record in business, offering them a pathway to contribute to the UK’s dynamic market with fresh, scalable, and viable business ideas.

Eligibility and Requirements

To apply for the Innovator Founder Visa, entrepreneurs must have their business idea endorsed by one of the four UK government-approved bodies, such as Envestors. Although the initial £50,000 investment requirement has been eliminated, applicants need to demonstrate they have sufficient personal support funds and a robust financial plan for their business.

Visa Features

• Endorsement Required: A crucial requirement is obtaining an endorsement from one of the 4 UK government-approved bodies, such as Envestors.
• Business Idea: The idea must be innovative, viable and scalable. 
• Funding Requirements: Though the £50,000 investment requirement is removed, you must demonstrate sufficient funds for personal support and business growth, based on your business plan and financial projections.
• Stay Duration: The visa is granted for three years and can be extended.
• Indefinite Leave to Remain (ILR): Eligible for permanent settlement after three years, subject to meeting certain criteria.
• Family Members: Visa holders can bring family members, including a spouse and children under 18, to the UK.
• Secondary Employment: With an Innovator Founder Visa, you can work for your startup and also take on additional jobs, as long as these jobs require skills at or above RQF Level 3 (UK A Levels equivalent).

Restrictions

• Exclusively for Entrepreneurs: This visa is specifically for those looking to establish or manage a business in the UK, not for individuals seeking employment as their primary objective.
• Endorsement Process: Securing an endorsement for the Innovator Founder Visa involves a competitive process that demands a strong business plan and proof of potential success. Familiarizing yourself with each endorsing body's procedure is crucial. For insights on Envestors' endorsement process, refer to this blog post. Additionally, explore how Salmo's Service might assist you in this journey. (Check how Salmo’s Service can help you)
• Investment Funds: Some applicants must have access to investment funds, which can be a barrier for those without significant capital.
• English Language Requirement: You must prove you can read, write, speak and understand English to a level B2 on the Common European Framework of Reference for Languages ( CEFR ) scale.

Settling in the UK

Successful Innovator Founder Visa holders have the opportunity to settle permanently in the UK after three years, subject to meeting significant business growth milestones that demonstrate the impact and success of their enterprise. You have to achieve at least 2 out of the 7 criteria listed below:

1. Invest at least 50,000 into the business and actively spent furthering the business
2. The business’s customer count has doubled in the three years and is now higher then the average for similar UK businesses
3. Engaged in significant research and development activity and has applied for intellectual property protection in the UK
4. The business must have generated gross revenue of at least 1 million
5. The business is generating a minimum of 500,000 with 100,000 from exporting overseas
6. The business has created the relevant at least 10 full time job for settled workers
7. The business has created 5 full-time jobs for resident workers with a minimum salary of 25,000. 

Read this blog for more information about the settlement criteria. 

Salmo Pro Tips

• Choose the right endorsing bodies: Opt for Envestors, UK Endorsing Services, Innovator International, or The Global Entrepreneurs Programme based on their unique benefits. Salmo specialises in providing support for applications through Envestors.
• Polish Your Business Plan: Remember, the decision rests solely on what you submit. Put your heart into creating a detailed business plan that really shines a light on your market research and how your business is a breath of fresh air, ready to grow and succeed. Salmo's endorsing services offer guidance every step of the way, helping you create a standout business plan and successfully get your Innovator Founder Visa!
• Collect Your Documents: Round up all the important paperwork that paints the full picture of who you are, what you've achieved, and the financial backing you've got. This helps everyone involved make a clear and easy decision, showing off the best of what you bring to the table.

Here at Salmo, we're with you every step of the way, from day one until you're all settled in the UK with your Indefinite Leave to Remain (ILR). We know how tricky it can be to find all the info you need on the Innovator Founder Visa. That's why we've put together the most thorough support pack around, designed to make your visa application a breeze. Book a consultation session with us now!