UK Innovator Founder Visa: The role of Endorsing Bodies

Are you an aspiring entrepreneur aiming to launch and expand your business in the UK? The Innovator Founder Visa offers a swift path to UK settlement, tailor-made for innovative minds. If you're torn between choosing the Innovator Founder Visa and the Global Talent Visa, this blog can provide insights to guide your decision.

To embark on your journey with the Innovator Founder Visa, securing an endorsement from one of the four official endorsing bodies is a crucial first step. This blog unveils the application process, emphasising the pivotal role these endorsing bodies play. We’ll provide a detailed overview of each endorsing body, equipping you with the knowledge to confidently pursue your entrepreneurial dreams in the UK.

What Role do Endorsing Bodies Play When Applying for the Innovator Visa? 

If immigration is a football game, then endorsing bodies is the referee in between you and the Home Office that decides who got the right to start the ball. This is because the Home Office doesn't specialise in business, that is why they created endorsing bodies that know. Here’s what they do:

• Evaluate Your Business Plan

The endorsing body rigorously evaluates your business plan for the Innovator Founder Visa, ensuring it meets the high standards of innovation, viability, and scalability required by the UK government.

• Assess Applicant Qualifications: 

They don't just look at your business idea; they also assess your qualifications to determine if you have what it takes to succeed in your venture.

• Issue Endorsement Letters: 

From your initial application to extensions and eventual settlement, these bodies provide the essential endorsement letters required at each step of your visa process.

• Annual Review Meetings:
• Once your visa is approved, the endorsing body conducts annual review meetings to assess the progress and continued viability of your business.

Which Innovator Visa Endorsing Body should I go for?

If you are a new applicant for the innovator founder visa, you should go for one of the four official endorsement bodies: 

Envestors:

• Ideal for those aiming to attract investment.
• Offers unique access to a network of angel investors, venture capital funds, and more
• Minimal effort required from applicants to showcase their business to get investment
• Provides additional services like advisory, valuation, marketing, and fundraising support.

UK Endorsing Services:

• Requires a concise, 2-minute video pitch.
• Interviews are not standard but may be requested.
• The perfect fit if you need comprehensive support including business incubation, sales and marketing, R&D, and product development.

Innovator International: 

• Best for those seeking a quick and straightforward application process.
• Complete your application with a prepared business plan, passport copy, and evidence of funds.

The Global Entrepreneurs Programme (GEP):

• GEP is only eligible to endorse applicants invited to participate in their programme.

Each endorsing body for the Innovator Founder Visa has a unique scoring system and application process, reflecting their specific criteria and expectations. At Salmo, we specialise in Envestors's way to help our clients secure an endorsement. With our deep understanding of their requirements and preferences, we ta ilor our consulting services to enhance your application's success rate. For those interested in further guidance or seeking to enhance their application, we offer consulting sessions tailored to your unique needs and goals.

What are the Fees for Getting an Endorsement from the Endorsing Bodies?

As of April 2023, the endorsing bodies for the Innovator Founder Visa have standardised their fees, amounting to a total of £3,000. This cost encompasses several components:

• Assessment Fee: £1,000 (+VAT if applicable). This fee covers the initial evaluation of your application.
• Monitoring Fee: £1,000 (+VAT if applicable), with additional £500 charges for review meetings at the 12-month and 24-month milestones.
• Settlement Fee: £1,000 (+VAT if applicable), required for finalising your endorsement.

It's crucial to note that these fees are non-refundable, regardless of the outcome of your endorsement application. Given this, ensuring that your application is as impactful and well-prepared as possible becomes vital to maximise your chances of success.

Can I switch from the Startup Visa to the Innovator Founder Visa?

Yes, you can. There are many benefits that come with the Innovator Founder Visa, including finding a secondary employment in the UK. For those currently on a Startup Visa and considering a switch to the Innovator Founder Visa, understanding your options is crucial:

• Staying with Your Legacy Endorsing Body: Continue your existing business tenure with the endorsing body that initially backed your Startup Visa application.
• Switching to a Current Endorsing Body: Opt for one of the four current bodies – Envestors, UK Endorsing Services, Innovator International, or The Global Entrepreneurs Programme (GEP).

Note: It’s important to remember that switching between legacy endorsing bodies is not an option.

Essential Criteria for Transitioning from Startup Visa to the Innovator Founder Visa:

Transitioning from a Startup Visa requires meeting specific benchmarks to qualify for the Innovator Founder Visa:

• Significant Achievements: Demonstrate substantial progress in line with the business plan evaluated in your initial endorsement.
• Official Business Registration: Your venture must be registered with Companies House, and your name should appear as a director or member.
• Business Operational Status: The business should be active, engaging in regular trading activities.
• Sustainability Outlook: Project the business's ability to sustain for at least the upcoming 12 months, based on a balanced view of assets, expected revenue, and foreseen expenditures.
• Leadership and Management: Show active involvement in the daily management and strategic development of the business.

Conclusion

The journey to obtaining the Innovator Founder Visa is an intricate one, requiring careful consideration and preparation. Understanding the nuances of each endorsing body and aligning your application to their specific criteria is key. For those seeking expert guidance, our consulting services offers specialised support, especially for applicants aiming for an endorsement from Envestors.