Are you an entrepreneur with an innovative business idea you’d like to establish in the UK market? The Innovator Founder Visa, formerly known as the Innovator Visa or Tier 1 Entrepreneur Visa, may be the perfect option for you. In this comprehensive guide, we’ll break down everything you need to know about the Innovator Founder Visa, including eligibility criteria, application process, endorsing bodies, and what you can and cannot do while on this visa.
What is the Innovator Founder Visa?
The Innovator Founder Visa is designed for individuals, both inside and outside the UK, who want to start an innovative business in the United Kingdom. To be eligible, your business idea must meet three key criteria: it must be innovative, viable, and scalable.
Eligibility Criteria: Innovation, Viability, and Scalability
To qualify for the Innovator Founder Visa, your business idea must be:
1. Innovative: Your concept should be original and new to the UK market. It should aim to solve a problem or fill a gap that currently exists.
2. Viable: Your business must have potential for growth. Viability is assessed on both personal and financial levels. You and your team should have relevant skills, qualifications, and industry experience to develop the business over the next three years. You must also have sufficient funds to grow the business.
3. Scalable: Your business should have the potential to grow domestically and internationally, as well as create jobs. When applying for indefinite leave to remain (ILR) after 3 years on this visa, the number of jobs created is an important factor.
It’s crucial to note that you cannot join a business that is already trading in the UK.
Visa Duration and Settlement Options
The Innovator Founder Visa is granted for 3 years. After successfully completing this period, you have three options:
1. Apply for a visa extension, which grants you another 3 years to work on your business. You’ll need an endorsement letter from an endorsing body based on your performance over the past 3 years.
2. Apply for indefinite leave to remain (ILR) or permanent residency in the UK. To be eligible, you must meet at least two criteria set by the Home Office and obtain an endorsement from an endorsing body.
3. Switch to another visa, such as the Skilled Worker Visa or Student Visa, or return to your home country.
Endorsing Bodies: Your Key to the Innovator Founder Visa
Endorsing bodies play a crucial role in the Innovator Founder Visa application process. The Home Office has designated four endorsing bodies to review your business plan, assess your idea’s innovativeness, and determine if you have the right skills and sufficient funds to start the business. Based on their assessment, they will issue you an endorsement letter, which is essential for your visa application.
What You Can and Cannot Do on the Innovator Founder Visa
While on the Innovator Founder Visa, you are allowed to:
1. Start the business you were endorsed for
2. Establish multiple businesses
3. Work for someone else in an eligible occupation
4. Work as a director or employee of your own company
5. Bring eligible dependents (partner and children) with you
6. Travel outside the UK for vacations or work
7. Apply for settlement (ILR) if you meet eligibility criteria
However, you cannot:
1. Work as a professional sportsperson
2. Apply for public funds or state pension
Navigating the Innovator Founder Visa process can be complex, but with the right guidance and preparation, you can successfully establish your innovative business in the UK. If you have further questions or would like to learn more about the various UK business visas, consider booking a one-on-one call with Harvey Law Group
Remember, the key to a successful Innovator Founder Visa application lies in presenting a truly innovative, viable, and scalable business idea that has the potential to make a positive impact on the UK market. Start your entrepreneurial journey today and turn your vision into reality with the Innovator Founder Visa.
