UK Innovator Founder Visa Explained

TechRound Team

11 months ago

—TechRound does not recommend or endorse any financial, investment, legal or visa/ immigration practices. All articles are purely informational—

The UK is an attractive place for new business development due to its stable economic position, highly skilled workforce and developed infrastructure. Innovative projects and start-ups are actively supported in the country, which contributes to the creation of favorable conditions for the growth and development of new enterprises.

One of the key success factors is access to global markets. The location allows companies to easily enter the markets of other countries. There are also many programmes and initiatives aimed at supporting small and medium-sized businesses. In recent years, there has been an active development of new technologies and industries such as artificial intelligence, fintech and e-commerce. These industries offer great opportunities to create new businesses and expand existing companies.

Is it easy to open a business in the UK? Yes, it is possible, but it is worth considering a number of nuances. One of the main conditions is to obtain a visa. This is due to the fact that British law requires compliance with immigration rules and the provision of necessary documents to confirm legal stay in the country.

What is the Innovator Founder Visa?

Innovator Founder Visa is an immigration route developed by the government to attract talented entrepreneurs who can make a significant contribution to the development of the country’s innovative economy. This route is designed for startup founders with unique ideas and experience that can change existing markets. It provides an opportunity for startup founders and their families to move to the country, obtain work and study permits, as well as access to various government entrepreneurship support programmes.

To receive it, you must provide a business plan that must be innovative, viable and scalable. It is also necessary to confirm the availability of funds for the launch and development of a startup, as well as demonstrate business management experience.

This immigration route is suitable for entrepreneurs who want to expand their business internationally, attract investment and create new jobs.

Innovator Founder Visa Requirements

It is a great chance for those who want to start their own business and contribute to the development of the UK’s economy. However, in order to receive visa, you must meet strict requirements, including:

Age from 18 years old
Approval of a business idea by an authorised organisation. Availability of an up-to-date business plan reflecting the innovativeness, viability and scalability of the project
Sufficient financing for your business, the opportunity to invest in a new project
The ability to support oneself and dependents, to provide for their needs
Knowledge of English at the B2 level, which allows you to successfully conduct business and communicate with partners and customers
The absence of criminal records and immigration violations related to violations of the law and not only of this state, but also of other countries
Receiving a letter of recommendation from an authorised organisation and providing documents confirming the availability of funds for investment in a new business

If you are confident in your abilities and ready to overcome all difficulties, then this can be your key to success and new opportunities

Conditions of Stay

Innovator Founder Visa is a permit that allows the founders of innovative companies to move and develop their projects. Here is a list of activities allowed and prohibited for the holder of this visa.

Permitted activities:

Employment in your company
Launching a new project or developing an existing one
Education and training
Family relocation (children under 18 and a partner)

Prohibited Activities:

Working for other companies without permission from the Home Office
Participation in government tenders and contracts without a licence
Working as a director or shareholder of another company without permission

It is important to comply with all the requirements and restrictions established by British law in order to avoid problems with visa and legalisation of stay in the country.

Does The Innovator Founder Route Lead to Settlement?

Indefinite Leave to Remain is a document that gives a foreigner the right to stay, live, work and study indefinitely without having to apply for other visas. Obtaining this document is an important step on the path to citizenship through naturalisation. Benefits include free medical care, access to government funds and agencies.

However, not all visas lead to obtaining one. There are several popular visa routes in the UK for obtaining an ILR, including the Innovator Founder Visa. To obtain it, you must meet certain requirements, including staying in the country for at least 183 days a year, confirming your level of English language proficiency and successfully passing the exam “Life in the UK”.

To get an ILR, you must meet the following conditions:

Have an Innovator Founder visa
To live continuously for three years after obtaining
Meet the language proficiency requirements, for example, pass the IELTS exam with a minimum score of 7.5
Confirm the availability of funds for living, for example, provide a certificate of income or a bank statement
Provide documents confirming active participation in the development of an innovative business, for example, sales reports, marketing plans, etc
Pay a fee for reviewing the application

The Innovator Founder route offers a number of advantages for those who want to establish and grow their business. It allows you to quickly obtain permanent residence (after 3 years instead of 5 years), combine business development with employment and makes it possible to transport family members to the country. In addition, it facilitates the process of staff relocation and opens up access to training and education. This makes it an attractive option for entrepreneurs seeking to successfully implement their business ideas in a new market.

But you need to do everything right. And for this, it is important to know all the conditions and prepare in advance.