• Simplified Immigration
• 2024-06-24

Are you an aspiring entrepreneur looking to establish a business in the UK? The Innovator Founder Visa might be the perfect opportunity for you. This visa is designed for individuals who want to set up and run an innovative business in the UK. Unlike other visas, the Innovator Founder Visa focuses on business ideas that are new, viable, and scalable. To help you navigate the application process, this blog will guide you through the essential steps, from understanding the visa requirements to submitting your application.

In this blog we cover everything you need to know, including eligibility criteria, preparing a compelling business plan, finding an endorsing body, and gathering the necessary documents. By the end of this guide, you'll have a clear roadmap to follow, making the application process straightforward and manageable. Whether you're a seasoned entrepreneur or just starting, this blog will provide you with the information you need to successfully apply for the Innovator Founder Visa and bring your business vision to life in the UK.

What is the Innovator Founder Visa?

The Innovator Founder Visa is a visa category introduced in April 2023, designed for entrepreneurs who wish to establish and run an innovative, viable, and scalable business in the UK. This visa replaces the former Innovator and Start-up routes, combining their best features to provide a streamlined pathway for business founders.

To qualify, applicants must have their business idea endorsed by an approved endorsing body, which will assess whether the business is innovative, viable, and scalable. Unlike previous routes, there is no minimum investment requirement, making it more accessible. The visa is valid for three years and can lead to indefinite leave to remain, allowing successful applicants to settle in the UK permanently.

Additionally, visa holders can bring their family members and are permitted to take on secondary employment under certain conditions. This visa is ideal for entrepreneurs with a strong business plan and a commitment to actively managing and developing their business in the UK.

Eligibility Requirements for the Innovator Founder Visa

• Age: You must be at least 18 years old.
• English Language: Prove your English proficiency (at least B2 level) through an approved test or a degree taught in English.
• Financial Requirement: Show at least £50,000 in investment funds. This can be your own money or from an investor.
• Innovative Business Idea: Your business plan must be new, viable, and scalable. It should be different from anything already on the UK market.
• Endorsement: Secure an endorsement from an approved endorsing body. They'll assess your business idea and skills.
• Genuine Intention: Demonstrate that you genuinely intend to work on your business idea in the UK.
• No Employment: You can't work for another business while on this visa, except for your own.
• Time Commitment: Show that you'll spend your entire working time on developing your business venture.
• Character Requirements: Meet the UK's 'good character' requirements, including no serious criminal record.
• Health Requirements: You may need to take a tuberculosis test depending on your country of residence.

Remember, meeting these requirements doesn't guarantee visa approval, but it puts you in a strong position. Each application is assessed individually, so make sure to present your case clearly and comprehensively.

Preparing Your Business Plan

Preparing a solid business plan is an important step in applying for the Innovator Founder Visa. Your business plan needs to demonstrate that your business idea is innovative, viable, and scalable. Here’s how to create a compelling business plan that meets these criteria:

• Executive Summary: Start with a clear and concise executive summary. This section should provide an overview of your business idea, including what your business does, the problem it solves, and your unique selling proposition. Keep it brief but engaging to capture the reader's interest.
• Business Description: Detail your business concept, including the industry it operates in, the market needs it addresses, and how it stands out from competitors. Explain why your business is innovative and how it brings something new to the market.
• Market Analysis: Conduct thorough market research to understand your target audience, market size, and trends. Include data and statistics to back up your findings. This section should show that there is a demand for your product or service and that you have a clear understanding of your market.
• Marketing and Sales Strategy: Outline your marketing and sales strategies. Describe how you plan to attract and retain customers, your pricing strategy, and your sales channels. This section should demonstrate that you have a viable plan to reach your target market and generate revenue.
• Operational Plan: Explain the day-to-day operations of your business. Include details about your business location, facilities, equipment, and technology. Describe your supply chain, production process, and any partnerships or collaborations.
• Financial Projections: Provide detailed financial projections, including income statements, cash flow statements, and balance sheets for the next three to five years. Highlight your funding requirements and how you plan to use the funds. This section should show that your business is financially viable and has the potential for growth.
• Team and Management: Introduce your team and their roles. Highlight their skills, experience, and how they contribute to the success of your business. A strong team can significantly enhance the credibility of your business plan.

By following these steps, you can create a comprehensive and compelling business plan that will strengthen your Innovator Founder Visa application.

How to Apply for an Innovator Founder Visa

Check Your Eligibility

Before starting the application process, ensure you meet the basic eligibility criteria:

• You must be at least 18 years old
• You have an innovative, viable, and scalable business idea
• You can meet the English language requirement
• You have enough personal funds to support yourself in the UK

Develop Your Business Plan

Create a comprehensive business plan that demonstrates:

• The innovative nature of your business idea
• Its viability and potential for growth
• How it's scalable, with plans for job creation and market expansion
• Your role in the business and how you'll contribute to its success

Find an Endorsing Body

Locate and approach an approved endorsing body to assess your business idea. These organisations are authorised by the UK government to evaluate and endorse innovative business proposals. Some options include:

• Tech Nation
• UK universities
• Business accelerators
• Seed competitions

Contact potential endorsing bodies and follow their specific application processes.

Secure Endorsement

Submit your business plan and any required documents to your chosen endorsing body. They will evaluate your proposal based on its innovation, viability, and scalability. If approved, you'll receive an endorsement letter, which is crucial for your visa application.

Prepare Required Documents

Gather all necessary documents for your visa application, including:

• A valid passport
• Your endorsement letter (issued within the last 3 months)
• Proof of English language proficiency
• Evidence of sufficient funds to support yourself
• Tuberculosis test results (if applicable)
• Police clearance certificate (if required)

Complete the Online Application

Visit the official UK government website and complete the online Innovator Founder visa application form. You'll need to:

• Provide personal information
• Answer questions about your business and endorsement
• Pay the visa application fee (£1,191 if applying from outside the UK, or £1,486 if applying from within the UK)
• Pay the Immigration Health Surcharge

Book a Biometrics Appointment

After submitting your online application, schedule an appointment at a visa application center to provide your biometric information (fingerprints and photograph).

Attend Your Biometrics Appointment

Visit the visa application center on your appointed date to:

• Provide your biometric information
• Submit your supporting documents

Await Decision

The UK Home Office will process your application. Processing times are typically:

• 3 weeks for applications made outside the UK
• 8 weeks for applications made within the UK

You may be able to pay for priority processing to get a faster decision.

Respond to Any Requests

If the Home Office requires additional information or clarification, respond promptly to avoid delays in processing.

Receive Your Visa

If your application is successful, you'll receive your Innovator Founder visa. If applying from outside the UK, you'll get a vignette (sticker) in your passport valid for 30 days. You must enter the UK within this period.

Collect Your Biometric Residence Permit (BRP)

If granted the visa, you must collect your BRP within 10 days of arriving in the UK or before your vignette expires, whichever is later. Your BRP is your proof of right to live and work in the UK.

Start Your Business

Once in the UK, begin implementing your business plan. Remember to maintain contact with your endorsing body, as you'll need to meet with them after 12 and 24 months to demonstrate your progress.

Comply with Visa Conditions

Adhere to the conditions of your visa, including:

• Working primarily on your endorsed business
• Not accessing public funds
• Reporting any significant changes to your business to your endorsing body

By following these steps and meeting all requirements, you can successfully apply for and obtain an Innovator Founder visa to start your innovative business in the UK. Remember that the process can be complex, so consider seeking professional advice if you're unsure about any aspect of the application.

If the Innovator Founder visa application process seems complex, looking for professional advice can make a significant difference. At Simplified Immigration, we specialise in providing expert guidance for your Innovator Founder visa application. Our experienced immigration lawyers and consultants are here to help you navigate every step, from developing a compelling business plan to securing an endorsement and submitting your application.

We understand the intricacies of the process and can offer personalised advice to ensure your application meets all requirements. By choosing our services, you can focus on your business idea while we handle the legal complexities. Contact us today at 03301797675 to schedule a consultation.