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Innovator Founder Visa

Innovator Founder Visa

The Innovator Founder Visa is a fairly new immigration route introduced by the UK Government in 2023. This visa replaces the Innovator and Start-up Visas and is the primary visa for entrepreneurs from overseas who want to move their business to the UK or set up a new business.

If you’re an entrepreneur looking to start a business in the UK an innovator founder visa is the primary route available to you. Our network of specialist immigration lawyers can help guide you through this process using their expertise to boost your chances of a successful application.

• Who is eligible for an Innovator Founder visa?

• How long can you stay in the UK on an Innovator Founder visa?

• Can you extend an Innovator Founder visa?

• What documents do you need to apply for an Innovator Founder visa?

• How to apply for an Innovator Founder visa

• How long does it take to get a decision for an Innovator Founder visa?

• What is an endorsing body for Innovator Founder visas?

• Can you work full-time on an Innovator Founder visa?

• What is the success rate of the Innovator Founder visa?

• What is the difference between an Innovator Founder visa and a Start-Up visa?

• How much does an Innovator Founder visa cost?

• Can I switch to an Innovator Founder visa if I’m already in the UK on another visa?

Contact us today to discuss your application in a free case assessment.

Who is eligible for an Innovator Founder Visa?

Eligible businesses for this visa route must be new, innovative, and scalable. 

You also must:

• Be at least 18 years old.

• Have an endorsement from an approved body.

• Be proficient in English

• Have a viable business plan

• Be active in the day-to-day running of the business

• Have funds to start the business and provide accommodation for yourself

• Apply and obtain entry clearance as an innovator founder before coming to the UK

• Get medical clearance for tuberculosis if from a country where the disease is present

• Have no criminal record or criminal sanctions such as being disbarred from acting as a company director.

Applicants must also have at least £1,270 in their bank account for 28 consecutive days before applying for an Innovator Founder Visa. Further, if you want to bring dependents with you, you will need to meet extra financial thresholds to do so.

If your business has already been endorsed for a previous visa, you don’t need investment funds. You also don’t need investment funds if you have changed your business and confirmed this with your endorsing body.

How long can you stay in the UK on an Innovator Founder Visa?

The Innovator Founder Visa allows holders to remain in the UK for up to three years. After 12 months and 24 months, holders meet with their endorsing body to show their progress and consider an extension.

Can you extend an Innovator Founder Visa?

When the initial three-year period has expired, holders of an Innovator Founder Visa can apply for an extension of three years.

There’s no limit on how many times you can extend your visa and it is possible for holders to apply for permanent settlement when the initial three-year period has expired.

This is a very attractive benefit to the innovator founder visa, and what makes it an alluring visa – usually it takes 5 years to be eligible for indefinite leave to remain.

What documents do you need to apply for an innovator founder visa?

You must provide biometric information and identity verification to verify your identity and evidence that you qualify for the financial requirements, through bank statements. 

You should also have a valid endorsement letter from an endorsing body dated no more than 3 months before the date of application.

How to apply for an innovator founder visa

If you are outside of the UK, you can apply for an Innovator Founder visa online.

As part of the application process, you'll be asked to prove your identity either by having your fingerprints or photograph taken at a visa application centre, or by using the UK Immigration: ID Check app.

If you're already in the UK and looking to extend your Innovator Founder Visa or switch to this visa type, the process is slightly different but you can still apply online.

Once you've submitted your application, you can't travel outside of the UK, Ireland, the Channel Islands, or the Isle of Man until you get a decision. If you do, your application will be withdrawn.

Our network of immigration solicitors are specialists in helping to support entrepreneurs and business people from overseas looking to secure an innovator founder visa and start a business in the UK.

How long does it take to get a decision for an innovator founder visa?

The length of time it will take to get a decision is 3 weeks if you are outside the UK and 8 weeks if you are in the UK. 

Applications for dependants are processed within 8 weeks. 

Your decision could take longer if the Home Office requires verification for any of your supporting documents. 

What is an Endorsing Body for Innovator Founder visas?

Endorsing Bodies issue endorsements for the Innovator Founder visa route

Each body has expertise in specific sectors and will assess the suitability of the applicant’s business plan and their ability to make a success of their business in the UK.

It costs £1,000 per person to apply for an endorsement, which is payable directly to the endorsing body.

It's important to note that an organisation can only give an endorsement if it is included on the Business Endorsing Bodies list.

Can you work full-time on an innovator founder visa? 

On an Innovator Founder visa, you can work full-time for your business and supplement your income with part-time work that meets the minimum skill level. 

It’s important to remember that you must continue to make progress with your business, otherwise, your endorsement can be removed and you may lose your right to stay in the UK.

What is the success rate of the innovator founder visa? 

Innovator Founder visas are difficult to secure. Barriers to entry are high and application is a lengthy process that includes finding an endorsing body to approve your business plan.

Securing an endorsement is not easy and there is no guarantee your application will be successful even when you have been endorsed.

It’s difficult to assess the success rate of applications for Innovator Founder visas as they are so new.

For the UK Innovator visa, which was replaced by the Innovator Founder visa, the average success rate between 2019-2022 was 87.8%.

It’s important to clarify that the innovator visa has now been replaced and had different requirements, so these numbers should be taken with a pinch of salt.

Ultimately, the majority of successful innovator founder visa applications are supported by expert immigration lawyers.

What is the difference between an innovator and a start-up visa?

You can no longer apply for a start-up visa, it has been replaced by the Innovator Founder visa, which is now the primary immigration route for overseas entrepreneurs and business people who want to set up a business in the UK.

How much does an innovator founder visa cost?

The cost of applying for an innovator founder visa depends on where you make your application from.

• It costs £1,191 per person if you apply outside the UK.

• It costs £1,486 per person if you apply to extend or switch your visa in the UK

There’s also a healthcare surcharge to consider, paying this is essential and gives you access to NHS healthcare.

Can I switch to an Innovator Founder visa if I’m already in the UK on another visa?

If you meet the eligibility requirements for the innovator Founder visa, you may be able to switch to it if you’re already in the UK on another visa.

Your partner and child’s visa won’t automatically switch. If they don’t change their visa, or you don’t register them on your Innovator Founder visa it will expire at its original end date. They can apply at the same time as you, or any time before their current visa ends.

How can Lawhive help?

If you are a founder, our network of experienced immigration lawyers can help you secure a visa to bring your business to the UK. 

Contact us for a free case evaluation today to discuss your application and get a no-obligation fixed-fee quote for the services of a specialist immigration lawyer.