Requirements for Innovator Founder Visa
Entrepreneurs from other countries can travel to the UK to launch a new company thanks to the Innovator Founder Visa. It is designed especially for people who want to set up and run something that is distinctive from anything else available. But they must have an outstanding business plan. This is where Innovator Founder visa services can come in handy- they can help you write an excellent business plan that can make your visa be approved.
The £50,000 minimum investment requirement for the Innovator Founder Visa was eliminated as of April 13, 2023. But the approving authority still require proof that you have sufficient funds and a reliable source of money if you intend to launch a new company.
Holders of this visa may stay for up to three years, after which they may seek an additional three-year extension. Among the most appealing features of the Innovator Founder visa is the possibility of permanent settlement in the UK after only three years, as opposed to the standard five years needed for indefinite leave to remain (ILR).
Requirements for Innovator Founder visas
Those who wish to apply for a UK Innovator founder visa must fulfill the criteria listed below:
- Business plan
To receive an endorsement, you must carefully draft a thorough business plan for your current innovative company or new business idea. You can seek Innovator Founder visa services to get an outstanding business plan.
The business plan must demonstrate that your idea is:
Innovative: Your business plan must be authentic and innovative and explain in great detail how you will satisfy new or current market demand and/or provide a competitive advantage.
Viable: The plan must demonstrate that there is a good possibility the company will succeed. This involves proving you have the relevant experience, market expertise, business understanding, and experience to carry it out.
Scalable: Your business plan’s foundation must demonstrate a genuine opportunity to develop the company, add new jobs, and enter domestic and international markets.
- Business endorsement
The need for a UK-approved endorsing organization to authorize your current innovative company or new business idea may be the most crucial component of applying for an Innovator Founder visa in the UK. The following organizations can grant endorsements for Innovator Founder Visas:
International Endorsement Services Innovator from the UK
Program for Global Entrepreneurs (GEP)
The endorsing body may take the following into account when choosing to endorse:
- Does the UK need the business?
- Does the company provide anything new to established markets?
- Has the applicant sufficiently researched the market?
- Are there objectives for sustainable products that are realistic?
- Is there an extended plan for the project?
- Will the company get enough “traction” in the market?
When you contact your endorsing body, they will walk you through the endorsement procedure and give you the tools to apply. If your request for endorsement is approved, you will obtain a letter of support, which you can use to apply for an innovator founder visa.
- English language requirements
You must demonstrate that you meet the English language criteria to submit a successful application for an innovator founder visa. So, you must demonstrate proof of passing an English language test or; can read, write, speak, and understand English at a level B2 on the Common European Framework of Reference for Languages (CEFR) scale; you earned a degree from an English-taught program.
- Enough support funding
Additionally, you must demonstrate that you have the resources necessary to support yourself while living in the UK. To meet this condition, you must demonstrate that you had £1,270 in your bank account 28 days before applying.