UK Innovator Founder Visa: Ultimate Guide

September 3, 20245 Mins read7k Views

Last update: April 10, 2024

The UK, known for its rich history and strong economy, is an attractive business destination. Recognized as a leading business and enterprise hub worldwide, the UK offers a desirable location for companies looking to develop new products with easy access to new customers, product innovators, suppliers, and partners. The UK offers significant startup support, including funding, tax benefits, and advisory services, proving particularly advantageous for tech businesses.

UK Startup Visa (Innovator Founder Visa)

The UK Innovator Founder Visa grants ambitious individuals 3 years to establish and run an innovative business endorsed by an approved body. You must demonstrate English proficiency, sufficient funds, and a viable, scalable business plan. After 3 years, extensions and even permanent residency are possible. Remember, endorsement, regular progress reports, and financial stability are key to success.

Must Read: What is a Startup Visa?

Why Choose UK

UK Strong Economy

The UK economy is showing positive signs for businesses. It remains a major exporter of goods and services, and confidence is growing among financial leaders at large UK firms. Additionally, business output is at its highest level, suggesting a strong economic future.

UK Startup Ecosystem

The UK boasts a thriving startup ecosystem, consistently ranking highly for funding raised globally. Government initiatives like the Enterprise Investment Scheme fuel business growth. Despite global challenges, the UK tech sector shows resilience, with London attracting many digital businesses. This ecosystem positions the UK as a promising hub for startups.

UK Startup Support and Facility

The UK offers a comprehensive support system for startups. A well-developed network of startup accelerators and incubators across various sectors provides unique programs, mentorship, and funding opportunities. Government initiatives like Smart Grants also offer financial support for innovative research and development projects.

UK Quality of Life

The UK offers a high quality of life, ranking among the top 30 globally. Strong social connections are a hallmark, with most residents reporting reliable support networks. While there have been economic challenges, the focus remains on building a strong future.

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UK Startup Visa eligibility

Who can apply for a UK Innovator Founder Visa

Before applying, you need to have your business or business idea assessed by an endorsing body.

They will provide you with an endorsement letter if your business is eligible.

You must also:

meet the English language requirement (B2 Level)
be at least 18 years old
be able to prove that you have enough personal savings to support yourself while you’re in the UK

UK Innovator Founder Visa Process

To apply for the UK Innovator Founder Visa, you must secure an endorsement letter from an endorsed body. This involves demonstrating that your business idea is new, innovative, viable, and scalable. You then complete an online application, providing necessary documents such as proof of identity, nationality, English language proficiency, and financial stability. The process is thorough, ensuring only the most promising entrepreneurs are granted visas.

UK Innovator Founder Visa Requirements & Documents

Endorsement letter from an endorsing body.
Valid passport/identity document.
Bank statements showing £1,270+ for 28 days.
English language proficiency proof.
Tuberculosis test results (if applicable).
Certified translations for non-English/Welsh documents.
Blank passport page (for some nationalities).
Additional documents may be required.

UK Step-by-step guide

Step 1: Gather Your Documents

Before you begin your online application, make sure you have all the required documents:

Endorsement Letter: This proves that an endorsing body has assessed and approved your business idea.
Identity Proof: Valid passport or a document showing your nationality and identity.
Financial Proof: Bank statements showcasing a minimum of £1,270 held in your account for 28 consecutive days.
English Language Test Results: Proof that you meet the English language requirement.
Tuberculosis Test (if applicable): Required for citizens of specific countries.
Document Translations (if needed): Certified translations for documents not in English or Welsh.

Step 2: Apply Online

Head to the UK Visas and Immigration website and initiate your Innovator Founder visa application. You can save your application and complete it later if needed.

Step 3: Prove Your Identity

The way you prove your identity depends on your nationality and passport type:

Biometric Application Centers: Visit a designated center to have your fingerprints and photograph taken for a biometric residence permit. (Passport may be retained during processing.)
UK Immigration: ID Check App: Use this app to scan your identity document and manage your UKVI account creation/login.

Step 4: Submit Your Application and Documents

Once you’ve completed the online application and verified your identity, submit everything electronically.

Step 5: Await the Decision

Typically, you’ll receive a decision within 3 weeks. However, it might take longer if:

Your family members require separate appointments.
Your documents need verification.
An interview is necessary.
Personal circumstances like criminal convictions arise.

The UKVI will contact you with updates and next steps throughout the process.

Might Be Interested: France Tech Startup Visa Guide

Cost & Fees

Government Visa Application Cost

The application fee depends on where you apply:

Apply from outside the UK: £1,191 per person
Extend or switch your visa inside the UK: £1,486 per person

Average Program Fee

The average program fee is about £1000 to £2000, which varies based on the endorsement body that approved your application. To check for more details, please visit Launch Road UK’s programs.

Corporate TAX rate

The Corporation Tax rate in the UK depends on how much profit your company makes. From 1 April 2023, there are different rates based on company profitability. That shows blow: (Source)

Taxable profit level	CT Rate
> £250,000	25%
< £50,000	19%
between £50,000 and £250,000	marginal tax rate of 26.5% on profits above £50,000

Cost of Living in UK

A single person’s estimated monthly costs are 809.2£ without rent.
A family of four estimated monthly costs are 2,731.7£ without rent.

Processing Time & Outcome

Third-Party Assessment Time

The actual time it takes to assess your business idea and issue the endorsement letter can vary. It depends on the endorsing body and the specifics of your business proposal.

Visa Processing Time

3 weeks if you’re outside the UK
8 weeks if you’re inside the UK

What happens After Apply

If you need to change something in your application after you’ve sent it, contact UK Visas and Immigration (UKVI). You can ask to cancel your application. You’ll only get your fee refunded if UKVI has not started processing your application. You’ll get an email or a letter containing the decision on your application. This will explain what you need to do next.

UK Residency through Startup Visa

The Innovator Founder visa allows you to reside in the UK for a duration of 3 years, whether you’re entering the UK with this visa or switching from another visa while already in the country.

It’s required that you meet with your endorsing body at the 12 and 24-month marks to demonstrate your business’s progress. If your endorsement is withdrawn, your visa could be shortened.

To extend your stay beyond 3 years, you’ll need to secure a new endorsement and reapply before your current visa expires.

UK Citizenship

After 3 years of continuous residence in the UK on an Innovator Founder visa, you can apply to settle permanently in the UK, also known as “Indefinite Leave to Remain” (ILR).

Once you have ILR, you usually live in the UK for another 12 months before applying for citizenship. Please note that you cannot have spent more than 180 days outside the UK in any 12 months during these years.

Role of Launchroad in The Seccess of Your Startup Visa

LaunchRoad is your go-to guide for starting a business abroad. We help you choose the right country, understand visa requirements, and get your startup off the ground. Our team of experts provides support, mentorship, and resources to help you succeed.

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FAQ

Who is the third party on a UK startup visa?

The third party in the UK Innovator Founder visa is the endorsing body. This approved organization assesses your business idea when you apply for a visa. They will provide you with an endorsement letter if your business is eligible.

You can check LaunchRoad's UK endorsing bodies to find your match.

How do I find an Endorsement body (Program) in the UK?

If you're looking for the perfect match to apply, check out the LaunchRoad UK Endorsement body (Program) page. You'll find everything you need to make your application process a success!

What is an Endorsement Letter?

An endorsement letter is a formal communication document that professionals use to show their support for a friend, colleague, student, or other acquaintance. It's often used to persuade hiring managers and committees about decisions regarding the letter's subject. They can show testaments to the subject's character, skills, or experience.

What should I do if my Visa gets rejected?

You will be sent a letter or email explaining the rejection of your application if it is denied. You have two options: you can appeal the decision or ask for an administrative review to be conducted, depending on the nature of this justification.

If your first innovator visa application was denied, LaunchRoad can counsel you on your application and prospects of acceptance.

How do I Extend my Visa?

After your initial Innovator Founder visa period (3 years), extend your stay by applying online or at a visa center in any country you hold legal residence for at least 6 months.

Aim to apply before your current visa expires to avoid gaps. The decision usually arrives within 8 weeks.

Remember, a withdrawn endorsement can shorten your visa, so to stay longer, re-apply with a new endorsement before the current visa ends.

What happens if my startup fails?

If the group that supported your visa application (the endorsing body) decides to withdraw their support, your visa might be canceled earlier than expected. This could happen if your business doesn't succeed and you don't plan to start a new one. Also, they might withdraw their support if you want to start a new business, but the endorsing body doesn't think it's a unique, doable, and growth-oriented idea.

Should I apply to any particular endorsing body?

The ideal endorsing body for your application will rely on your specific needs, including the industry in which your business will operate, when you want to submit it, where you want to locate it, and what kind of support your business will need.

To find your perfect match, visit the LaunchRoad UK endorsing bodies page.

Is there a limitation to the number of team members applying for an Innovator visa?

No, there is no specific limitation on the number of team members who can apply for a UK Innovator visa. However, each member must meet all the eligibility requirements, including having their business idea endorsed by an approved body. It's also important to note that each team member must play a key role in the day-to-day management and development of the business.

what role does the endorsing body serve after my Innovator visa acceptance?

Check in with your endorsing body at 6, 12, and 24 months after your application is approved. The endorsing body must be satisfied that you continue working on your business venture and have made fair progress toward an innovative, scalable, and successful business idea. If not, your endorsement and leave may be revoked.

For what duration is an Innovator visa valid?

The UK Innovator Founder Visa allows you to stay for 3 years. You can apply to extend your stay for another 3 years when your visa is due to expire, and there’s no limit on the number of times you can extend. After 3 years, you may be able to apply for settlement.

Can I renew my Innovator visa and apply for ILR, and is residency proof required?

The Innovator visa lets you stay for 3 years (renewable) and eventually apply for permanent residency (ILR) after 3 years with continuous UK residence (max 180 days out per year).

Can I take on other work besides my startup?

While you can establish and manage multiple businesses under the Innovator visa, additional paid employment outside your ventures is not allowed.

This means you cannot work for another company, regardless of the position or industry. Engaging in any arrangement that resembles disguised employment with another employer would violate your visa conditions.

How often are Innovator Founder Visa Check-in Meetings required?

Innovator visa holders require at least two check-ins with their endorsing body, spaced out regularly during their stay.

These meetings assess your progress against your business plan and ensure you're actively developing a viable venture. Skipping them could revoke your visa.

Can I move with my family on an innovator founder visa?

If you have an innovator founder visa, you can enter the UK with your spouse, civil partner, and dependant children under 18.

What is a Tuberculosis test?

For the Innovator Founder visa, some countries require a TB test at a UK Home Office-approved clinic. The test includes a chest x-ray (with a possible sputum sample). A passing certificate (valid for 6 months) is required in your application.

How can I apply for UK citizenship after the Innovator founder visa acceptance?

After successfully operating a business in the UK under the Innovator Founder Visa for the required period (usually 3-5 years), you may be eligible to apply for permanent residence (Indefinite Leave to Remain - ILR). This involves meeting certain requirements, including demonstrating knowledge of life in the UK and English language proficiency. Once granted ILR, you can then apply for British citizenship after meeting additional residency and character requirements.