Innovator Founder visa
UK Innovator Founder Visa
Are you a non-UK resident with a groundbreaking business idea? The Innovator Founder Visa could be your pathway to establishing and growing your business in the UK. The Innovator Founder visa has replaced the Innovator route and Start-up visa, becoming the primary visa category for foreign entrepreneurs seeking to establish a business in the UK.
The Innovator visa can allow individuals to stay in the UK for three years, with the possibility to extend and eventually apply for settlement. Our experienced team are experts at helping start-up founders and seasoned entrepreneurs through the Innovator Founder Visa process and beyond.
Innovator Founder Visa Overview
The Innovator Founder Visa is a specialised immigration route introduced by the UK government to attract entrepreneurial talent from around the world. It is designed for foreign nationals who wish to establish and grow an innovative, viable, and scalable business in the UK.
To qualify for this visa, applicants must present a business idea that is endorsed by an approved UK body. The business should demonstrate the potential to innovate and make a significant contribution to the UK economy.
This visa combines the most advantageous aspects of its predecessors, the Innovator Visa and Start-up Visa, offering greater flexibility and opportunities for entrepreneurs. Key features include:
No Minimum Investment Requirement – Unlike previous schemes, there is no mandatory £50,000 investment threshold.
Streamlined Endorsement Checks – The requirement to check in with endorsing bodies has been reduced to twice during the visa period, down from three under the Start-up Visa rules.
Employment Flexibility – Innovator Founder Visa holders can take on secondary employment, provided it is in skilled roles and complies with visa conditions.
Pathway to Settlement – Time spent in the UK under this visa counts towards the residency requirement for indefinite leave to remain, allowing successful entrepreneurs to settle in the UK.
The Innovator Founder Visa is an ideal route for entrepreneurs with high-potential business ideas, offering a clearer pathway to establishing and scaling their ventures in the UK, while also providing long-term residency prospects.
Benefits: Innovator Founder Visa
The Innovator Founder Visa allows successful applicants to move to the UK to establish and run their business.
As a holder of this visa, you are authorised to work for the business you have founded and take on additional employment, provided the role meets a skill level of at least RQF Level 3, which is equivalent to UK A Levels. This offers flexibility in managing your business while gaining additional income through skilled work.
Additionally, you are permitted to pursue a course of study alongside your business activities, giving you the opportunity to further develop your skills or explore new areas of expertise.
The Innovator Founder Visa is issued for an initial period of up to 3 years. After this time, if you meet the required conditions, you can apply for indefinite leave to remain (settlement), securing your long-term future in the UK.
Your immediate family members, including your partner and any dependent children, can accompany you or join you later under a dependant visa. They will be allowed to work in the UK, including in self-employment and voluntary positions (excluding roles as a professional sportsperson or coach). They can also pursue any course of study during their stay.
This visa provides a clear pathway to establishing your business in the UK while offering flexibility for both you and your family to work, study, and eventually settle in the country.
UK Visa Options for Entrepreneurs
The UK offers two primary visa options for foreign entrepreneurs: the Innovator Founder Visa and the Skilled Worker Visa under self-sponsorship. Each route is tailored to different types of business ventures and has distinct requirements.
The Innovator Founder Visa is ideal for entrepreneurs with a new, innovative business idea that is endorsed by an approved UK body. It is designed for individuals looking to establish scalable businesses that can significantly contribute to the UK economy. This visa grants an initial stay of up to three years, with the option to extend or apply for indefinite leave to remain, provided the business meets specific success criteria.
In contrast, the Skilled Worker Visa can be self-sponsored by business owners of established companies in the UK. Through this route, business owners sponsor themselves as employees of their own company, allowing them to work in the UK without the need for an endorsement. However, applicants must meet salary and job requirements, making this route more suitable for those running established businesses rather than launching innovative startups.
Both routes have their advantages. The Innovator Founder Visa provides greater flexibility for building innovative businesses and offers a direct path to permanent residency. However, the endorsement process can be complex and highly competitive. The Skilled Worker Visa, while less restrictive in terms of innovation, ties business owners to employee sponsorship rules, which may limit early-stage growth flexibility.
Our UK immigration experts are well-versed in advising entrepreneurs on the best visa options for starting, running, or acquiring a UK-based business, tailored to your individual needs and circumstances.
Start Your UK Business
The UK Innovator Founder Visa offers a unique opportunity for emerging start-up entrepreneurs and professionals looking to expand. This visa pathway is designed for individuals aspiring to launch or expand a business in the United Kingdom. Unlike many other visa categories, there is no minimum investment requirement.
However, candidates must present a business concept that is not only innovative and viable but also has the potential for scalability and growth. Each business idea needs to be substantiated by a solid business plan that has received endorsement from an approved and recognised body.
Eligibility hinges on your contribution to the business idea. As an applicant, you must be the brainchild of the concept or have played a substantial role in its creation. Moreover, you are expected to take on a pivotal role in both the daily operations and strategic direction of your business.
The Innovator Founder Visa is more than just an immigration path to the UK; it is a three-year journey that may result in obtaining indefinite leave to remain in the UK. Hence, it may even pave the way for permanent residency for a successful founder. Furthermore, the visa accommodates your family, allowing you to bring your partner and children under 18 to the UK.
Correspondingly, consider that expanding or starting your business venture in the UK may also open doors to a Skilled Worker visa through self-sponsorship, which is an alternative available for those already operating an existing UK business or standing on the verge of establishing one.
Axis Solicitors can help you turn your entrepreneurial pursuits into reality with the Innovator Founder Visa – where your own innovation, ambition, and leadership converge to create lasting business success in the UK.
Eligibility Requirements
The Innovator Founder Visa is a key route for entrepreneurs looking to establish or develop a business in the UK. To qualify, applicants must secure an endorsement for their business idea from an approved UK body before submitting a visa application to the Home Office.
To be eligible for the Innovator Founder Visa, applicants must score 70 points in total. This includes 50 points earned through either the “new business” or “same business” criteria, and 20 points for meeting the English language and financial requirements.
Here are the detailed eligibility requirements for the Innovator Founder Visa:
1. Endorsement from an Approved Body
Securing an endorsement from a Home Office-approved body is the first step in the process. These endorsing bodies are usually business incubators, accelerators, or government-backed organisations that specialise in supporting entrepreneurs. A full list of these bodies can be found on the Home Office website.
The endorsement serves two main purposes:
- It confirms that the applicant’s business idea is innovative, viable, and scalable. This means the business must bring something new to the market, have sustainable long-term potential, and demonstrate the ability to grow significantly.
- It commits the endorsing body to monitor the progress of the business to ensure it continues to meet visa requirements.
Once endorsed, applicants will receive a letter from the endorsing body, which must be submitted with their visa application.
Legacy Endorsing Bodies:
Applicants endorsed before 13 April 2023 by legacy endorsing bodies can continue to receive endorsements but only for the same business idea previously endorsed.
2. New Business or Same Business Criteria
Applicants must meet one of the following sets of criteria depending on whether they are starting a new business or continuing an existing one:
a. New Business Criteria
For entrepreneurs launching a new venture, the business idea must not have been previously endorsed. This route is typically for first-time applicants or those seeking to establish a completely new business.
To qualify under the “new business” criteria, applicants must:
- Business Plan (30 points): Submit a business plan that they have either created or significantly contributed to. They must play an active role in the day-to-day operations of the business.
- Innovation, Viability, and Scalability (20 points): The business must offer something innovative and original to the market, be realistic in its goals, and have clear potential for job creation and growth both nationally and internationally.
- Contact Points: Commit to attending at least two contact point meetings with the endorsing body during the visa period, where progress will be assessed.
b. Same Business Criteria
For applicants continuing with a business that was previously endorsed (e.g., under the Start-up Visa or Innovator Visa), the “same business” criteria apply.
To qualify under this route, applicants must:
- Previous Permission (10 points): Hold or have previously held permission under the Innovator Founder, Innovator, Start-up, or Tier 1 (Graduate Entrepreneur) routes. They must continue pursuing the same business, which has been evaluated by an endorsing body.
- Active, Trading, and Sustainable Business (20 points): Show that the business is operational, generating revenue, and sustainable, with significant progress made against the original business plan.
- Day-to-Day Management (20 points): Demonstrate ongoing involvement in managing and developing the business.
The applicant’s endorsing body must confirm that the business meets these criteria and that the applicant has attended the required regular contact point meetings during their visa period.
3. English Language Requirement
Applicants must demonstrate proficiency in English, which is worth 10 points. They must meet the B2 level in reading, writing, speaking, and listening under the Common European Framework of Reference for Languages. This ensures that the applicant can effectively communicate in an English-speaking business environment.
4. Financial Requirement
Applicants must show that they have sufficient personal funds to support themselves while living in the UK. To meet this requirement, worth 10 points, applicants must demonstrate they have at least £1,270 in savings, held for at least 28 consecutive days. However, this requirement is waived if the applicant has already been lawfully residing in the UK for 12 months before applying.
5. Age Requirement
Applicants must be at least 18 years old to apply for the Innovator Founder Visa.
Points Breakdown: Innovator Founder Visa
| Criteria | Requirement | Points |
|---|---|---|
| New Business | Submit a business plan created or significantly contributed to by the applicant | 30 |
| New Business | Business venture must be innovative, viable, and scalable | 20 |
| Same Business | Hold previous permission under Innovator Founder, Innovator, Start-up, or Tier 1 | 10 |
| Same Business | Business is active, trading, and sustainable with significant progress | 20 |
| Same Business | Applicant is active in the day-to-day management and development of the business | 20 |
| English Language Requirement | B2 level proficiency in reading, writing, speaking, and listening | 10 |
| Financial Requirement | Hold £1,270 in savings for 28 days or meet exemption criteria | 10 |
| Total Points Required | 70 |
The Innovator Founder Visa provides a clear path for entrepreneurs to establish or grow a business in the UK. The key to success lies in securing an endorsement, demonstrating the innovation and growth potential of the business, and meeting the necessary language and financial requirements. With the right approach, this visa offers significant opportunities for both new and existing businesses to thrive in the UK market.
Application Process
The Innovator Founder Visa application process is designed to ensure that only genuinely innovative and viable business ideas are approved for development in the UK. Here is a step-by-step guide to help you through the process:
1. Step-by-Step Guide to Applying
Step 1: Develop Your Innovator Founder Business Plan
The first step is to create a comprehensive and well-structured business plan. This document should outline your business idea, market analysis, operational strategy, financial forecasts, and growth potential. The business plan will be thoroughly reviewed by both the endorsing body and the UK Home Office.
Ensure your business plan clearly demonstrates how your idea is:
- Innovative: Introducing something new to the market.
- Viable: Realistic and achievable based on available resources.
- Scalable: Capable of growing in both national and international markets.
The business plan should include the following components:
- Executive summary
- Market analysis
- Product/service description
- Marketing and sales strategies
- Financial projections (cash flow, profit/loss forecasts)
- Operational plans
- Team structure
Step 2: Secure Endorsement from an Approved Body
Once your business plan is ready, identify an approved endorsing body that suits your business sector. A list of recognised endorsing bodies is available on the UK government’s website. Research their criteria and application process, as these vary across organisations.
Submit your business plan and any additional documents required by the endorsing body, such as pitch decks or financial documents. If your business idea is approved, the endorsing body will issue an endorsement letter, confirming the innovation and viability of your business. This letter is crucial for your visa application.
Step 3: Prepare Your Visa Application
Next, gather all the required documents for your Innovator Founder Visa application:
- Endorsement letter from the approved body.
- Detailed business plan.
- Proof of investment funds, if applicable.
- Proof of English language proficiency (e.g., test results or degree certificates).
- Evidence of financial maintenance, such as bank statements showing at least £1,270 in savings.
- Passport and any previous UK immigration documents.
Complete the Innovator Founder Visa application form online through the UK government’s visa application portal. Make sure all information matches your supporting documents.
Step 4: Submit Your Application
After preparing all required documents, submit your visa application online. You will also need to pay the visa application fee, which is currently £1,191 if applying from outside the UK, and £1,486 if switching to this visa from within the UK.
Step 5: Verify Your Identity
Following the submission of your application, you will need to verify your identity. You may be asked to:
- Visit a visa application centre to provide biometric information (fingerprints and photograph), or
- Use the ‘UK Immigration: ID Check’ app to upload proof of identity if applicable.
Step 6: Await a Decision
The standard processing time for an Innovator Founder Visa is typically around 8 weeks, though this can vary depending on your location and the complexity of your application.
Once a decision is made, you will be notified of the outcome. If approved, you will receive instructions on the next steps, including how to set up a UKVI account to access your eVisa, which serves as a digital record of your immigration status.
Supporting Documentation
To prove your eligibility for the Innovator Founder Visa, you must provide specific documentation to the Home Office. While the exact requirements may vary based on your business and personal circumstances, the following documents are typically required:
Business Plan
A comprehensive and detailed business plan that outlines your business idea, strategy, market analysis, financial forecasts, and potential for growth. This document should clearly demonstrate how your business is innovative, viable, and scalable.
Endorsement Letter
A formal letter from an approved endorsing body confirming that your business idea meets the necessary criteria of being innovative, viable, and scalable. This endorsement is crucial to your application.
Proof of Investment Funds
If applicable, you must provide evidence of available investment funds to support the launch and growth of your business. This should include documents detailing the source and availability of the funds.
English Language Proficiency
You must demonstrate that you meet the B2 level in English as required by the visa. Acceptable proof includes an IELTS test score or a degree that was taught in English.
Financial Maintenance Evidence
You need to show that you have enough personal savings to support yourself during your stay in the UK. Bank statements or other financial records showing at least £1,270 in savings held over a 28-day period are required.
Passport and Immigration Documents
Provide your current passport and any previous UK visas or immigration documentation. This verifies your identity and travel history.
Additional Supporting Documents
You may be asked to provide other documents relevant to your business or personal situation. These could include legal agreements, contracts, letters of support, or any other documents requested by the endorsing body or the Home Office.
Required Supporting Documents:
| Document | Description |
|---|---|
| Business Plan | A comprehensive document detailing your business idea, strategy, financials, and growth potential. |
| Endorsement Letter | A letter from an approved endorsing body confirming your business idea is innovative and viable. |
| Investment Funds Proof | Documentation showing the availability and source of funds to launch and grow your business. |
| English Language Proficiency | Proof of B2-level English, such as IELTS results or a degree taught in English. |
| Financial Maintenance Evidence | Bank statements showing at least £1,270 in savings over 28 days. |
| Passport and Immigration Documents | Your current passport and any previous UK visa or immigration documents. |
| Additional Supporting Documents | Other documents as required, such as legal agreements, contracts, or letters of support. |
It is essential to ensure all supporting documents are accurate and up-to-date. Any issues with documentation can result in delays or refusal of your visa application.
Application Timeline
Managing the timeline for your Innovator Founder Visa application is essential for coordinating your business plans and navigating the endorsement and visa processes efficiently.
The development of a comprehensive business plan can take one to three months, depending on the complexity and scale of your business idea. Securing an endorsement from an approved endorsing body typically takes four to eight weeks, with variations depending on the specific body and their internal processes.
Once the endorsement is secured, preparing your visa application—including gathering supporting documents such as financial records and proof of English language proficiency—usually requires an additional two to four weeks.
Submitting the visa application and scheduling a biometric appointment for identity verification typically takes one to two weeks. After submission, the visa processing time by the UK Home Office generally takes up to eight weeks, although this can vary depending on your location and the complexity of the application.
Visa Application Process Timeline
| Step | Description | Required Documents | Estimated Time | Responsible Party |
|---|---|---|---|---|
| Business Plan Development | Create a detailed business plan outlining your idea, strategy, and growth potential | Market research, financial projections, business strategy | 1-3 months | Entrepreneur |
| Securing Endorsement | Obtain endorsement from an approved body | Business plan, pitch deck, supporting documents | 4-8 weeks | Entrepreneur, Endorsing Body |
| Preparing Visa Application | Complete visa application and gather required documents | Endorsement letter, financial records, proof of English proficiency | 2-4 weeks | Entrepreneur |
| Biometric Appointment | Attend biometric appointment for identity verification | Passport, visa application receipt | 1-2 weeks | Entrepreneur |
| Visa Processing | Await a decision from the UK Home Office | N/A | Up to 8 weeks | UK Home Office |
Total Estimated Timeline
From initial planning to visa approval, the process is estimated to take four to seven months, covering business plan development, endorsement, and visa processing. By staying organised and preparing documents ahead of time, you can minimise delays and streamline the process.
Application Fees
When applying for an Innovator Founder visa, applicants should be prepared for a variety of associated costs.
The initial endorsement application fee is £1,000, payable directly to the endorsing body at the time of application.
Once the endorsement has been obtained, the visa application fee is £1,191 for those applying from outside the UK, or £1,486 if applying within the UK, whether for switching or extending the visa.
Innovator Founder Visa Fees:
| Type of Fee | Application (Outside UK) | Extension/Switch (Within UK) |
|---|---|---|
| Endorsement Fee | £1,000 | £1,000 |
| Main Innovator Founder Applicant | £1,191 per applicant | £1,486 per applicant |
| Dependent Partner and Children | £1,191 per applicant | £1,486 per applicant |
| Immigration Healthcare Surcharge (Per Year) | £1,035 per adult | £1,035 per adult |
| £76 per child or student | £76 per child or student | |
| Innovator Founder Contact Point Meeting | £500 per meeting (minimum of two during each period of leave) | £500 per meeting (minimum of two during each period of leave) |
In addition to the visa fees, all applicants are required to pay the Immigration Health Surcharge, which grants access to the UK’s National Health Service (NHS). This charge is £1,035 per adult applicant per year, and £76 per year for each child or student dependent.
Additionally, most Innovator Founder visa holders will be required to attend contact point meetings with their endorsing body, at a cost of £500 per meeting, with a minimum of two meetings required during each period of leave. Certain exemptions may apply, such as for those holding limited leave under Appendix Innovator, Appendix Innovator Founder, or Appendix Start-up.
Refused Applications & Mistakes
If your Innovator Founder application is refused, the refusal notice will explain the reasons for this decision. Your options will depend on the grounds for refusal. In most cases, this may involve submitting a fresh application that addresses the identified issues or challenging the decision if a procedural error by the Home Office is found.
Our team of Innovator Founder specialists can assess your situation and advise on the most appropriate course of action.
Common Mistakes to Avoid
To avoid delays or refusals of your Innovator Founder visa application, consider the following advice:
Insufficient Business Plan
A business plan lacking in detail or failing to demonstrate innovation, viability, and scalability is a frequent reason for refusal. Ensure your plan is comprehensive, thoroughly researched, and convincingly addresses these key elements.
Incorrect Choice of Endorsing Body
Not all endorsing bodies are suitable for every business type. Carefully select an endorsing body that aligns with your industry and business model to improve your chances of endorsement.
Incomplete or Inaccurate Documentation
Submitting incomplete or inconsistent documentation can lead to processing delays or rejection. Ensure all required documents are provided and that they are accurate and consistent with the information in your application.
Misjudging Financial Requirements
Your financial documents must clearly demonstrate that you have sufficient funds to cover both your business setup and your personal living expenses in the UK. Ensure these requirements are met to avoid complications.
Overlooking the English Language Requirement
A common mistake is neglecting the English language requirement. Ensure you have the necessary proof of language proficiency before submitting your application.
Endorsement Process
Securing an endorsement from an approved body is a mandatory requirement when applying for the Innovator Founder visa.
This process is designed to ensure that only applicants with genuinely innovative, viable, and scalable business ideas are endorsed to establish their businesses in the UK. You will need to submit your business proposal to an authorised endorsing body, which will assess whether your business meets the key criteria of innovation, viability, and scalability.
Innovator Founder Visa Endorsing Bodies
The following organisations are authorised by the Home Office to endorse applications for the Innovator Founder visa:
| Organisation | Can Issue Endorsements for |
|---|---|
| Envestors Limited | Innovator Founder Visas, Scale-up Licences |
| UK Endorsing Services | Innovator Founder Visas, Scale-up Licences |
| Innovator International | Innovator Founder Visas, Scale-up Licences |
| The Global Entrepreneurs Programme (GEP) | Innovator Founder Visas, Scale-up Licences |
Before applying for the Innovator Founder visa, the endorsing body will assess the credibility and potential of your business idea. If satisfied, they will issue an endorsement letter, which is a necessary document for your visa application.
The Endorsement Process for the Innovator Founder Visa
Although each endorsing body operates its own procedures, the general steps you can expect are as follows:
Initial Assessment
The endorsing body will review your business proposal, taking into account factors such as market demand, competition, and the distinctiveness of your idea.
Detailed Evaluation
If your business passes the initial assessment, a more thorough evaluation will be conducted. This could involve interviews, presentations, or additional documentation to support your business plan.
Endorsement Decision
After the evaluation, the endorsing body will decide whether to issue an endorsement. If successful, you will be given an endorsement letter, which you must submit with your visa application.
Criteria for Endorsement
To obtain an endorsement for the Innovator Founder visa, your business idea must satisfy the following criteria:
New
Your business must be a new venture and not yet trading, unless you are applying under the ‘same business’ category.
Innovative
The business idea must be original and introduce something new to the UK market. It should offer a unique value proposition, distinguish itself from existing products or services, and have the potential to disrupt the market or industry.
Viable
The business must be feasible and sustainable. You must demonstrate that there is a clear demand for your product or service and that your business model is robust. Your business plan should provide realistic financial forecasts, a sound operational strategy, and evidence of market research to support its viability.
Scalable
Your business must have the potential for growth, whether within the UK or internationally. The endorsing body will look for evidence that your business can expand, create jobs, and contribute to the UK economy. Your business plan should outline a clear strategy for scaling the business and increasing its market presence.
UK Entrepreneurial Environment
The Innovator Founder visa is designed to attract entrepreneurial talent and foster a supportive environment for business growth and success, while also offering a pathway to settlement in the UK.
Although applicants must demonstrate sufficient funds to establish and grow their business, there is no set minimum investment requirement. This flexibility allows entrepreneurs to allocate resources based on the actual needs of their business, rather than adhering to rigid financial criteria.
The UK’s economic landscape presents a wealth of opportunities for networking and collaboration with fellow entrepreneurs, investors, and industry experts. These connections can lead to strategic partnerships, funding opportunities, and valuable insights that can accelerate the growth of your business.
Unlike certain other visa categories, the Innovator Founder visa provides the freedom to establish, operate, and fully manage your business in the UK without restrictions on the type of business activities you undertake. This allows you to focus on developing and scaling your enterprise.
The UK also boasts a transparent and business-friendly regulatory framework, including robust intellectual property protection, which is crucial for innovative businesses. The stability and predictability of the UK’s legal system provide a strong foundation for businesses to plan and execute their growth strategies.
Additionally, the UK government offers various incentives and support programmes, particularly for businesses focused on innovation and technology. These include tax reliefs, grants, and funding opportunities through schemes such as Innovate UK and the Enterprise Investment Scheme (EIS). As a visa holder, you can access these programmes to further support your business development.
Moreover, the Innovator Founder visa allows you to bring your family members to the UK. Your spouse or partner and any children under 18 may join you, with the ability to work or study, making it easier for you to settle into life in the UK while pursuing your business ambitions.
Operating a Business in the UK
If your Innovator Founder visa has been approved, you are now ready to take the necessary steps to establish and grow your business in the UK.
1. Choose a Business Structure
The first step is to decide on the legal structure of your business. Common options include sole trader, partnership, limited company, or a limited liability partnership (LLP). Many entrepreneurs choose to form a limited company, which provides limited liability and a more defined legal framework for operations.
| Business Structure | Description | Liability | Tax Implications | Registration Process | Suitability |
|---|---|---|---|---|---|
| Sole Trader | Single individual owns and runs the business | Unlimited personal liability | Self-assessment, personal income tax | Simple registration with HMRC | Small businesses, freelancers |
| Partnership | Two or more people share ownership and profits | Joint liability among partners | Personal income tax on profits | Register with HMRC, partnership agreement | Professional firms, small businesses |
| Limited Company | A separate legal entity owned by shareholders | Limited liability for shareholders | Corporation Tax on profits | Register with Companies House | Growing businesses, startups |
| Limited Liability Partnership (LLP) | Hybrid of partnership and company | Limited liability for partners | Corporation Tax on profits | Register with Companies House | Professional services, law firms |
2. Register with Companies House
If you decide to establish a limited company, you will need to register with Companies House, the UK’s registrar of companies. This involves selecting a company name, providing details of your business activities, and registering the directors and shareholders of your company.
3. Obtain Necessary Licences
Depending on the nature of your business, you may be required to apply for specific licences or permits. These could include industry-specific licences, health and safety certifications, or environmental permits. It’s crucial to ensure that all required licences are in place before you commence trading.
4. Open a Business Bank Account
To manage your company’s finances, you will need to open a business bank account in the UK. This account will help you keep your personal and business finances separate, handle payments, manage cash flow, and pay suppliers. Most banks will ask for proof of business registration, immigration status, and other identification documents to open an account.
5. Hire Employees
If your business requires staff, it is essential to understand UK employment law. This includes employee rights, contracts, wages, and working conditions. You must ensure that all employees have the right to work in the UK and that you comply with anti-discrimination, health, and safety regulations.
Additionally, you must provide all employees with a written employment contract detailing their rights and responsibilities. The contract should outline key terms such as wages, working hours, job duties, and conditions for termination.
If you are hiring employees, you must also register as an employer with HM Revenue and Customs (HMRC) and set up a PAYE (Pay As You Earn) system to calculate and deduct income tax and National Insurance contributions from employees’ wages.
6. Set Up Accounting and Taxation
If your business turnover exceeds the VAT threshold (currently £90,000), you must register for VAT with HMRC. Even if your turnover is below this threshold, it may still be beneficial to register voluntarily, depending on your business model and customer base.
It is important to establish a strong accounting system to manage your finances, including invoicing, expenses, and payroll. Consider using accounting software to streamline these processes and ensure accuracy. Hiring an accountant or financial advisor may also be beneficial in navigating the UK’s tax system.
All limited companies in the UK must pay Corporation Tax on their profits. You must register for Corporation Tax with HMRC within three months of starting your business. This involves submitting annual accounts and tax returns to report your company’s financial performance and tax liabilities.
Remaining in the UK
The Innovator Founder visa provides both visa holders and their families with potential pathways to remain in the UK beyond the initial 3-year period.
Extending an Innovator Founder Visa
It is generally possible to apply for an extension of the Innovator Founder visa if you continue to meet the eligibility criteria and are either still operating a business in the UK or plan to establish a new one. However, extending your visa does not automatically extend the visas of your partner or children. Their visas will remain valid only until their original expiry date unless they also apply for an extension.
Your dependents can apply for an extension either at the same time as you or at any time before their current visa expires. It is crucial to submit your application before your existing visa lapses. Additionally, when applying for an extension, your business or business idea must be reassessed by an endorsing body.
Innovator Founder Visa to Indefinite Leave to Remain (ILR)
One of the key advantages of the Innovator Founder visa is the pathway it offers to permanent residency in the UK. After three years, Innovator Founder visa holders may become eligible to apply for Indefinite Leave to Remain (ILR). Time spent in the UK under the Innovator Founder visa can count towards the residency requirement for ILR. However, the visa holder must demonstrate that their business continues to meet the endorsement criteria and that they remain actively involved in its growth and management.
Once you hold ILR for a year, you may become eligible to apply for British citizenship, provided you meet residency requirements and pass the Life in the UK test. This opens the door to becoming a full UK citizen, with all the associated rights and benefits.
Challenges
The Innovator Founder Visa offers significant opportunities for entrepreneurs to establish and grow their businesses in the UK. However, it also presents several challenges and important considerations that applicants should be aware of.
Challenges and Solutions
- Securing an Endorsement
- Challenge: Meeting the strict criteria set by endorsing bodies for innovation, viability, and scalability.
- Impact: Rejection of endorsement or visa application.
- Solution: Refine and strengthen the business plan to better demonstrate the unique value proposition and market potential.
- Resources: Seek mentorship from experienced entrepreneurs and utilise business plan templates to improve the application.
- Demonstrating Sufficient Funds
- Challenge: Showing adequate funds to start and sustain the business, especially for self-funded entrepreneurs.
- Impact: Application rejection or business failure due to insufficient capital.
- Solution: Secure additional funding through investors, grants, or personal resources.
- Resources: Consult with financial advisors and explore crowdfunding platforms to increase available capital.
- Adapting to the UK Market
- Challenge: Understanding and adapting to UK consumer behaviour, competition, and regulatory requirements.
- Impact: Difficulty gaining traction in the market and potential business underperformance.
- Solution: Conduct thorough market research and develop a well-informed entry strategy.
- Resources: Engage market research firms and review industry reports to gain insights into the UK market.
- Meeting Business Milestones
- Challenge: Achieving key milestones and adhering to the original business plan to maintain endorsement.
- Impact: Loss of endorsement and potential risk to visa status.
- Solution: Regularly review progress against milestones and proactively communicate with the endorsing body.
- Resources: Utilise project management tools and seek guidance from the endorsing body to stay on track.
- Regulatory Compliance
- Challenge: Staying informed and compliant with UK legal obligations, tax requirements, and immigration rules.
- Impact: Non-compliance leading to fines, legal action, or visa revocation.
- Solution: Regularly review and ensure compliance with all relevant regulations.
- Resources: Consult with legal counsel and monitor government websites for updates to regulations and visa conditions.
- Active Involvement in the Business
- Challenge: Demonstrating sufficient engagement in the management and day-to-day operations of the business.
- Impact: Concerns over lack of involvement putting the visa at risk.
- Solution: Maintain a clear record of active participation and decision-making within the business.
- Resources: Implement robust record-keeping practices and seek advice from immigration specialists to ensure compliance.
- Meeting Reporting Requirements
- Challenge: Providing accurate and timely reports to the endorsing body and UK Home Office.
- Impact: Complications with visa status due to inadequate reporting.
- Solution: Ensure all documentation is up-to-date, accurate, and compliant with UK regulations.
- Resources: Utilise reporting templates and set reminders to meet reporting deadlines.
While the Innovator Founder Visa presents a significant opportunity for entrepreneurs, it is essential to be aware of the challenges and take proactive steps to mitigate them.
Seeking professional advice from our legal experts, financial advisors, and business mentors can provide invaluable guidance throughout the application process and the ongoing management of your business in the UK.
Our Services: Innovator Founder Visa
At Axis Solicitors, we offer comprehensive legal support for entrepreneurs looking to apply for the Innovator Founder Visa, enabling them to establish and grow their businesses in the UK. Our team of immigration and business law experts is dedicated to guiding you through every step of the process, ensuring a smooth and successful application.
How We Can Help You
Endorsement Guidance
Securing an endorsement from an approved body is a crucial requirement for the Innovator Founder Visa. We help you identify the most suitable endorsing body for your business, ensuring your application meets their specific criteria for innovation, viability, and scalability. Our team will work closely with you to refine your business plan and highlight the unique value of your venture.
Visa Application Assistance
Once endorsed, we provide expert assistance with the visa application process. From preparing your documents to submitting the application, we ensure everything is in place to maximise your chances of approval. Our team will guide you through all the requirements, ensuring you have the financial evidence and business documentation needed to meet Home Office standards.
Business Setup and Compliance
We offer tailored advice on setting up your business in the UK, including selecting the appropriate business structure, registering with Companies House, and obtaining any necessary licences. Our legal experts will also guide you on compliance with UK regulations, ensuring your business is fully compliant from the start.
Ongoing Support for Visa Extensions As part of our commitment to long-term support, we assist you with the process of extending your Innovator Founder Visa, ensuring your business continues to meet the necessary criteria. We will help you communicate with endorsing bodies and prepare the necessary documentation to demonstrate your business growth and potential.
Pathway to Settlement Our team can advise you on your route to obtaining Indefinite Leave to Remain (ILR) after three years under the Innovator Founder Visa. We help you demonstrate that your business remains viable and that you have played an active role in its management, laying the groundwork for permanent residency in the UK.
Family Visa Support Axis Solicitors also provides guidance on bringing your family members to the UK under the Innovator Founder Visa route. We assist with their visa applications and ensure that all the necessary documentation is submitted, making the transition smoother for your loved ones.
Why Choose Axis Solicitors?
At Axis Solicitors, we understand the complexities of the Innovator Founder Visa and the challenges entrepreneurs face when establishing a business in the UK. Our expert solicitors are committed to delivering tailored legal solutions, supporting you from the initial visa application through to business growth and settlement.
With our client-focused approach, we are here to help you succeed! Contact Axis Solicitors today for a free initial assessment.
Self-Sponsorship: An Alternative for Entrepreneurs
You may be interested in knowing that entrepreneurs have the option of self-sponsorship for a Skilled Worker visa as an alternative to the Innovator Founder route.
Considering the Innovator Founder route? You may also want to explore the self-sponsorship option for a Skilled Worker visa. Contact Axis Solicitors for guidance on UK visa pathways tailored to entrepreneurs.
Let Us Help You!
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