What is the Innovator Founder Visa?
The Innovator Founder Visa is a visa category designed specifically for aspiring entrepreneurs seeking to launch and manage innovative businesses in the UK. Unlike traditional investor visas, this visa focuses on the entrepreneur’s potential and the innovative nature of the business idea, rather than solely on upfront investment capital.pen_spark
Who can apply for the Innovator Founder Visa?
To qualify for the Innovator Founder Visa, you must meet the following criteria:
- Have a genuine and viable business idea that is demonstrably innovative, scalable, and has the potential to create jobs in the UK.
- Possess the skills, knowledge, and experience necessary to lead and manage the proposed business.
- Secure an endorsement from an approved endorsing body. These endorsing bodies are recognized organizations with expertise in assessing the viability and innovation of business ideas.
- Meet the English language requirement.
Additional criteria may apply depending on your specific circumstances.
What are the requirements?
The specific requirements for the Innovator Founder Visa include:
- A detailed business plan outlining your innovative concept, market analysis, financial projections, and growth strategy.
- Endorsement from an approved endorsing body.
- Proof of sufficient personal savings to support yourself while establishing your business in the UK.
- Meeting the English language proficiency requirement.
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How to apply for the Innovator Founder visa?
The application process for the Innovator Founder Visa can involve complexities. Here’s a general overview:
- Develop a compelling business plan that showcases the innovation and potential of your idea.
- Secure endorsement from a recognized endorsing body.
- Gather the required documents, including your business plan, endorsement letter, and proof of funds.
- Complete the online application form.
- Pay the application fee and submit your application to UK Visas and Immigration (UKVI).
How much does it cost?
The current application fee for the Innovator Founder Visa is £1,523.
Additional fees may apply depending on your circumstances, such as the healthcare surcharge and priority service fees.
Refer to the UK government website for fees
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How how long does it take to process?
It typically takes around 6 months to receive a decision from UKVI.
However, processing time can vary depending on individual circumstances.
What happens when the visa is issued?
Once your Innovator Founder Visa is issued, you can travel to the UK and establish your business.
The initial visa is valid for up to 3 years, with the possibility of extension upon demonstrating progress towards your business goals.
Can the Innovator Founder Visa be extended?
Yes, the Innovator Founder Visa can be extended after the initial validity period.
You can typically apply to extend your visa for further periods, allowing you to continue building your business in the UK and eventually apply for permanent residency.
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