As we mentioned in our previous blog post, there were some critical changes in the Innovator Founder route. With this change, we stated that the Start-up route was removed and replaced by the Innovator Founder route as of 13 April 2023.
Today, we would like to give you detailed information about the Innovator Founder route. The Innovator Founder Route is for people who want to start a business in the UK based on an innovative, viable and scalable business idea that they have produced or significantly contributed to.
To be eligible for this route, you must first have a business idea. It must be new, innovative, viable, and scalable (your business idea must have evidence of planning that includes job creation and growth in national and international markets). You must also demonstrate that you have a B2 level of English from an authorised test centre (e.g. IELTS) or that you have previously graduated with a bachelor’s degree or higher from an English-medium institution.
The business idea must be assessed and approved by one of the government-authorised bodies (one of the Endorsement Bodies) in the UK before application. The business plan, which describes the business idea in detail, is essential to this approval process. The business plan describing your business idea must be up to date, following the requirements, detailed and original.
What can you do?
With this visa, you can set up one or more businesses and work for your business (for example, you can employ yourself as a manager).
You can also work outside your business if it is ‘skilled work’ (for example, you can work in a job on the Skilled Worker list).
Under this visa, you can apply for permanent residence (ILR) at the end of three years if you fulfil all the necessary conditions.
Indefinite Leave to Remain Requirements
To obtain permanent residence through the Innovator Founder route, every applicant must meet requirements, regardless of visa type. In addition, at least two of the following conditions must be explicitly met for the Innovator Founder route:
1- At least £50,000 must have been invested in the business and actively spent to further your business,
2- The number of customers of the business has at least doubled in the last three years and is now higher than the average number of customers of other UK businesses offering comparable core products or services,
3- The business has created the equivalent of at least five full-time jobs with an average salary of at least £25,000 per annum for resident employees,
4- The business has generated an annual gross revenue of at least £1 million in the last full year covered by its accounts,
5- The business has generated annual gross revenues of at least £500,000 in the last full year covered by its accounts, of which at least £100,000 is from overseas exports,
6- The business is engaged in significant research and development activities and has applied for intellectual property protection in the UK,
7- The business has created the equivalent of at least ten full-time jobs for resident employees with no average salary requirement
You can contact us for detailed information and information texts.
We wish you a great day,
Visavis LTD