United Kingdom Residency

The UK, a global economic and political powerhouse, offers the UK Innovator Founder Visa for overseas entrepreneurs, boasting London as the world’s financial capital with top-tier educational institutions and excellent transportation links, making it a prime destination for business and residency.

The UK, a longstanding economic and political powerhouse, hosts London, the world’s financial capital, renowned for its international business environment and top-tier educational institutions. The introduction of the UK Innovator Founder Visa in April 2023 offers overseas entrepreneurs advantages for establishing innovative businesses in the UK. London, a leading global city, rivals New York as a major financial center and accommodates numerous multinational corporations and organizations. The UK boasts a stable democratic government and a respected legal system adopted by many countries worldwide. With its strategic time zone and excellent transportation links, particularly in London, the UK remains a prime destination for global travel and mobility, supported by its world-class educational institutions.

Processing Time

Processing varies depending on factors such as the complexity of the request, the completeness of the application, and the volume of requests being handled at any given time.

Investment Requirement

Applicants must possess a minimum of £20,000 in investment funds

Key Benefits of the UK Innovator Visa

Holders of a UK Innovator Founder Visa have the ability to:

• Reside and work in the UK for up to 3 years
• Bring their family members to the UK
• Engage in ‘Skilled Work’ outside their business
• Apply for permanent residence in the UK after three years if eligibility criteria are met

For overseas candidates seeking to establish an innovative business in the UK, the UK Innovator Founder Visa represents a promising option. To obtain further information about the visa, please visit the UKVI website.

The UK Innovator Founder Visa presents several advantages over its predecessors, such as:

• A reduced minimum investment requirement
• No need to secure a job offer before applying
• Permission to engage in secondary employment
• No yearly limit on the number of visas issued

These benefits enhance the appeal of the UK Innovator Founder Visa for entrepreneurs aiming to establish businesses in the UK.

Eligibility Requirements for the UK Innovator Visa

• Must be aged 18 years or older
• Required to have a growth plan outlining goal achievement strategies
• Proficiency in English at level B1 or above is mandatory
• Business idea must be innovative, viable, and scalable
• Minimum investment funds of £20,000 are necessary
• Must not hold UK nationality or residency

New Business Criteria:

1. Innovation: A unique and authentic business strategy addressing emerging or established market demands and/or establishing a competitive edge.
2. Viability: A pragmatic and attainable business blueprint, aligned with available resources. Applicants should possess or be actively acquiring the requisite skills, expertise, experience, and market understanding to effectively manage their enterprise.
3. Scalability: Demonstrated structured planning and potential for expansion, including job generation and growth into both domestic and global markets.

Procedures and Time Frame

To apply for a UK Innovator Founder Visa, you must initially secure endorsement from an approved endorsing body and gain support for your business idea. Once endorsed, commence the visa application process by:

• Completing the online form and paying the application fee.
• Collecting the necessary documentation.
• Submitting your application to the UK Visas and Immigration (UKVI) office in your country of residence.
• Attending an interview at the UKVI office.

Processing typically takes three weeks, but may extend if there are any application issues.

However, the timeframe for approval varies from one to eight weeks depending on embassy processing.

The application fee for a UK Innovator Founder Visa is £2,448, with additional fees applicable for biometrics and priority processing.

After the initial three-year period, the main applicant must apply for an ‘extension of stay’ from within the UK, which may be granted for an additional three years if all criteria are met. Upon meeting settlement requirements and spending a minimum of five years in the UK, including holding Indefinite Leave to Remain (ILR) in the last 12 months of that period, one can apply for British citizenship. Business owners are permitted to pursue secondary employment in the country if it falls under skilled labor. Comprehensive details on the Innovator Founder Visa can be found on the Home Office website, although this information is not intended as immigration advice.

If you would like to learn more about the UK Innovator Visa, please don’t hesitate to contact us at Tsavorite as we would love to connect with you.